To kick off the event, I said I was going to go the week without using my credit card. So – how’d it go?
I withdrew cash from my bank account and went
with cash all week. My husband used a
combination of cash, check and debit card (I took more of the purist approach,
but then again it was my challenge!).
First a
few personal observations/findings from the week.
1. It’s kind of a pain to handle cash for every transaction. Last Monday, when I made a small purchase at
my local Safeway, I used the self-service checkout and had to stuff paper money
into the little slot and wait for my change.
It took considerably longer and was more of a hassle than using the
plastic.
2. On the other
hand, by having to use the cash in my wallet, I found myself thinking a lot
more about the daily purchases I was making.
I was much, much more aware of what I was purchasing I was considering,
how much they cost and money was remaining in my wallet.
If
anyone else decided to give up the credit card for the week, I’d love to hear
about your experience(s). If you didn’t
and want to give it a try, please challenge yourselves, and then make a comment
in the blog about it. As much as a pain
in butt it was to go all week without using plastic money, I’d like to suggest
that every year we have a NO PLASTIC MONEY week.
These silly little experiments have a way of creeping into our consciousness and creating changes in the way we spend our money – and that is part of the solution in getting to living within one’s means.
These silly little experiments have a way of creeping into our consciousness and creating changes in the way we spend our money – and that is part of the solution in getting to living within one’s means.
My Results
3
gas receipts for a total of: $58.82
7
grocery receipts for a total of: $168.28
8
snack/meal receipts for a total of: $26.56
5
household/repair receipts for a total of: $290.41
8
thrift store purchases (household, books): $148.00
Total weekly expenditures: $692.07
Some
of these purchases were typical (i.e., gas, grocery, snack) and some were
atypical (household repair and some of the thrift store purchases) as we are
working on a house project.
Surprises for me:
How
much we spent on groceries and how much was spent on snacks/meals. The two together near $200.00. However, when compared to the Official USDA
Food Plans: Cost of Food at Home at Four
Levels, March 2013, we fall into the low-cost plan.
The
USDA calculates average food costs at four different consumption levels:
thrifty, low-cost, moderate-cost, and liberal. They assume that all meals and
snacks are eaten at home, which lowers the cost. In March 2013, the thrifty
plan for a family of 4 per week was $146.40. Low-cost = $191.10 Moderate cost =
$238.90 and Liberal cost = $289.90.
Nonetheless,
taking a critical look at what comes in versus what goes out is essential. If you haven’t done it for awhile, I strongly
urge you to STOP READING for a bit, gather up your documents and do a little
(okay, a lot of) math. You can do it by
hand (like my father did/does) with a ledger, or use a spreadsheet/computer
program. Do whatever is less
painful. There are numerous programs and
spreadsheets out there to help you set up your categories and calculate your
average monthly expenses. For example:
So
– take the time this week to find yourself a spreadsheet or system you like (or
one you can tolerate) and start putting the numbers into the appropriate
spaces. I certainly DON’T want to know the personal details of how much one
spends -- or earns. I realize that when it comes to our money and
spending habits, we’re kind of private about sharing those details.
What
I would like to know is if there were any surprises
or if you learned anything interesting (like I did with the grocery/snack
food). Please feel free put something in
the comment section about your findings, or about anything else relevant to the
blog.
Of
course the key is that once you discover a surprise, or learn something, to
make a decision to change what you don’t like.
For me, seeing that we spent $26.56 on snacks/meals was quite a shock. I might challenge myself and my family
members to make more meals a home, or to have their coffee/tea in a ‘to go’
mug… What about you?
With
the next blog entry, I want to start writing about our ABC’s of how we manage
to ‘Not Spend More Than We Earn’. I’ll
be discussing how and what we purchase (or how and what we don’t purchase). I’ll try to provide useful suggestions and
ideas and will also be looking for your
ideas.
Stay
tuned and subscribe if you want to receive regular blog updates.
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