Don't Blow the Budget Now!

Going grocery shopping tonight with January's budget.  I'm starting the challenge early and plan to make the $80 last a few days longer than just January.  There are a lot of things on sale that I'll need to just fill in one ingredient we need here or there.  I added it up and it looks like the bill will come to about $50--EEK!  After tonight, though, I should only need milk for the last two weeks of the month and a few veggies here and there.  I'm just going to go for it!  Will update with the damage later.

2010

I like to know exactly how much money is going to each category each month, but T is a little more "go with the flow" of things.  Don't get me wrong--the only debt we have is the mortgage and my student loans (which are about $11,000 for both college and grad school).

We charge almost everything we buy throughout the month on the credit card and pay it off every month (Yes, yes, I know-- we shouldn't be using a credit card in the first place, but it's just too convenient.  I don't like carrying around cash and especially hate going to the ATM.).  We should not be living paycheck to paycheck, but it seems like we end up with a lot of "wants" when we go back over the credit card statement.  I want to get out of this vicious cycle of in 2010 and track our money better, in an effort to save more of it.

We have decided on the following goals for 2010:

1)  Build up at least $4,000 in a savings account.
2)  Give each of us $35 allowance each month--no personal spending beyond that, except necessities.
3)  (After January) Spend no more than $200 per month for groceries and toiletries--and begin to bring that amount down.  I know this sounds extremely high for two people and a cat, I only figured out how much we spend a month ago and was SHOCKED!  It was more than $300 per month (and that doesn't include eating out).  Once we start reducing this, the money will go into the savings account.  Eating out is a separate fund for our "date night" each week.

Goals for Eat From the Pantry Challenge

Having decided to take part in the Eat From the Pantry Challenge, our goals for the month are:

1.  Spend no more than $80 for the month, buying mainly produce and milk (but excluding cat food).
2.  Continue to build a stockpile, but only with free or super cheap items, such as this week's CVS sale on toothpaste.
3.  Donate our excess/things we won't use or eat, such as the can of spaghetti-O's that has been in the pantry since before I met T.
4.  Continue our date night each week, but go to restaurants we have giftcards to, so we can limit the oop as much as possible.

After evaluating the pantry and freezer, I don't think this will be too difficult of a month.  The hardest part will probably be limiting my spending because I like to take advantage of deals!

Goal for 2010

I have decided that I am going to track all of the money spent on food and toiletries for 2010 right here:  both how much was spent and how much was saved.  It will make me more accountable and help us determine exactly how much money is flying out of our pockets for these things.  

As far as January goes, we've decided to participate in the Eat From the Pantry Challenge.  We have quite a full pantry and freezer (the fridge is a different story, oddly).  But since we are both sort of picky eaters (I don't eat beef and T gives me strange looks when I start proposing ideas for meals) we are going to try to use as much as we have on hand, but get what we need to to make specific dishes.  I've already made the (tentative) meal plan for the month and, if all goes well, we should be able to drastically cut back on our food bill for January.  : )