Today’s project – put myself on a budget
Week after week I’m surprised by how much money I am able to spend without noticing. I don’t keep track of my spending, but I know that most of it goes towards food.
I’m going to start something new this week….. I’m going to put myself on a budget and keep track of my spending, item by item.
My plan is to start slow and see how it goes. $100 in week 1, $75 in week 2, $50 in week 3 and so on. I am curious to see if I can get my weekly spending as low as $25/week.
The weekly budget will be for entertainment, non-essential food (eating out, coffee, snacks, take-out, drinks), taxis, clothes etc. It will not include groceries, laundry, or my monthly yoga and transit passes.
Whatever I don’t spend each week will go into a ‘fun jar’ and can be used for whatever I want. The idea being that I need to budget and save for bigger ticket items, like clothes.
Oddly enough this reminds me of the clothing allowance that my parents gave my brother and I when we were teenagers. I think we were given between $75 to 100/month for clothes and entertainment costs and we had to make it work. We could buy whatever we wanted…which at first was amazing. I wasted alot of money at first, but then realized that this money would also need to cover bigger ticket items like running shoes or winter jackets.
At the end of the week I will provide you with an update on my spending. So far I have only spent $3.83, not bad for day one.
Wish me luck