Create a shopping list to prepare for the challenge
On the 15th and the 30th of every month I am paid and with those paychecks, we allot ourselves a certain amount of money for gas, food, and all other needs. The past few months this has been $200. We take the rest of the check to put toward recurring bills and the entirety of my wife’s pay and put it toward our debt. We create a shopping list and head out to make our purchases.
In the past, we have spent the majority of my wife’s and my checks on whatever it was we wanted. We would go out to eat multiple times a week and not budget appropriately for anything. We paid the minimum on our debt and felt pretty comfortable with where we were sitting – not realizing that we were literally throwing thousands of dollars out the window each and every month.
Fun fact: with our interest rate on our student loans we gain over $46 per DAY in interest. Which adds up to almost $17,000 in interest added to our principal each year. Yikes!
Anyway, we decided to work on shifting our focus: what would it be like to live on only one income? So we did. Then we thought: what would it be like to live on the smallest of our incomes? So we tried that too. We went even further and thought: What would it be like to live on half of the smallest income? And that’s where we are at now.
So, with that being said and $200 in hand, my wife and I left for the grocery store on December 15th. Mind you, this $200 was meant to cover not only the groceries for the next two weeks, but also the gas to travel to both of our parent’s houses for Christmas, and the extra food needed to get us through the month on our No Spend Challenge.
In order to stay within our budget, we had to create a shopping list. How did we make it work?
Well, that’s what I’m here to tell you!
If you are new to our NSC Series, start here!
-If not, you can skip this section-
As some of you may know, we are preparing for our first every No Spend Challenge (NSC), starting January 1, and holy cow, it is approaching quickly.
The short story is that my wife and I racked up a ton of debt (read how HERE) and want to pay it off as quickly as possible so that we can live our dream lives (read about our goals HERE). This challenge will help us learn about living frugal, saving money, and paying off our debt faster.
Visit our post, Frugal Living at its Finest: the No Spend Challenge, to view why we are doing the challenge, what the challenge entails, and the rules.
The hardest thing about budgeting and frugal living is doing it alone and that’s why we want to invite you all to join us on our NSC. Sign up below to opt-in to our email community, filled with exclusive tips and tricks for saving money to survive living frugal during your NSC month.
Follow our rules or make your own! Join for one week or the entire month! We know that not everyone is in the same situation we are in. Stick with the No Spend Challenge for as much or as little as you are able in your situation and don’t be afraid to hop on after the starting date (it’s never too late to join in on the fun!).
We’ll be taking the challenge right alongside you – with daily blog posts, encouragements, and exclusive email information and communication: this will be the single, greatest choice you make to jump start the New Year.