Spending Fast

Here it goes! I'm going to start a spending fast.

It has taken a while to get here... and I'm still not totally sure about it, but the more I thought about it, the more it seemed I should just go ahead and do it whole hog.

I've been reading The Thrifty Social Worker's blog over the last few months and in addition to a writing style that is just up my alley and amusing, and an outlook on life that approximates my own, she has caused me to think. Also with a few thousand dollars of car repairs being done, as we speak, that I will owe back to my dad (but thanks to his interest free loan, and thank God for Dad!), an existing car loan, student loans, and not as much money in savings as I would like, I need to do something!

I think friends and family will understand. I hope so. It will be hard at times. At work birthdays are usually celebrated with a lunch out, that the birthday girl doesn't have to pay for. I think I'm going to have to back out of those. I'll just learn to make extremely satisfying cupcakes, perhaps! This Christmas our family started to back down from the extreme present-giving. Dad and Mom even donated to Heifer International in both my and my sister's names! This is totally new for our family, and was so incredibly welcome. I'm crafty and like baking, so am hoping this will get me through some of the rough spots as well.

So below I'm making a list of what I will, and will NOT, spend money on during 2012.

What I will have to spend money on:

Rent

Utilities (electric, internet): this should be an area I should see some good improvement in... I have a horrible habit of leaving the TV/VCR on when not watching it as background noise, and leave lights on more than I need. A terrible habit for someone who purports to be 'green!' Go back to completely line-dried clothing. I already cut the cable TV out last year, but could still cut down on my time in front of the tube!

Cell phone: I just found out that a different cell service provider offers my workplace a group discount! I am hoping to switch in February.

Food: I'm spending more than I feel like I should, so cutting down on total budgeted amount which means using what I have on hand (who doesn't like a stocked pantry?) and perhaps including cheaper meals from time to time (hello Dirt!). Cut down on food waste, cut coupons, search for deals.

Car stuff (loan, gas, maintenance, repairs): cut down trips taken so I don't fill up more than 3x per month. Use bike and eco-pass. Put money aside for car repairs and maintenance each month.

Student loan and loan from Dad: the loan from Dad was the final straw in moving me towards the fast. I need to have money saved up for emergencies, and I would like to pay down all my debt sooner than the creditors have on the list.

Insurance (renters and car).

Gym membership: the price is reasonable, and I want to be traveling and working with Girl Scouts in my 80s!

Doctor co-pays and medicine: as needed. Will use medicines in cabinet first before trying out something new. Visits to the doctor are pretty limited, and with the gym membership (and actually using it!) I'm hoping I won't need to go but once this next year.

Pet supplies: the pets have got it made! I'm not going to purchase toys, but will make with items on hand instead, and I'm hoping to find coupons.

Hygiene and home supplies: This is for shampoo, stamps, TP, etc... but the budget is small for these odds and ends. This includes things here and there that will help with gift making and giving. I will look for coupons and only purchase items on sale.

Other: a cousin may be getting married this summer, I've already got plans to travel to the Telluride Film Fest, and things like professional membership fees when not covered by work are going to have to fit into the budget in 2012, but I'm hoping to budget my money out to fit these costs in without detracting from my spending fast.

What I'm NOT spending money on:

Basically everything else... it actually doesn't seem like there's all that much more, but some of the items below, as well as overspending on groceries and other 'necessities' have caused the budget to rise too much.

Gifts (I've already been doing this for years to an extent, but this year I'm giving it a go at 100%)

Eating out (including tea out!)

Clothes (I will thrift as needed if clothes give out)

Movies (super hard, but am starting the year with a gift card so hopefully that will suffice! Also includes not purchasing Netflix but sticking with checking out items from DPL.)

Books, movies, CDs (all tend to be impulse bought)

"Doing a Spending Fast or a Spending Diet isn't a magical lottery ticket. It is hard work. It sucked at times. Some of my relationships really suffered because of it. I wanted to give up. There were a lot of really awkward moments. I messed up. It was hard. Did I already say that? Because it was (and continues to be)." - Anna Newell Jones (An Then She Saved).

I've got to remember the above statement (where the Thrifty Social Worker got her idea!). In the long run I'll be much happier to have a bunch of money saved up for emergencies, as well as saving for purchases rather than just purchasing them when I want them!

We'll see how this goes, but right now I'm excited!