This idea of "No Spendtember" came to me after I discovered the budgeting and expense analysis section of our online bank account. I went through and separated our expenses for the month of August and was in shock.
Before this, we never really paid attention. We don't have a budget and we don't balance our checkbook. I'm actually not even sure what goes into balancing a checkbook. We're fortunate enough to not have to pay TOO much attention to our spending, but I really want to change that. Especially because I know this can't last forever...kids cost a lot of money!
However, we do have a different approach that works for us. We set a "minimum" in our bank account. Every pay day, we transfer a specific amount to our savings account. That amount never changes. This means that if we got close to or below our "minimum" the month before, then we just have less to spend the next month. Our "minimum" is always at least 2x the amount of our house payment, so we never have to worry about overdrawing. I also get daily updates from Bank of America via email to tell me how much we have in checking.
Pretty simple and it works for us.
The most important part of our approach is the fact that savings always comes first. We set very high goals for our savings account, so I never, ever, find an excuse not to put that money in.
The month of September is our last chance before the end of the year to do this. Why? Because October is my birthday month, November is John's, then we have Christmas! I have some really high goals set for us to achieve before I turn 25 though, so I hope we can learn a lot from No Spendtember to help us move forward with better spending habits.
Of course, I also hope to share ideas that will help all of you save money as well!
Check out my other No Spendtember topics here: