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  • Dare #7: Live on a cash only budget

    Posted on April 29th, 2012 Sonia No comments

    The Dare:  In order to force myself to live within a budget, I will live on a cash only budget for the month of May, in the spirit of

    The Darer:  Me

    Current Status:  Accepted, not yet performed.

    Estimated Implementation of Dare: Start date – May 1, 2012.

    The Details:  I’m embarrassed to say that I have no idea how my finances are doing.  I have two degrees in fields that deal with numbers and decision, yet I live in a black hole when it comes to my personal finances.  They’re not even complicated, I just don’t know where all the money goes.  And while I use mint.com (which I love) and it it tracks my spending, the effect doesn’t last.  So, inspired by Gail Vaz-Oxdale of ‘Til Debt do us Part‘, I will try to gain control over my personal finances, starting this month of May.

    The How:   Variable expenses (gas/bus transport/food/miscellaneous) are budgeted with a weekly budget.  Every Sunday, the weekly budgets will be placed in marked ziploc bags (sorry Gail, i don’t have enough jars…plus ziploc bags are easier to carry around in my purse).  Receipts for all expenses will be placed in the ziploc bag that money was removed from.  When the money runs out, the spending ends.  I will carry my credit card with me…but only for business expenses.  If this causes me to cheat (but I’m sure I have enough self control lol), I will try this again next month with my credit card in my freezer.

    At the end of the month I will re-work the budget based on the results.  The goal is to increase savings and decrease spending.

    Red Flags:  Its getting warm out there – which mean’s it’s social season – eating out, concerts, weekend trips (read expensive).  Will have to start getting creative…and incredibly cheap lol.

    (Image Source:  Harness Power of the Genie)