Monday, January 7, 2013

No Buy Challenge: Phase I

This year I am going to save at least $2,000. I would like to save $5,000, but I got to start somewhere right?!?! I am starting a No-Buy Challenge. Yes, that is right, I will not be buying anything but the necessities for the next 60 days starting January 15th and lasting until March 15th. There are a couple of rules to this challenge, and they are as follows:

  • No purchases other than food(from the grocery store only), gas, and monthly bills (i.e. rent, credit cards, utilities, ect).

  • You are allowed two free passes--no more than $50 each.

  • You are allowed to by the bare necessities. For example, you need to brush your teeth, so get some toothpaste. You are able to buy anything that runs completely out, so shampoo of the same kind or in the same amount that you paid for the product you are replacing. Why? Well, I have natural hair and there ain't no telling how conditioner that I will need. So, I will replace whatever that I have with something comparable or that costs the same amount of whatever it is that I ran out of. No NEW PRODUCTS!

  • Try to use cash as much as possible. So, if you normally spend $40 a week on gas, then take out $80 when you get paid and put that amount in an envelope. Got some left over, save it for when you need have one of those weeks when you do a little bit extra running around.

To track how much you save, this is what you have to do. Take the amount of your checking account before you get your next check. Lets say it's $500. On March 15th, see how much money you have left in your account after you paid your bills.

This is just the first phase--there will be more to come! I am thinking about doing a no-buy clothing challenge in the summertime.

Want to join this challenge? Just leave a comment below and let me know that you're with me!

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