Have you gone into the new year feeling strong and wanting to save money? Me too. But when mid-January comes or the start of February and you are screw it and give up. I’ve been there and tried every way to save money and try to make myself accountable to save as much as possible. I have even tried the Dave Ramsey method as it sounded like a great way to save money we are desperately wanting to save for. But in all honesty that method isn’t for everyone.
Starting January 1st my best friend and blogger Kyla Carter from Transform Her Fitness will be starting a challenge for us and you to save money in the new year. Mom’s Savings Challenge is not your typical one-month challenge that you see these days. We are doing this challenge all year around. Kyla and I have sat down to really see how we are going to save money and the rewards we can earn by meeting those goals. To keep track of our goals, we will post each week on how we did against our budget, where we are with our savings goals, and how/if we get to reward ourselves that week.
We all have goals we want to achieve each year. Most of them are so big that we start working towards them and then we give up. To achieve a big goal, you need to break that goal into achievable actions. For instance, myself and husband want to save to put a down payment on land to build a house. The land and building of the house we think will cost us around $300k. $300k is a lot of money and how to save for that can look difficult. But we think is we save at least 20% of that total amount ($60k) it will help lower the cost and monthly mortgage bill once we apply for the loan.
Now $60k is still a big amount to save for and you are probably asking yourself how are we going to save that with little money we have now. Well we will tighten our budget to save each week and build that account up. Our goals for saving money next year are:
- Save at least $50-$100 per week towards our housing fund
- Spend $100 or less towards groceries
- Pack all lunches and snack to prevent going out
- Save towards organization stuff for around the house
Some of those items you might think is easy or silly but to us it’s a pain. When I am at work or hubby is at school it is very easy to go pick something up from McDonalds or someplace instead of eating a healthy and nutritious packed lunch. So, I have challenged my hubby and I to stick to the lunch plans we create each week to prevent overspending. Also, our house is very small for four people, two dogs and a cat so we are in much need of organizing each area to save space.
As a mom I plan almost everything for all of us to keep track. But slack in following my meal plans that I create each week for us. So, this will help us to stick to the meal plan and to save money. I use the Bullet Journal system to plan things. I have created a spread in my Bullet Journal for our meals each week. I will use sticky notes to make this a reusable template each week. This will help plan breakfast, snacks, lunches, and dinner that will help with groceries. Each week (Thursday night) I will look at the following week as Friday’s I go grocery shopping. Based the meals we select from favorites and new recipes, I will develop the weekly grocery shopping list. We shop at Aldi mostly and the remaining items we go to Walmart or Kroger depending on how much time there is to shop.
Along with the meal planner, I will be tracking all our expenses each week. This is to see if we are under or over budget to put the $100 per week to our house savings fund. Each week I will set a budget of what we should be spending on. This includes bills, groceries, eating out (hubby mostly), or anything else that comes out of our account. At the end of the week, I will total what our actual spend was and see how much we saved or went over. Anything that was overspent will be adjusted in the following week.
So, if you are in the same boat as we are and want to save towards something big. Then join us in this fun savings challenge by following us on Instagram (disney_mom1417 and kylareneecarter) and Facebook (Brittany M Richards and Kyla Carter). We would love to hear what you will be saving on in 2019 and your journey towards those goals.
Love and cheers,