Friday, June 1, 2012

Piggy Bank Budget Challenge

So the REVEAL is here!
I must say that this plan was hatched back in the beginning of May, but I only took Zara as half serious when she mentioned a 30 Day Challenge of Budgeting.  
Everyone has lofty ideas for budgeting, but then most people don't want to follow through.
She is the reason that I posted about budgeting, and perhaps that planted a seed, because yesterday it was decided that we would officially begin the challenge!
We thought about waiting to build up some anticipation, but decided to seize the moment and kick it off. I'm not expecting everyone to come running, but I want those of you who need or want to learn about prioritizing to feel free to join in, or at least learn from the experience of others.

So what is this Challenge?
For thirty days, you will give up a vice (or vices), and add up how much you save, to be applied to something you have wanted to save for. 
For example:
 Give up Starbucks for 30 days=  Approx $120 (That's two new pairs of shoes!)
Give up mani/pedis= $200 (That's a plane ticket to NYC or Vegas!)
Give up shopping splurges= At least $4-500 (That's a credit card balance!)

I, myself, really learned how to prioritize from The Great American Apparel Diet.
For six months, I refrained from buying ANY clothes. GASP. I know.
Guess what? 
It didn't kill me, and I still feel like I have too many clothes.
I know you think that's not possible, but I assure you- I have more clothes than any one person
needs. Regardless, do you know what it taught me? 
That the money I wasn't spending added up REALLY quickly.
Seeing that $$ made it totally worth it, and even after the challenge, I have continued to cut back, shop for sales, and not get caught up in vices.

See where we are going with this?

We want you to see just how easy it is to prioritize and save for bills, savings, or even a vacation.
That's the good news- it's COMPLETELY up to you, as to what you save for.
This is not to make you feel cut off, it is to teach you to have power over your money, instead of your money having power over you!

So are you up for it????
If so, we’ll be linking up weekly. Get a list of the things you wanted to buy and what they cost together. Every Friday we’ll link up and see how much is in our virtual piggy banks and where we are on meeting our goals.
Ready?! Set! GOO!!!!!


TIffany Gabriel said...

I am going to try and join in on this one. I think its great that your starting it on the first of the months.

P!nky said...

I'm in, gotta figure out what to give up!!!!

o o

Whitney @ Everything Happens For a Reason said...

I have way too many clothes too. Like, running out of room. I still feel as if I have nothing to wear, Haha. I just donated over 300 pieces of clothes to Goodwill.

I don't really spend much on extras, since I haven't been working in six months. One thing that I did in the past and still do (not as much, since I'm cooking now) is eating out. That's where the money adds up!

krys said...

I'm in, I need to stop buying sooo many clothes just because they're on sale! (I really can't resist a good sale. It's horrible.) No buying clothes or purses (except ok, one purse) for 30 days!

Vicky said...

I think this is an awesome idea! People should really learn from the mistakes of others and just see where our economy is now because of the overspending and not enough SAVING!
About a year ago I made it a goal to stop the crazy spending, spend only what I have budgeted for play money, pay off my credit cards, and SAVE more!! I have about two months left to be done with all my credit card debt and it is the most AMAZING feeling!!!
So glad that you ladies are being influential to others like this :) KUDOS

Jess said...

Good Luck to you! I have been working on not eating out as much, and eating more leftovers. It's so hard! But we waste most of our money on food!!!!! This is a great challenge though!!!

Nicole said...

I've been trying REALLY hard to not buy clothes either! I have SO many, but sometimes it's just so hard when Vicki's sends you that email saying that their semi-annual sale has started! I was thinking about taking the money I would have spent, and putting it into savings to see how much I would save. Been trying not to eat out as much either...that's always a hard one!

Kenzie CBMommyhood said...

That is actually a really great idea for a challenge! Especially for those who have been trying to budget and cut back their spending.
One problem though.. I was reading your examples and I have already given up Starbucks and other coffee stands, mani/pedis, and shopping splurges haha! I'm not sure I have anything left to give up :D
Have a wonderful weekend :)

Courtney B said...

LOVE this! The beginning of 2012 Eric and I decided to cut back but we really came up with nothing. We live pretty frugally. We COULD have given up netflix, but we would've spend that much money on redbox because we don't have a tv subscription. So we kept it. We all need some form of entertainment, right?
We could have given up our internet plans for our phones but then we would have had to buy new phones because ours won't work without a data package. And then we found out verizon doesn't even offer unlimited data anymore so we definitely weren't giving that up :)
We could have cut back on our grocery bills but that would have meant cutting out the fruits and veggies, because that's that majority of the grocery bill. Can't do that!
So we decided to eat out only ONCE a week! (We were eating out all weekend long) and it's amazing how much money we've saved just by doing that! But I'm looking for other ways to cut back so I can't wait to read these posts!

Heather said...

awesome idea! i want to give up clothes shopping for a month. but i do need a bathing suit coverup and i'm on the hunt for one for my trip next month. so i'm ok with buying that b/c i actually need it.

Meghan @ More from Meg said...

This is a great idea! I need to give up online shopping very badly! I hope I can stick with it! :)

Michelle P said...

Great idea!

Rach @ This Italian Family said...

Glad you are doing this! I am looking forward to hearing all about it!

All At Once said...

awesome idea! I am in!!

Sami said...

Great idea! I would love to do it but it will be SO hard for me to give up some things! I work hard for my money so I like to spend it haha. I know that's silly but maybe I will learn something from this :)

Harlem Green said...

I like this idea. Although college had me on such a tight udget I dont know what to not spend

Megan said...

Such a great idea! I may have to play along...we have been cutting back for a few months now!

Pamela said...

Can't wait!! I don't really spend much $ on myself right now, since I don't get paid crap ha! BUT with my new job now, that'll change :) I don't want to get crazy witour $ by no means!

Bonnie said...

This sounds like a hard challenge! Giving up Starbucks, shopping sprees, and mani/pedis??? Death.
Twitter: @GlamKitten88

ms.composure said...

yes this is def a gr8 idea!! i know i was under a tight budget once i graduated from college and even though i have a decent income now i still try to stick to my budget that i had before. no use in blowing my extra $ if i dont really need to.

Nicole Marie said...

Awesome idea! I really hope you can reach your goal. I look forward to the results! Don't give up sweet friend.

Amanda said...

I'm going to go 30 days without getting manicures or buying any frivoulous stuff. (Puppy and house and food stuffs are kind of important right now!) What a great challenge!

city said...

nice posting.. thanks for sharing.

Stephanie said...

I'm extremely late on this post but I'm going to start my own "diet" now. Seeing this could not come at a better time for me. Thanks for posting it! :)

Off to decide what I'll be giving up!


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