A {Frugal} Challenge

You know how I love a good challenge as I find them motivating, well I’ve signed up for another one. This time I’ve joined some ladies from across the ocean in a sort of personal finance frugal challenge; it’s a fun, frugal {extreme}, challenge to see who can spend the least on variable budget categories in the month of June.

As Christine from Money Funk, one of the challengers writes about in this post, if you are trying to pay off debt then reducing your variables expenses is one of the best places to start. Jacq, another challenger writes about how making it fun to lower your expenses without feeling deprived, is the key to moving towards your long term goals. Barbara the other challenger promises some ‘extreme personal finance training’ or as Barbara calls it like The Biggest Loser with savings not lbs!

We will also be getting {extreme} advice from Jacob at Early Retirement Extreme; Jacob’s site and particularly his ‘Early Retirement Extreme 21 day Makeover’ will give you the tools you need to become financial independent in 5 years; it’s not easy, but it can be done. {Christine is working through it at the moment}

The variable budget categories are;

  • Groceries
  • Personal care & household
  • Clothes {I’ll win that!!!}
  • Auto {no spending there for me!}
  • Eating Out

So how low can I go in all these categories? Well we will see…the pantry is going to get used for starters, so it’s only fresh food I’ll be buying, and as for clothing, I went twelve months without buying anything new, so they’re all going down in that category!!

The Challengers:

-Single Mom, Rich Mom, Barbara Friedberg Personal Finance and Money Funk

Wish me luck!

PS. Don’t forget to enter my book giveaway; Win a copy of The Tightwad Gazette

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{photo credit: jek in the box}

Comments

  1. Good luck!! I’m so excited to see how you do and what revelations you have (challenges=always good for a lightbulb moment or three ;) xxx

  2. rachel you should look at Jacobs ’21 day challenge’ ..imagine being financially independent in your thirties!

  3. I keep seeing references to it – I’m going to have a proper sit down with a cuppa and look at it this afternoon. Perfect timing, I am already trying to figure out if it would be possible for me to not work 9-5 for the rest of forever…!! ;) thankyou for the recommendation! xxx

  4. Barb Friedberg says:

    Hi! Just watching a “free” movie from the library….ZERO DOLLARS. Looking forward to the challenge!! Good luck! Barb

  5. Hey, did I tell you I found an extra $270 this week to put towards my debt? $70 because my insurance payments are not due for 3 months {I pay 9 months out of 12}. And I scored $156 overtime. Oh ya, and I ended up with an extra $92 from my cash allowance (put it towards my debt). Kickin’ debts *ss! And am being quite the Frugalite.

  6. Wait… I can add. I meant $226 + $92. LOL $318! Woo hoo!

  7. Jacq | Single Mom Rich Mom says:

    Laura, I think I can beat you on the length of time for clothes purchases. I think I’m under $100 this year alone, including for the 9 y.o.

    Otherwise, you kinda scare me with your frugality. :-) I’ve definitely lost some of my self-discipline and tricks of the frugal trade over the last few years.

    WTG Barb and Christine! Onward – and downward!

  8. Barb, Christine and Jacq, this is going to be interesting, may the best {wo}man win!!

  9. Hey there – are you using wordpress? I am thinking I should move over to wordpress as it seems more adaptable and growable. Did you? I definately need a website and also a blog together. Kelly Raes course has quite a lot of good info on it. but I am still baffled I guess the only way out is through…..but I think word press would be a good start.

  10. Mizé says:

    Hehe, just love money challenges :)
    Good luck Laura!

Trackbacks

  1. [...] few Yakezie bloggers (Single Mom, Rich Mom, Barbara Friedberg Personal Finance, Money Funk, and Move to Portugal) recently started a challenge about who can reduce variable costs the most over the next [...]

  2. [...] been notified that two more lady bloggers have entered the competition: Christine of Money Funk and Laura of Move to Portugal. We’ll be watching to see who wins the [...]

  3. Catfight Update; Help, I Can’t Control my Husband | Barbara Friedberg Personal Finance says:

    [...] @ RichMomSingleMom, Christine @ MoneyFunk, Laura @ MovetoPortugal &, and one outside moderator, Jacob @ EarlyRetirementExreme … and it’s not going too [...]

  4. [...] discipline is a funny thing, I have it when I’m challenged and there’s a competition involved, but leave me to my own devices and it can leave me for weeks on end, something I seem to [...]

  5. [...] a great weekend and I’ll be back Monday with a Frugal Challenge [...]

  6. Catfight Update: Post 3-Secrets to Coping with Spending Cuts | Barbara Friedberg Personal Finance says:

    [...] spending reduction challenge with Jacq @ Rich Mom Single Mom, Christine @ Money Funk, and Laura @ Move to Portugal, back in the beginning of June. Jacob @ Early Retirement Extreme,  the king of spending [...]

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