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July is No Spend Month

June 30, 2009 By Kelly 1 Comment

July is No Spend Month in our house.

The premise (borrowed gratefully from Rachel at Small Notebook) is that you pay all your bills, and set a limit on spending for the remainder of your expenses. If you don’t know what you spend in a typical month, try tracking your expenses at Wesabe. You can see the last few month’s data and come up with a game plan.

Rachel’s family spends $250 for the month on everything they need. I wish that we could spend that little! We have more expenses that tend to be more expensive, so I’m setting out limit at $800 for the month. You should set your limit based on your typical expenses minus a bit. For example if you normally spend $500 a month at the grocery store try cutting it back to $400. (most US families waste 25% of their food anyway!)

This breaks down to:
$450 for groceries
$70 on pets
$80 on gas
$100 on allowances ($50 for the kids, and $25 each for us)
$100 misc. (household repairs usually)

Hopefully we’ll stick to it!

Will you join me? If so, share how much you are budgeting and make sure to check back in next month for my results.

Kelly

About Kelly


Kelly Whalen is the founder and editor of the Centsible Life. She started the blog in 2008 as her family faced a mountain of debt and the fixer upper they purchased became a FIXER UPPER. The website was born out of her desire to share what was working (and what was not) on her family's journey to financial security. Kelly lives in Minneapolis with her family.

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Filed Under: Money Tagged With: Money, no spend month


Trackbacks

  1. New Year’s Financial Resolutions — the centsible life says:
    January 6, 2010 at 12:38 pm

    […] likely there will be a few surprises when you start tracking spending. You can use my method of a No Spend Month or Week to really get a handle on how much you are spending, or take cut back gradually like  Ramit […]

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Hi! I'm Kelly Whalen, writer, frugality expert, debt slayer, and money nerd. Welcome to the Centsible Life, my corner of the internet, where I help women live happier, healthier, and wealthier lives. My goal is to help you save time + money, so you can spend both how you want.

Want to know more about me and learn how Centsible Life has helped readers like you? Click here.

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