Many of you know that we’re planning a reno (you can read past posts about that here). The plans are almost final but in the meantime, we’re tightening our belts because guess what, haha!, we’re spending more than we planned! (And I want a really nice stove! And a new bed! And a really cool shed!)
This may sound completely crazy, and it’s embarrassing to admit this publicly, but we’ve never adhered to a personal spending budget. We never thought we really needed one. Mark and I aren’t terribly big shoppers, and thankfully we’re on the same wavelength about money and consumer goods. We share a bank account and we talk to each other before making big purchases. And we’ve been doing our annual Shopping Embargo long enough now that the questions we ask ourselves before point-of-purchase are practically automatic:
- Is this a need or a want?
- Is it well made?
- Overpackaged?
- Will it last?
- Is it a good buy?
But otherwise we just, um, spend. And we don’t think much about it.* Groceries! Clothing! Sushi! The debit card gets a workout, and lately, the credit card, because I’ve fallen into a point-related trap. :( It’s time to change all of that, at least for a little while. Bye bye points, farewell spontaneous takeout, it’s time to buckle down and get serious about superfluous spending.
We started three weeks ago. Mark took some cash out of the bank machine and gave me the lion’s share of it. That was our spending money. That amount had to last us the week. No plastic allowed, at all. That means I have had to think doubly hard about each purchase we made. I put back pricey groceries and refused various pleas for treats. Our money had to last.
I realize that there are many people who live this way, full time, seven days a week. It’s real life for them, not some kind of personal challenge. These are people who really and truly don’t have money in the budget to buy a pricey hunk of cheese or a new school outfit for their kids. That’s why I’m not going to make this into a big bloggy challenge or post weekly updates here on the blog. I need to be sensitive to the people for whom this is a way of life.
There’s something about having ACTUAL cash in your wallet that seems to be making a difference here. And to part with it a bit at a time, seeing the number of bills get smaller and my coin compartment get fatter (and having to dig around for coins at the cash register) that really puts things into perspective.
I am not going to reveal the amount we’re working with because I don’t want to be judged, but I will say that it was a challenge. Everything came out of that amount. And you know what, it’s been very hard. That first week I had to buy a wedding gift, some school supplies, groceries for a Sunday dinner with our inlaws and some clothing for Emma. Other expenditures included Mark’s snacks at work (which turned out to cost more money than either of us had thought) and a round of golf.
We spent every dime, and then some. The other day we had to buy printer cartridges ($150!) and it blew us out of the water. (Mark argues that it’s a business expense, and it IS, but still.)
Now that we’re gearing up for another week of the “cash diet” I can safely say that it has definitely affected us. I declined a brunch date because I hadn’t budgeted for it. I’ve been putting off purchases and raiding my closet. I’m bringing my boots to be repaired instead of springing for a new pair. That hurts.
* I need to mention that we do follow the main rule we learned reading the Wealthy Barber (you can find that book using my affiliate link here
I think I’ll switch to a different grocery store and see how that goes. I sense more meatloaf in our future and some budget-driven dinners that feature less meat.
Do you live on a budget? I’d love to hear more about it if you do. Give me tips! I need tips! How do you stay on budget?
