My Goal for The Saved Quarter Challenge

Penny Saver at The Saved Quarter who managed to save $6,000 in one year on an income of $18,000 is hosting The Saved Quarter Challenge this year.  I have joined.  My goal will not to be to save a particular amount of money but rather to keep from dipping too far into our savings.

In the vein of full disclosure, our savings account currently has $16,354.  My goal for The Saved Quarter Challenge is not to let my savings dip below $12,000.  You may remember that until August, our budget has a $-1,060 deficit every month.  In the summer, my husband’s income will probably be even more unreliable, leaving us with a bigger deficit.  Here is the plan to avoid relying on savings too much:

1.)  Continue to find ways to cut our basic expenses.  I have set a goal of shaving our grocery budget to $50 a week.  I plan to do this by having pantry challenges, making more foods from scratch and selectively using coupons.  I will also continue to tinker with cutting other areas of our budget.

2.) Write down everything I spend.  To do this, I am using a tool called Pear Budget.  (I will share more about this in a post tonight.)

3.)  Make some homemade Christmas gifts throughout the year.  I am not going to only give homemade Christmas presents next year, but I do intend to make some of them to save on expenses.  Rather than waiting until November to make items (as I have many previous Christmases), I am going to start working on them now.

4.)  Bring in an average of $500 a month to our household budget through freelance writing and advertising across my three blogs.  To help with this, I have put several writing books on my Booking It list.  I put those books early in the year so I can learn how to make money through writing.  (I already do make some, but not nearly enough!)

5.)  Continue to declutter and sell the excess at a garage sale, on eBay and on Craigslist.

6.)  Try to barter for some of our regular expenses such as our rent (see if we can maintain the lawn to get a portion of our rent discounted) and my son’s dance lessons.

7.)  Try to lower some of our montly expenses by asking companies for a lower rate.

That’s my plan.  I would like to leave the savings completely intact, but the lowest we want the savings to go is $12,000.  (Then, once my husband graduates, our next goal will be paying off those pesky student loans, but that is another post and another challenge! :))

Comments

  1. Best of luck!!

  2. Fantastic goals! I’m excited to see how you meet them this year! How much could you make extra by selling all of your clutter? Great idea! Bartering is fantastic, too. Good luck!

    To be fair, I saved $6,000 out of the total amount of money that came into my life, about $26,000 including money I earned and our tax refund.

  3. Good Luck in the Challenge! I look forward to following your progress!

  4. Good luck in your challenge, I have posted my goals and challenges. grace

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