As we ate dinner at a restaurant last night, the topic of saving money came up. A couple of our group have decided on an overseas trip later in the year and so are on a savings venture. As I’ve just signed up for some renovations that are not much short of $9,000 I added that I should be trying to save too.
My friends hadn’t decided how they’d run their Frugal February – there are a number of websites around with suggestions, challenges and ideas on saving money generally, and also the Frugal February concept. I haven’t heard what they’ve decided to do… but I did decide myself I need to do this.
It will be a challenge for me. We go into Sale at work this month so there is temptation. However it’s a matter of placing priorities really, like any budget.
So I have decided my rules are:-
- $100 discretionary spending for the month. I’m already down to $91.20 as I went for coffee with a friend today. Yes I know… I didn’t need the cake with it. Lesson learned!
- Menu plan in order to not by lunches etc. My menu plan will include snacks! There is another upside to this – I’ll be eating healthier food than the muffins/cakes/slices I’d buy for morning/afternoon tea snacks.
- All other spending should be a “need”, not a “want”
I’m left with some questions:-
I’m in a quandary about the Sale. There are items I was hoping to pick up in the Sale that are “almost” needs. I changed from a double to a queen bed in November last year and have very little linen. It would be the perfect time to pick up some decent linen that will last… but could I make do until the winter Sale? Also similar with some items of basic clothing – 3/4 sleeve tops and underwear that would complete my wardrobe for the foreseeable future. Women out there know just how expensive full-priced underwear is!
Do I include my yoga fees in my discretionary spend or is it a budgetable item? We pay monthly and I must admit I haven’t usually budgeted for it previously!
My feeling is I’ll go with the flow this February with as much as possible and formulate some more fixed rules for a “Miserly March”. Some steps in place are better than none, and it may be good to build up to a really strong month in March.
Feb-fast also is being talked about. It’s not too hard for me to do this – I’m not a big drinker. However it will help the Groceries total, my waistline and my liver so why not? This was an easy add to the February challenges. I admit I did enjoy my second glass of pinot-gris last night with the thought that it’s my last for a month though!
I’ll update you on how my Frugality is going later!