Although it’s early days with My Frugal Month I’ve duplicated this month’s budget sheet ready for May. I will continue to deploy my frugal take-a-ways although my wife won’t be. This is pre-planned though. Every other month will be a frugal month. Frugal Months my wife saves all her wages in preparation to live off one salary.
What take-a-ways will I be making use of? All the money that was used to cover my wife’s outgoings, I will now save. I’m going to continue with this “frugal” approach. Its addictive, challenging and fun. However, to help build a cushion for when (if) baby two comes – no news – I will increase all my outgoings to the nearest £5. So even if something is only 1p over, it’ll go up. Up. Up. Up. This in turn I believe will aid a cash cushion for planned outgoings.
This will aid saving too because everything is “spent”. My budget sheet each month is always balanced at zero. Anything left is saved even though there is a saving entry. There are occasions where more fuel is needed eg unplanned trip to the hospital. The key with this plan is to put it up. Increase the budget so that there is less spending flexibility and more opportunity to save.
Try it: round up all your outgoings to the nearest £5. This doesn’t include savings or debt repayments.
Don’t try this if you’re still on baby step 1 or 2. Just don’t.