Thursday, February 4, 2016

February 2016 Wallet Watch

I've decided to try the "Wallet Watch" challenge this month since I didn't keep track of my budget very well during the past few months.  Now that the holidays are over (and I won't get a weekday off until May), it's time for me to buckle down on my spending.  Here are the guidelines I'm setting for myself:

- Do not spend more than $100 on clothes/shoes/accessories/etc.  This is for the entire household, which includes Joey, the three kids and myself.  Everyone (besides me) got new shoes and clothes for Christmas so we don't need to be stopping at Foot Locker or the mall anytime soon, except for maybe a few staple pieces.  And since we also got a few gift cards during the holidays, those won't count towards the $100 limit.

- No stopping at the store for snacks in the morning.  This is a bad habit that we have not only because of how much we spend, but also because it's mostly junk food that we can just grab on the go.  Every morning we'd stop at the local gas station/mom&pops store to grab snacks and drinks for the kids to take to school, and then of course I'd HAVE to buy myself some empanadas or musubis or something too.  We were racking up quite a bill every month because we'd spend about $10-$15 every.  single.  day.  That shit's not gonna fly anymore.  Now we'll be buying snacks/groceries in bulk once a month so we don't have to waste so much money.

- No splurging on Valentine's day.  I've already placed an order for cookie bouquets as gifts but other than that, there's no need for us to buy Vday gifts (I love when holidays like these fall on weekends because it saves me money on buying treats for the kids' class.  And instead of an expensive brunch or dinner, our plans for Vday will be something fun for our whole family to enjoy together (maybe one of the things on my 30 by Thirty list).

- Keep track of daily spending.  I need to get better at this.  By keeping track of the types of things we spend on, it'll be so much easier to figure out what areas we need to work on.

- No coffee unless it's free.

- Skip the month for subscriptions.  Sorry Fabletics, Fabkids, JustFab, and ipsy.

- No unnecessary purchases.  Nuff said.

Approved purchases:

1.  Gift for baby birthday on Saturday.
2.  iPhone 6s upgrade (My contract will be up soon so I'm able to upgrade my phone and extend it - I also need a new phone since Joey and Trace used it for all of one hour last month and now the display is all screwed up.)
3.  Supplies/material for sewing and DIY projects ($50 limit for the month - I mean it!)
4.  Anything towards my 30 by Thirty list.

And that's it.  Hopefully I'll be able to stick to it, or at least curb my usual spending habits a little more this month.  With a family of five (including 3 growing kids) it's pretty impossible to have a "No Spend" month, but this will challenge us (okay mostly me) to separate wants from needs and prioritize things more.


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