Monday, August 31, 2009

Results of the Spend Less Challenge

I closed out my "Spend-less" month on August 30, because I began on July 30.

The results are mixed: I did spend less on house projects and gifts, but I went way over in the other categories.

I budgeted $480 total for everything: food, gas, gifts, eating out, school expenses, and house projects. I spent $740--$260 over budget! I had purposely set my limits very low, with the hope that I could raise them if my summer job money came in. Due to paperwork glitches, I won't be getting that money until Sept. 20. I, also will get reimbursed for $100 of school expenses.

One thing that I have learned from this experience is that I need to increase my budget categories for groceries and gasoline to be more realistic. I really was as frugal as I could be for food and travel this month and I still went over quite a bit.

My overall grade: C- Even though I went over in several categories, I did spend less than I would have without the challenge. I also got back into the habit of planning my menus weekly, which helps reduce stress and grocery costs.

I'm looking forward to the September Earn More Challenge! I think I'll learn a lot.


jpkittie said...

that was good for you to see what you need to increase - that will help in budgeting for future months... good luck with the earn more :)

Sharon said...

Um, RTC? A C-??? I give you an A+. Why? Because you probably spent WAY less than you would have had you not been doing the challenge.

I agree, I think I was too low with food too. I didn't like the feeling of deprivation. (Neither did my stomach! :))

Congrats on a GREAT month! I'm looking forward to September's challenge too!

Money Funk said...

What is great is that you learned where you can improve in the next Spend Less Challenge. You also realize that planning meals really helps. So, I'd up your grade a bit. =D

Now onto another challenge! Let's make some money (gambling excluded). ;)

RTC said...

Thanks for the grade boost! I'm still planning for Sept.