Tuesday, December 28, 2010

2011: The Year of Frugality

My own personal idol is Heather at Wanting What You Have. She's a stay-at-home mom to 3 kids and she and her husband achieved total debt freedom (even their mortgage!) about 3 years ago. This past year, she racked up a huge hospital bill from having her 25 lb baby (ok, slight exaggeration there, but he was over 12 lbs for sure) and has already paid it off. Not only is she my idol for her frugality, but also her organizational skills. I aspire to be more like her and someday, somehow get this house in order! I know keeping it in order is another story, but if I could at least go into my spice cabinet and not find AA batteries.....ah, to dream of such a world!

Anyhoo, Chris and I are going to take part in our own Frugal Challenge in 2011. He is naturally a pretty frugal person, with his only real weakness being fast food since it's so much easier to feed the kids in the drive thru. I, on the other hand, have many weaknesses. Just yesterday I bought myself a really cute turtleneck. I didn't need another turtleneck, but it was only $4.80! How could I resist?

So here are the ground rules for this challenge:

1. Necessities have already been agreed upon. For instance, I was able to clear my face moisturizer as a necessity, but the one I have that's also a self-tanner is NOT. Most personal hygiene items will be considered necessities but I was unable to talk him into allowing make-up and nail polish.

2. At the other's request, any receipt has to be presented. So if Chris goes grocery shopping, I might ask him for the receipt and check to see if there's gum on it (another one of his weaknesses). If there is, the amount for whatever non-necessity he purchased will be subtracted from his monthly allowance.

3. We are each going to have a $20 per month allowance to spend as we wish. We will not be questioned on how we spend this allowance.

4. Any purchases made that are non-necessities for the family (i.e. the occasional pizza) need to be agreed upon by BOTH parties.

5. Although we want this to go through 2011, we will have a 6 month check at the end of June. At that time, whoever has saved the most of their $120 allowance money (6 months x $20) wins the other person's savings. (So I guess if I get to the end of June and feel like I might lose, I will hurry up and blow the rest of my allowance, right? ha ha!)

Of course we expect to save alot more than just the allowance money, as this will cut out all unnecessary spending from our regular income as well. Anyone who knows Chris will think he has the upper hand in this challenge, but anyone who knows ME knows how competitive I am. So I think it's a toss-up on how this is going to transpire. I'll keep you posted! Wish me luck!

(Until midnight on Friday, I'm free to spend at will but darn it! I'm out of money because of Christmas! BALLS!)

1 comment:

Katie A. said...

I love this and the rules y'all have set in place. I may have to borrow some of these "rules" for Jarod and I, ha! Good luck in the challenge!