As we approach this third month of this year, it’s getting more and more fun to have these savings challenges motivate us throughout the months. I hope you are enjoying them as much as I am.
March Savings Challenge: Exciting Ways to Save a Little More
For the month of March, my family has made a goal to pay off $2,700 worth of debt through careful savings within our budget. Our first step this month will be to pay off our mattress (it’s a zero-percent interest loan that we are nearly done with) and then move on to paying off an emergency household maintenance loan we had to take out several years ago.
Ways We are Saving This Month
In addition to our already established savings incorporated into our budget, we have several other ways we plan to save this month.
$1 Per Day
I’m going to make a concerted effort to save $1 per day out of our cash envelopes. With a total of 31 days in March, that should allow us to get a little closer to our debt payoff goal and, hopefully, not even miss the few dollars as we go along. Each day, I’ll pull from a random envelope, based on what we have available and what we are up to.
I really don’t have any intention of following a given strategy for this. A dollar saved is a dollar saved, right?
Tip: If you’d like to join me in this challenge, feel free to grab your own FREE savings tracker printable HERE.
Cash Envelope System
For the month of March (and future months as well) we will be continuing our use of the cash envelope system. It’s proved successful for us in the past and having the tangible reminder of how much we are spending each and every week will help us continue to stay on track.
No Personal Shopping
Since the month of March comes with no significant birthdays or holidays in our family, we’ve decided to refrain from personal shopping.
Purchases involving clothing, shoes, accessories, and makeup will all be put on hold until the beginning of April. Ideally, the weather will begin getting a little warmer around that time and then we can make purchases for the season ahead if necessary.
Ways We Might Fail
We really struggled last month to meet our goal. I’m well aware of a few expenses that we need to add additional money to this month, so that will make it even tougher to achieve the high goal we’ve set for ourselves.
Family Living Situation
It’s easy to get off task when you have others around (at least it is for me), so I’m well aware that we might be tempted to spend more money on food and household items, just because we have other people living with us.
In order to stay on task, we are going to adhere strictly to the cash we have on hand and say no when the envelope is empty.
31-Day Month
Those long months can make it hard when it comes to only having a four-week grocery budget plan. We intend to check out the sale prices in our area and do our best to double up on meals when possible so that we have a few extras in the freezer for that fifth week. I’ll be sure to let you know what we find out!
What About You?
How are you going to achieve your financial goals this month? Will you follow along with us, using the cash-envelope system and leaving behind personal items, or will you choose a different method?
Leave me a comment below and let me know what route you plan to take! (I’d really love to cheer you on!)
Tip: Did you get your Savings Tracker Worksheet? If not, grab it HERE.
