July Spending Free

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When I think of July, the first thing that pops into my mind is July 4th.  Since that date symbolizes freedom, we chose this month for a little experiment.

Our little ladies last 4th of July

Instead of a spending spree, our little family is going on a spending free.  Before the girls were born, we tried to save a certain amount every month.  Of course, there were times when we saved a little more or a little less (December never looked pretty).   We use Mint.com (a site I highly recommend) to track spending, savings, retirement, etc.  Our goal for monthly savings hasn't changed since the girls were born, but our spending has.  I was determined to save just as much with kids as we did before they arrived.  Easier said than done.

I wouldn't say we are frugal, cheap or thrifty.  Instead, I'd like to think we are sensible.  No, the girls don't need two bathing suits.  I didn't need new area rugs for our house.  Mate didn't really need another dress shirt, but we're sensible enough.  Living within or below our means is important to us.

I rarely buy anything that isn't on sale.  Although, I'm learning that just because it's on sale doesn't mean I should buy it.  It's no wonder Mate looked at me strangely when I showed him the 4T outfits I found for the girls.  They were so cute and so cheap.  I couldn't resist.  Well, okay, I didn't even try to resist. . .

Occasionally, I freak out about money.  It always comes down to the fact that I am uncomfortable, really, really uncomfortable with economic disparities.  I feel guilty when I think about people struggling to pay their bills.  In an effort to be more conscious, we're getting rid of our financial freedom for at least one month.

We've decided to make July an excess spending-free month.  That means no new toys, clothes or books for the girls.  No coffee from the drive-thru or new craft projects for me.  Mate won't be completing any house projects.  We have stocked up on items that usually add to the grocery bill: paper towels, detergent, shampoo, etc. All gifts that might need to be given during the month have been bought.  We'll only spend on budgeted items (monthly bills, groceries, gas, etc).

We are grateful that this is something we can choose to do.  It's important for our family to engage in acts that will make our children more socially conscious.  They won't learn anything this time around, but it's never too early to start.

Blogging this experiment will help keep me accountable, so stay tuned to see how we do!

Week 1 Update:

Within the first 48 hours of our experiment, I almost ran out to buy some more bibs for the girls.  For some reason, we didn't have much laundry but all their bibs were dirty.  I figured, it was time to buy a few more.  Then, I remembered that I couldn't.   A small load of laundry fixed the problem.  I was glad this happened because it reinforced how easy it is to spend a few dollars here or there without thinking about it.

We did take the girls for ice cream on Friday night.  Not because they were good, but because they weren't so good.  We were attempting to visit with our best friends and their new baby, but the girls weren't cooperating. Our plan was to stay until the girls' bedtime (I had their pajamas and bedtime snack all ready), unfortunately, they were just not willing to sit and play.  We ended up leaving early and figured we'd kill some time before driving home by getting ice cream.  We didn't think about our "spending free" until we'd already consumed our treats. We're still within our food budget for the month, but ice cream outings are not necessary...oops.

Week 2 Update:

So far so good!

Weeks 3 & 4 Update:

Today, completes our spending free.  The only area of our budget that we ended up going over on was food.  Before this started, we decided the quality of food we eat wasn't going to be compromised.  Unfortunately, those organic snacks for the girls aren't cheap.  Also, we hosted three get-togethers during the month, so it makes sense that we spent a little extra at the grocery store.

The only other confession I have to make is that I did buy something for the girls.  I happened upon bathing suits with floatation panels.  They're usually about $30, but were on sale for $5.  While not something we would normally put the girls in (they're goofy looking), I thought they'd be a good idea for our Florida trip.  While Mate's at his conference, I'll be poolside with the girls.  Since there is only one of me and two of them, I think safety precautions are appropriate.  I felt guilty, but was happy with how well we did throughout the month.  I'm sure this will become an annual endeavor, so hopefully we'll do even better next year.