We were on a Spending Diet in October and it was successful as we reduced our spending by $500. Although that $500 was quickly eaten up by sudden car and household repairs.
From our experience in October, I learned that the best way to be successful at a Spending Diet is to AVOID THE STORES. Not surprisingly, avoiding the big box stores is a goal of mine for 2010. I will write more about that on January 1st.
Another key to our success in October was reducing our grocery expense. In October, we reduced our grocery spending by $125 by planning our menus and using food in the freezer and pantry.
This leads me to our next challenge in January. I am going to participate in the Eat From The Pantry Challenge that Money Saving Mom and Life As Mom are hosting.
I will buy our basics, like dairy, eggs, oj, fresh fruit and veggies, but I want to really stir up those creative juices and see what kind of menu I can come up with from items in my pantry and freezer. I don't know how long my pantry/freezer will last me. I don't think my stockpile is as extensive as other people taking the challenge, but I will go as long as I can. My goal will be to reduce our grocery bill down to $300 for January. Our grocery budget was $500 back in October, but because of the success we had that month, I reduced our grocery budget going forward to $400. Can I reduce it even more to $300 for January?...we'll see!! This will definitely be a challenge and take some planning. The difference of what I reduce my spending to and my budget of $400 will be divided in half. I will give half to a local food bank and put the other half in our emergency savings account.
Would you like to join me on a Spending Diet in January? Are you participating in the Eat From The Pantry Challenge? Are you up for a challenge? Good Luck!!Thanks for reading FamilyBalanceSheet. If you don't already receive FBS free updates, please click here to sign up.
I am really going to have to go on a spending diet next month. Our outgoing is more than our incoming next month. The only place to cut, is the grocery/house budget. I'm already looking up new recipes that I can make cheap. I'm going to have to cook from scratch almost every day next month to get the bills paid. Probably all homemade bread too. I did find white sandwich bread half off this week at our grocery store, so that will help...I'll only have to make rolls and bread for dinners. No Walmart or Target for me in January, that's for sure!
ReplyDeleteThanks for your great blog! I am enjoying reading and glad to know I am not alone in this world!! I too plan a reduced spending January, we had a small Christmas this year and really want to be more local in our purchases also. So planning our pantry and freezer cooking for the month ahead. Looking forward to see how you do and get ideas!! Thanks!
ReplyDeletegood luck on your challenge, we also are in the pantry challenge. I have a full pantry but we just have a small freezer in my refridgator so hardly any meat to start with.
ReplyDeleteI have really loved reading your blog! I lost my job in November. We have a 2yr old and a 1 yr old! I find that I spend way too much in stores like Target and Wal Mart too! I am putting us on a spending diet in January also and I will do as much with my pantry/ freezer that I can!!!!
ReplyDeleteThanks for all of the comments. How is everyone doing on the challenge?? Not too bad here. Sticking to our plan and eating the leftovers.
ReplyDeleteHunter and Hailey's mommy - I'm sorry about the job loss. Hopefully, you'll find new employment soon!!