Planning January

I don’t know about you but for me December is a time of excess: food, spending, imbibing. January with its resolutions and desire to behave is the perfect time to recover from December.

This is why I got excited about the Frugalwoods Uber Frugal Month Challenge. Let’s be honest, I’m doing a me version of this but I thought I’d share my journey. If you’re up to the challenge I know they’d love to have you join!

Goal-setting questions:

  1. Why are you participating in this Challenge?
    1. December is a month of excess for me and though we didn’t accumulate debt we did get a bit carried away with our spending. Nothing wrong with this but I don’t want to let this behavior continue into January
  2. What do you hope to achieve?
    1. Get back into my frugal mindset and be good with my money
  3. What are your longterm life goals?
    1. I’ve got lots! I’m doing this challenge to set myself up for success with my 2017 goals.
  4. Where do you want to be in 10 years?
    1. My aim is to be healthy, mortgage free, in a great relationship with ML and taking a big vacation every other year
  5. What about your current lifestyle might prevent those goals from coming to fruition and what can you do about it?
    1. My current lifestyle will allow me to do these things if I keep it up. I need to not get cocky or allow lifestyle inflation to creep in.

After doing the above first step I read through the others and continued my tradition of doing a monthly debrief and plotting my upcoming spending. Now my hiccup came on Step 4! Based on my math, I should be able to save $78 from my budget.

I was originally a bit disappointed at this number. I had slashed my entertainment and eating out funds which tend to be my big spenders. However, this month I need to buy more gas than I usually do and will most likely have to purchase some conference items.

While $78 may not seem huge when compared to what I would be able to save if I didn’t have the travel expenses it’s nothing to sneeze at!

Here’s what $78 can do in the short term:

  • nearly 2 month’s  worth of gas in my budget
  • 2 months of Bunny supplies
  • a nice date night for ML & I
  • at least one pair of shoes, possibly 2 if I get a sale
  • A massage
  • A salon day

In the long term that can make a pretty big difference in any of my savings accounts:

  • about half of my monthly allotment to my mortgage fund
  • an excursion in my vacation fund
  • a nice boost to help me get my Sky is Falling fund to my goal
  • a kitchen appliance when we rebuild it
  • a few light fixtures

I try to limit my posts to 500 words so I’ll stop here. My January goal is to save at least $78 from my budgeted spending.

Would a challenge like this be of interest to you?

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5 thoughts on “Planning January

  1. I absolutely love that you’re doing the Frugalwoods’ Uber Frugal Month Challenge. I, too, have undertaken this challenge to see if there is any additional financial fat to shed. I admit, we run a pretty lean and mean household already…but it’ll still be fun to try it! Great job on finding an extra $78! That’s a great start to the new year. I’m looking forward to cheering you on in 2017 😉

    Mrs. Mad Money Monster

    Liked by 1 person

  2. Pingback: Pantry Update – Saving Without Scrimping

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