Friday, January 14, 2011

$200/Week Challenge...

Today is a new Friday and $200 has been deposited into my Personal Account to begin a new $200/week challenge.

Here is last week's recap....Total Spent: $167.39!!! =)

$67.00 - Grocery & Household
$35.79 - Transportation
$25.65 - Food & Dining
$19.90 - Personal Care
$19.05 - Entertainment

Not bad at all for the week especially since $40 of my grocery/household expense was just my annual Sams Club renewal fee.

Bringing my lunch and cooking dinner is making a world of difference. Thankfully I was already getting tired of fast food.

Overall, it was another great week of spending. =)


Anonymous said...

Congrats on your second week in a row!

Same question as last week what are you goind to do with the leftover money ($31.62)?

Natasha said...

Hooray! It must feel great to have the beginnings of a money-saving streak under your belt.

Cooking at home is an amazing money saver, isn't it? Occasionally, I am boggled at the difference in price between the same thing made at home vs. purchased "out".

Chitown said...

@ Broke by Choice - Thanks a lot.

This $200 being deposited weekly is my personal money that I budgeted for food/dining, groceries, personal care, entertainment and gas/fuel for the entire month. So, it's my personal money. I am always trying to spend less but I also know that a personal care expense is probaly going to be more than that $20/week since I budget $80/month. So, when the week is over, I transfer the remaining amount into my personal savings account. I will decide if I want to snowball what's left at the end of the month but the idea is that it's my personal money and I have already budgeted for my debt repayment.

What's good about this method is that there will always be months where there is an expense that goes over in food/dining, groceries, entertainment and personal care. So, the less I am able to spend each week, the more I will have set aside to cover any spending over the $200/week.

An example would be that I know I will need to get a prescription filled soon and it's not a medical necessity but more of a personal care item. The cost is $175 since it's not covered by insurance. I will be able to pay for this expense out of anything I am able to save each week. It's definitely a personal care item but it certainly would blow the entire week's budget. The prescription is for a fade cream to treat a really bad burn.

Chitown said...

@ Natasha - Cooking at home is a money saver but I have to be careful when I go into the store because it can actually be more expensive. I recently went out of my way to travel to Aldi instead of the closest grocery store because I knew I could get more for less. Kicker was...It was snowing here in Chicago and Aldi wasn't so close. I still did it because I knew it would be worth it in the long run.

I was able to buy bread, romaine hearts (lettuce), caesar pre-packaged salad , cheese, and cottage cheese for less than $10. The same items would have cost me $20-25 in the regular grocery store.

Anonymous said...

Great job! I also think it's smart to put the remainder in savings for weeks you may go over the $200. Since you are already accounting for debt payment, it's technically money that can be spent. Wisely, of course! :o)

Justin said...

Excellent challenge, and excellent success! Congratulations!

I just stumbled across your blog a few minutes ago. I, too, am a Chicago PF blogger (and, as a third if less striking similarity, I'm hoping to attend law school next year), and I'm happy to have discovered you. I like your recent entries and the dedication you've shown to your finances...not to mention the dedication you've shown to your blog! I'll be checking in regularly. Thanks for writing!

Chitown said...

@ Justin -- Welcome!!! I hope you come back to visit my blog sometime. If you ever have any questions about law school, feel free to email me @ Cheers!!!

DreamChaser57 said...

O-M-G, you are on fire! Keep it up. Love your frequent updates and how thoroughly you're tracking your progress with the dates and everything.

Saving the excess for the unexpected makes sense-you do not want to feel too depraved

Dreamin said...

You've really embraced the $200/week challenge and are running with it - good for you! Only positives can come from it.