Happy Monday everyone! 🙂
As a recap, I will be on a Spending Fast for the next six months.
In short, that means my money will only be going to absolute necessities. This means I really had to reflect on what my needs are versus my wants. This is what I came up with:
Needs – Things I Will Spend Money On
- All other house bills – this includes electricity, gas, trash, utilities, HOA, etc.
- Groceries – in an attempt to lose weight and be healthier, I have reached out to my friend who is a personal trainer who has put me on a specific diet. Although I’m pretty much stuck to the meal plans, I will be actively looking for ways to save on my monthly grocery bill (i.e., coupons, buying in bulk, etc.)
- Commuter costs – A.K.A my Clipper Card.
- Medical co-pays/expenses – includes doctor visits, new contacts, medicines, etc.
Wants – Things I Won’t Be Spending Money On
- Eating out – I will attend social events at restaurants, but will only have a water (with extra lemons) 🙂
- Alcohol – no more beer, wine, hard liquor unless I already own it. I have some bottles of wine and liquour that my friends have given to me as birthday presents. Plus I don’t really drink a lot to begin with, so I think this category won’t be so bad.
- Shoes – *sigh*
- Clothes – *see Shoes category*
- Sporting events – my boyfriend and I are HUGE Golden State Warriors fans, so this one is gonna be hard. Good thing the season is almost over? However, I will be trying my hardest to win playoff tickets for free! Also, baseball season just started up and football season is right around the corner. *sigh* Sacrifices must be made. Again, if we were to win tickets for free, we would go!
- Massages/Spas – no more mani-pedis, no more swedish massages. I’m going to have to do my own nails/eyebrows, and hope that I can live without a massage every few months.
Obviously, there are many other purchases that I can categorize under “wants”, but if I were to list them all, I’d be here all day! 😉
Without all this spending, where is all my extra money going? Three places: debt, savings, and tithing.
- Debt Payment – I have a car loan and two student loans I am trying to pay off aggressively. I also have a mortgage, but since my interest rate is pretty low on it, I will continue to only pay the minimum monthly payment for that.
- Savings – My savings are practically non-existent. I always preach the importance of having an emergency fund and maintaining it, but I don’t even have one! It’s pretty embarrassing, to be honest. By the end of this fast, I hope to have at least an emergency fund of $1,000. If all goes well, I’d like to have one that’s the size of approximately 6 months worth of expenses.
- Tithing – Lately, my tithing has fallen down to $0/month. To think that I have no money to give is to be selfish and ignorant – I am so blessed and I am called to share it! By cutting out these unnecessary expenses, I will have no excuse but to give to Him and His Kingdom. I’ve been meaning to do a post on tithing for a while, so keep a look out!
I can’t wait to see what my financial standing will be once I finish with this fast! I know it’s going to be hard, but putting together a list of what I can and can’t spend on has already helped me tremendously.Well, that’s all for now, folks! 🙂