Tomorrow I will be embarking on an Uber Frugal January with Mrs. Frugalwoods to try to spend as little as possible during the month of January. No restaurants, no shopping trips, no spending unless it is absolutely necessary. The intended result? Lots of cash in our money pot and a whole lot more freedom!
Mr. Journeys and I are getting ready to transition to a very different lifestyle in 2017. He is leaving his lucrative corporate job to manage our 12-unit rental property. Our daughter will be transitioning from four days a week at daycare to two days a week, and I will continue to teach part-time through at least the end of the school year but may decide not to return in the fall.
Our goal is to spend $25,000 during the entire year. At this rate of spending we could rely on the proceeds from our rental business along with money pulled from investments or side-gigs. This would mean that I could decide to not return to school next year, if I wish.
It’s pretty motivating to look that freedom in the eye, let me tell you!
This month I definitely have some goals to address:
#1 Take control of our food budget. According to Personal Capital, we spent about $800 on groceries and dining out over the past 30 days. Ouch! I am cleaning out the fridge today and my goal is to eat down food we already have. I have plenty of dry goods, so I’m going to only buy produce and milk. We are also going to eliminate restaurant visits for the month.
#2 Figure out health care. Mr. Journey’s last day is January 6, so we will have health coverage through the end of the month. After this we will need to find a new insurance provider. We will be looking into my school’s policy (expensive!) and the ACA website to decide on coverage for 2017.
#3 Inventory fixed costs and try to lower them. I’ll be looking at our fixed bills, especially our homeowner and car insurance policies to see if there are ways to lower them. Fortunately, we already have great cell phone plan through Republic Wireless, it only costs us about $15 a month per phone.
#4 Seek out free activities and “treats”. We are going to have a lot more time with Little Journeys thanks to my husband’s new schedule. I want to focus on activities that bring us closer as a family while also being friendly on the budget. Also, Mr. Journey’s birthday is at the end of January, so it will be a challenge to come up with an uber frugal birthday celebration for him.
#5 Cultivate a postive attitude. My goal is to see this coming month as a fun adventure in challenging myself to the limit! I hope you’ll come along for the ride!
Are you joining in the Uber Frugal Challenge? Leave a comment below, I’d love to hear about how you are approaching it!