I Challenged My Wife To Fix Our Budget – Month 1 Update
Last time we talked about this in I Challenged my Wife to Fix our Budget, I explained to you how having our love bug has raised our expenses by nearly 50% in the house category. I also talked about how it was time for a change, and I turned over the budget to my wife and laid down a challenge:
Bring our house spending back down to the pre-kid level for 3 months. If you can do it, then at the end of the 3 months, we’ll use the saved money for something awesome.
Well, month 1 is finished, and she has successfully brought spending down to pre-kid levels! Here are a few things she did…
1. Reviewed the Budget on a Weekly Basis
By reviewing the budget on a weekly basis rather than a monthly basis, she was able to make quicker adjustments to our spending or yell at me more often for going to the store too much.
2. Enforced the Use of Fun Money
She really belabored the point of using fun money for any expenses outside of her going to the store and buying groceries or going out. What’s fun money you ask? Well, every month my wife and I agree to personal spending money. This is a predetermined amount we transfer to our personal account the first of every month.
3. Questioned all “Weird Expenses”
This point is similar to #1 but different. There were a few odd expenses that popped up in our tracker and since she manages the budget now she was able to question them and resolve them quickly. A few things I had to expense to my company but used the wrong card. Anther thing was a temporary charge.
4. Checked her own Spending
Since she is now responsible for the budget, she was more aware of her own spending and spent smarter and wiser. It’s the difference between buying someone an expensive gift and giving them the money to buy their own. When you have control, it forces you to stop and think. I like to think that it’s easier to act on things when you’re not in the know, but when you know you have to make a decision to go against the grain. I am proud to say that my wife did not go against the grain once this month.
Whether your budget is big or small, you can apply these tips to your life. Keep a close eye on your budget, enforce your own spending rules, and be aware of your spending—don’t lay it all on one person.
So, I know I said we would get something at the end of the trial period, but then Jay-z and Beyonce decided to drop a concert out of the air and what better way to celebrate than go to the concert of our dreams?
We are huge Bey and Jay fans and couldn’t pass up this opportunity. So, since I’m big on buying experiences and living life, I purchased the best tickets I could find.
At least this way we know exactly what we blew so much money on. Besides, I’m a huge fan of the 50-20-30 rule and this definitely qualifies as spending 30% of your income.
Call to Action!
What tips and tricks do you use to stay within budget? Also, what are some of the things you would love to do but can’t do now?