Monday, May 7, 2012

New Challenge, Expense Tracking Week 1 Update

Good Morning frugal friends and bloggers. I have decided to participate in a new challenge. Melissa at Moms Plans is hosting a weekly expense tracking challenge. I am very excited and hope I  learn a thing or two. In fact, know I have already!

Here is how it all broke down for last week. I included Monday the 30th to make it a full week.

MONDAY 30th- No spending

TUESDAY 1st- Quicktrip (gas for car) $30.01
                           Quicktrip (milk) $3.25
                           Dollar store (first aid supplies, hubby sprang his wrist) $8.93

WEDNESDAY 2nd- No Spending
THURSDAY 3rd- No Spending

FRIDAY 4th- Quicktrip- (hubby's spending) $4.30
                   Target- (household and toiletry supplies) $38.50
                    Target/Starbucks- (monthly coffee treat) $4.63
                   Spending money -(for hubby and I both) $40.00
                    Aldis (Groceries)- $94.12

SATURDAY 5th- No spending

SUNDAY 6th- Judy's bakery-( coffees, donuts and Sunday paper)-$ 8.78
                         Target- (hubby's meds) $9.13
                          Dollar Store- (Daughters Teach It Project supplies) $9.31
                          Taco Bueno-(Afternoon snacks) $9.81

The breakdown: Grocery -$97.37
                          Eating Out/Snacks- $23.22
                          Hubby Spending- $13.43
                           Gas- $30.01
                          Household- $47.43
                          Kids- $9.31
                          Spending Money- $40.00
                         Totals- $260.77

What I have learned. First and foremost, if I had not been doing this challenge I would have spent more! Writing everything down makes you think twice. I have developed lazy habit after the move. I just get bored and fritter away money, its just small things but it adds up. So we are back on the cash envelope system for our spending money, groceries, household items and I am considering gas too. The good news is that I still have $18 in my spending envelope, next time my monthly Starbucks can come from that!

I have set a $130 goal for groceries, which we were way under for that! Yea, for us! The only category that frustrated me was the eating out and snack area. We have decided one day a month yo eat out and its is scheduled for this coming Sunday. We need to reel this little habit in FAST! I knew it would be a issue, its our weakness! It would be ideal to get the expenses for household and toiletries to $30.00.

Being accountable and having every receipt staring at you to be written down helps tremendously. Accountability Rocks!!! Thanks for getting me on board Melissa!!!

Are you tracking your expenses? Give it a whirl, you will learn a lot about your habits and yourself! I know I am. Hope you all have a FAB and Frugal Monday!!!!!!


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