- Identify if items are needs or wants. Needs are defined as items essential to personal and/or household function. Examples include food, stamps, gasoline, cleaning supplies. Needs may be subjective in nature. For instance, I consider Molly's rawhides a need because sometimes she needs a distraction while I pay bills/work out/take a nap. Rawhides are essential to our household's sanity. Wants are defined as items I can live without (no matter how good the sale is).
- No credit card use. One credit card may be given to the hubs for emergencies but he must hide it and not tell me where it is.
- Pre-planned functions such as dinners and happy hours are acceptable as long as a budget is set and paid for in cash only.
- Food shopping is permitted; However, a list must be made in advance and only items off the list may be purchased (again, no matter how good a sale is). Coupons & sales must be used whenever possible.
- Non-essential items for the home (paint, frames, furniture, etc) must be approved by the hubs before purchase.
- Pre-existing gift card purchases are okay as long as I remain within the limits of the card. No buying a $20 item with a $10 gift card.
I did not set a specific savings goal because ultimately I want the next five weeks to be about reflection and change of my current habits. Any money saved is good, in my opinion! During the forty days, I will be reviewing my financial situation in depth and seeing where I should be spending less and saving more. I'll be using a variety of different resources, but notably Dave Ramsey's Seven Baby Steps and Total Money Makeover (mostly because I already own the TMM workbook).
Tomorrow, we'll dive into the nitty gritty of how much I owe, to whom, and how the hell I got myself here.
Day Two Spent:
Drs. Foster & Smith: $25.98
(Aforementioned rawhides - 5 lb. bag @ $19.99 + $5.99 shipping)
Tip & Slots @ Bally's Casino: $40.00
Day Two Saved: $20.00!