I've heard from several people who also want to take this challenge along with me, so will be setting up a post each week where the readers who choose to take this challenge alongside me will be able to chime in with their progress.
Others have said that $1,200 isn't a reasonable goal at all because for them their mortgage/rent costs that much alone. True. The $1,200 goal was for my family. I looked at our budget and figured out that I could probably get down to about $1,400 a month pretty comfortably. Then I lowered the goal $200 less because I don't want this challenge to be a breeze. I want to have to have to think about it and work at it. I figured that our "set bills" will total about $850 for the month of June, which means that I have $350 or so to play around with (for food and necessities). It will be a challenge but it may be do-able. If you want to join this challenge but the $1,200 figure is laughable then come up with your own goal. Figure out what your set expenses will be for the month and then add $300-$500 on top of that and set that as your goal. $1,200 is not the magic number, just a number that I came up with that was the lowest I thought our family could go.
I'm doing this because I want to see how low we can go. I'm doing this because there are families out there that have no choice in "how low they can go" but are rather trying to make ends meet on $1,000 or less, whether it is due to unemployment, illness, or other factors. I want to walk a mile in their shoes for a month. So whether you are joining the challenge yourself (if you are, please introduce yourself in the comments!) or just want to watch and see if we succeed, follow me on the journey this month!
Chrissy from Traveling Light was so kind and made me a button for this challenge. If you have decided to take the challenge as well, feel free to grab the button on the right and post on your blog. Even if you decided on a different amount (say, $2,000 or $3,000) you are still part of the "$1,200 Budget Challenge"! We are in this thing together!
I know you can do it! :o)
ReplyDeleteMaybe the challenge could be to have others try and only spend $$$ less then they normal spend a month and link to their posts or comment on what and how they've saved. Since the other expenses like food, insurance, telephone and electricity + the mortgage will vary depending on where and how you live and how many people are in your family. We reduced our monthly expenses back in September 2009 by $600 and have stuck with it ,our reduction were lowering the food budget to $350 a month for a family of 6, electricity $60-100(runs everything in the house), water $35, phone with internet $70 and satellite TV $25. Good luck and I'll be sure to stop back and read about your progress.
ReplyDeleteKate, I agree. Anyone choosing to take the "$1,200 Budget Challenge" can decide what their lowest number is. In some families that may be $2,000 and others it may be $4,000 or more. As long as you are trying to get to your lowest number possible, you can play along!
ReplyDeleteI'll be having posts that update not only my progress, but others progress in this challenge as well. I think that it will be fun to have a little group of "money saving mamas". :)
I'm still in high school and don't pay my own bills yet, BUT, I have a huge heart for the orphans and so the idea of "living on less" interests and convicts me a lot. I'll definitely be following your journey!
ReplyDeleteI'm in!!!
ReplyDeleteThis is JUST what I need to get back on track...perfect timing :D
We've been eating into our house fund lately and by doing your $1200 challenge we'll have an EXTRA $300 in June that can go into our house fund.
Sounds good to me :D
I had the same idea, when I was reading the posts on the blog frog. $350 to "play" with, sounds like a great idea. We have a bigger mortgage too, but I think we'll try to make it. I'll check with my husband still, but that sounds like a great idea.
ReplyDeleteThis sounds like a pretty decent idea. It sounds like my life. This month we need to pay rent on two apartments, so its costing us much more money. Cutting back even more will be rough, but I need to do it anyhow.
ReplyDeleteI love this idea but won't have numbers ready in time for this month. I'm putting this on my calendar for July, though.
ReplyDeleteI'm interested in seeing how it goes!
Stacy