My May Challenge: Spending Diet

I dated a guy for a while who said that you could tell a person's priorities by where they spent their time and money (for the record, his priorities were skiing and rafting, not me or our relationship, but I digress...) I think he's absolutely right on this count.  If you've read this blog for any amount of time, you probably know that I tend to focus a lot of energy on evaluating my priorities, making sure that I'm walking my talk, so to speak.  Money is one area that I haven't written about a lot, but it's something that I think about often.  I want to be intentional about where and how I spend, and I want my priorities to be reflected in how I manage my money. 

This is from a couple of years ago...Riley tried to 'grow' money in a flowerpot.  Alas, it didn't work.

 I've thought about having a no-spend month for a while, but it always seemed like there was some reason not to:  the holidays were coming, or we were going on vacation, or I knew that I would need new running shoes, or someone's birthday or wedding was during that month.  Something always seemed to come up.  When I was toying with it again for the month of May, I realized that noone is making me do this, so I could set my own rules.  I know...super perceptive of me.

Tomorrow starts the no-spend month, with the following as rules guidelines. 
What I will spend on:
1.  The bills will be paid.  Of course.  
2.  Basic expenses are allowed.  I'm counting food, gas, cleaning products, pet expenses, any medication we might need (it's allergy season, after all) and any necessary toiletries we can't live without for a month. I already have a budget for all of these things, so I'll just stick with it.
3.  Our planned trip to Denver for Mother's Day weekend.  I have a budget for this trip already, so I'll stick with that, too. 
4. Lunch dates and happy hour with my friends is the equivalent of therapy for me and important to my mental health, so I'm budgeting a small amount for this.  I'm considering it a necessary medical expense.  :)
5.  I do have some gifts I have yet to purchase, so I'll be buying those somewhere along the way.  


What I'm not spending money on:
Anything else- clothes, toys, movies, dinners out, craft supplies, entertainment, etc.- is a no-go for the next month. 

When Riley heard about this plan, her response was a stricken question.  "Mama, are we poor now?" This is what convinced me I was on the right track.  Despite the fact that I am nowhere near wealthy, I am financially comfortable with good money management skills, and as such, Riley has lived a pretty full life. We travel a lot, we do a lot of fun things, she's involved in some spendy activities, and between me and her Dad, she pretty much gets what she wants in the toys/clothes/stuff department.  While I don't want her to go without, I do want her to appreciate what she has and to understand the concept of wants versus needs.  I think that her watching me give up extraneous spending for a month, and seeing that we can still live a full, fun-filled  life, is a great way for her to increase her understanding of these concepts and to help gain the perspective that rich vs. poor has very little to do with money. 

So what do I expect to get out of this exercise?
-First, I expect to stop using online shopping/browsing as a distraction or entertainment, and thus have more time  to devote to the various half-finished sewing, craft, home improvement, organization, etc. projects I have laying around here.  I didn't realize how much I did this until I charted myself for a week.  It was eye-opening.
-Second, I am excited to focus on the many local activities and events that are always happening here in SLC, and to take advantage of the parks, libraries, gardens, museums and events that are free or that are part of our (already purchased) membership.
-Third, I hope know our time off will begin to center more on things we want to do (like working out, relaxing together, fun outdoor activities, and diving into those aforementioned projects) rather than running a million errands to pick something up, return something that didn't fit, grab that one thing I heard about, etc.
-Finally, although this month is less about money and more about living intentionally, I am happy about the extra cash I'll be able to stash away.  April was an expensive month, containing a week long vacation, unexpected dental work, major car repairs and pricey veterinarian care, so the additional funds heading to my bank account are not unwelcome.

Anyone want to join me on this little adventure?  Remember you can make your own rules, so you can tailor it to fit your needs.  Anyone?  Anyone....?

So tomorrow is May.  First day of the challenge.   
Bring it.