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The Frugal Abode

March 26, 2010

Inspired by a post at my favorite personal finance website, I Will Teach You To Be Rich, today I’m starting a “cash only” challenge for the next 4 weeks.  I’m also going to take on a no-new-stuff challenge, limiting my spending to just the necessities – groceries and gas and pet supplies.  And chocolate.

Why am I doing this?

Simply put, I want to save more money.   I used to suck at managing money, but I’ve become pretty financially savvy in the last year.  Heck, I even boycotted heat all winter just to save some extra dough.  I sock away a good chunk of my paycheck in savings each month.  But my rent is going up when I move, I’ve got my eye on some new furniture, and I love to travel. And I really just want to see how much I can cut my spending . . . before I head to my fave vaca spot, Miami, on May 1st!

How will I do it?

On each payday (first one is today) I’ll withdraw cash for my biweekly budget from my bank account.  Once I’ve spent the cash, that’s it until the next paycheck.  If I end up with a surplus, it can be put in savings.  I plan to do whatever it takes to have leftovers for savings.

Other Inspirations:

I’d be a lame-o slacker if I didn’t mention my other inspiration:  Katie at Making This Home.  Katie is a simple living, non-shopping,  sensible spending goddess.  She kicks some majorly sensible butt when it comes to not cluttering a home with unnecessary stuff, and she’s living a fabulous life with her husband in a 480 square foot apartment in Berlin, Germany.

Will I Be Bored?

Heck no.  In clear defiance of my New Years resolutions, I’ve still got a slew of unfinished projects.  And with April 25 just around the corner, now we’ve got a move to pack for.  And when I find myself wanting to shop, I’ll simply ask myself:  What’s gonna make me happier in the long run? “Stuff” that I buy on impulse shopping trips?  Or memories of fabulous travels and coming home to a beautifully furnished and decorated home?

Reference Articles for All:

Here’s a couple of my favorite articles at I Will Teach You To Be Rich:  The Cash Only challenge, and a not-so-average take on the housing market.

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2 Comments leave one →
  1. March 26, 2010 1:30 PM

    This is such great advice – I love the challenge! I need to do that after my vacation in April.

  2. Amber permalink
    March 26, 2010 2:06 PM

    I’ve done that before. You’d be surprised how much money you Don’t spend when you just use your cash. Something I do is to have Someone else hide my debit card. Can’t spend money if you don’t have your card readily accessible.

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