I have determined that we spend too much money. None of us think twice about going to lunch or dinner many times a month. If I want something, I buy it. Same goes for the hubby. Kids ask for something? Nine times out of ten I say yes. We have tons of clothes, shoes, toys, grown up toys and random other junk that we didn't really need but wanted and so we got it. Who knows how much we could have in our savings account if we actually were making good choices about what we spend money on. So I have a new proposition for the family: 365 days of no spending money. Obviously we will need to pay the bills, buy groceries and gas for the car. But what would happen to our net worth if that's ALL we spent money on? We are about to find out.
I don't consider this a New Year's Resolution but a challenge for my family. Hubby and I will get $20 per month to spend on incidentals. The kids will get $10 each per month. That's a total of $70 per month for gum, candy, new clothes, going to dinner/lunch and the movies. After the bills are paid and the groceries are purchased the rest will go into savings.
In addition to this challenge I am going to see how much money I can save by making different decisions. For example we bought little plastic sandwich containers rather than sending the kids lunch in a ziploc bag everyday. It's good for the pocketbook and for the environment. We are also going to try to make our own laundry detergent and dishwasher soap. Good for my allergies, the environment and the pocketbook. I think we can do so many more things to save money and grow our net worth that I am going to blog about it and share what we are doing and how much we have saved.
It's going to be a huge shock to our lifestyle at first but I think it will be worth it when we see the balance in the savings account at the end of the year.