Financial fasting: January budget challenge

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AJ: As a result of creating this blog, Kirby and I meet people from all walks of life. The “H” Family recently came into our sights as they declared January their month of financial fasting which we LOVE. We’ve asked the H Family to keep us posted on their journey over the next month and we wish them luck!

Guest: The “H” Family – January Challenge of Financial Fasting.

Mr. H and I have decided to practice financial fasting for the first month of the year (hopefully this will be an annual occurrence!). One reason being, we realize we spend too much and have way more than we need! We did a kitchen remodel last year and while we tried to go minimal for Christmas, our girls ended up being spoiled by their grandparents yet again. We feel the need to simplify our life and use the resources we already have. We also need to get a good handle on our budget. Mrs. H is planning on a career transition from full-time banking to part-time bookkeeping to be able to spend more time with our two young children. With fixed expenses of a mortgage, car loan, student loan, and a home loan…we need a true idea of the minimum expenses we should budget while Mrs. H’s new career is ramping up.

Our goals:

1) Lower grocery bill to necessities. Use up food in pantry and freezer. No eating out! (Unless a family event or something planned with friends…as family and friends are important to us. But be very mindful of spending).
2) Choose only activities that are free for the month.
3) Clean out drawers, attic, garage…use up things we already have, look for things to donate, throw away.
4) Review current bills and expenses, and find ways to lower expenses.
5) Be INTENTIONAL with our money. Make only planned or necessary expenses.

We have two young daughters and want to be a good example to them of our stewardship of resources, and we want to prioritize our expenses to be able to afford school and activities for them. We know this won’t be easy, as we do enjoy eating out and Mrs. H loves shopping on Amazon. Our hope is that this focus on being intentional with our spending and resources will carry over to the rest of the year. We will update you as to the results at the end of the month…Here’s to January!

AJ: Looking to plan your own “no-spend” month, use our resources and refer to our past posts on:

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  1. Pingback: January budget challenge: complete! | The Simple Money Blog

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