In January Colby and I tried out our very first no spend month and it was awesome! We ended up saving over 1k that we can apply towards our remaining student loan debt. Our goal is to have these loans paid off and become debt free by the end of March 2017. Only two months away. I mentioned before that if no spend January went well we were considering doing a low spend month for both February and March. One thing I learned during our no spend was how little money we can actually live on and how much unnecessary items we buy just because. While I am looking forward to spending a bit of money in the upcoming two months I am looking forward to saving money even more. I have to admit, it was actually a lot of fun seeing how much money we could save last month and it kind of turned into a fun game trying to get the number to be as high as we could. So as weird as it may sound, I am looking forward to our low spend months and trying to see how much more we can save over the next two months. A lot of you wanted to know what our plan was for our low spend February and what the rules for it were. So here is our plan for our low spend month and what we intend to spend money on and how our budget has changed to accommodate this.
We will be spending money on the following:
- We will be spending money on necessities such as our rent, bills, fuel for cars, etc
- We will also still be paying for our Internet and Netflix
- Our grocery budget we cut from $400 a month to $300 (just like we did in January)
- Our spending money we cut from $200 a month ($100 each) to $100 a month ($50 each)
- Our entertainment/eating out fund we budgeted $50 a month
- We also budgeted $25 for a birthday gift we need to buy
- We still will be paying our min amount due on Colby’s loan as well as our extra payment that we always set aside each month
- We will still be putting 20% of our income towards our regular savings
This obviously isn’t our entire budget but it gives you an idea of where we are cutting back and an idea of what we will spend money on. We are also still debating if we want to buy new desks this month or if we want to wait. The money allocated for these desks would come from income I make which we don’t use towards our regular expenses. (we still budget the income I bring in but we decide on a monthly basis what we want to use it for…sometimes debt, sometimes extra items, vacations, specific purchases, etc) If we bought two new desks it would be between $300-$400 and spending that money wouldn’t alter our debt payoff date at all. Regardless if we buy desks now or wait until after March, our debt payoff date would remain March 2017. But, it is still a purchase that could wait so we haven’t fully decided yet what we want to do.
Our goal for February:
Our goal for February is to simply spend less and cut back in certain areas and really think before we buy something. This doesn’t mean we can’t spend any money we just want to spend less and be more mindful of our purchases. Do we really need that item? If we do, do we really need it right now or can it wait?
How much do we hope to save:
We are hoping to save an extra $800 to $1000 by doing a low spend month.
Are you doing a low spend February or maybe a no spend? If so what are your goals and what are you hoping to accomplish with it?
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