Wednesday, April 6, 2011

$40,000 in 6 months?

Image from my Hawaiian holiday and where we need to go this year

About a week ago I worked out I would need $40,000 in 6 months to be able to complete renovations, attend my sister in laws wedding, visit my sick grand parents, get rid of debt etc... Its a lot of cash and I am determined to do it. I did my $10,000 challenge and whilst this is bigger I believe I can do it. (I use the term 'need' loosely as they are mostly not needs, but wants we will regret if we don't do them because of family).


This week I have been doing a $21 Challenge. What is that? I originally heard about it on Simple Savings. Basically you have $21 to feed your family of four for the week. You can add $5.25 for each extra family member. It is up to you if you choose to include nappies, toiletres etc. or just do food. I decided to include everything.


Not only did I decide to do a $21 Challenge, but I also decided to do a No Spend Challenge, meaning no spending except on bills and groceries.

And what a week for me to pick it. Without thinking I committed to it, then a few hours later it dawned on me. This week includes my mums birthday, my birthday and my wedding anniversary. Great. Real smart!

Actually, as it turns out it is. It has prompted me to look at how I can change a few things around here to make sure I stick to my challenge. I could use the excuse that 'its my birthday' so that's the same as a get out of jail free card, but I am not. I could just go crazy next week and buy whatever I want right?

Wrong. I planned to do the No Spend until we have the necessary funds. I have budgeted a small amount for gifts but mostly I want to make them or use things from my present box, after all, that's why it's there.

I have found some options for my mum, our anniversary meal and have a few ideas for my birthday.

To be able to do all of this effectively I will need to be organised and plan things well.

This is mostly separate to my challenge, but I thought it was interesting all the same.

10 comments :

  1. Good luck with your challenges.
    I did a $21 challenge last week but the cupboards are pretty bare so will have to top them up a bit this week.

    Homemade presents are such a lovely idea and I plan to make most of mine this year but you're right about the planning. It's very hard to whip something up on the spur of the moment.

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  2. Good luck!!

    Every year, my husband and I have our anniversary fall in the "No Spend Challenge" month too. It's tricky!! (Usually we do use it as a "get out of jail free" card :P)

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  3. I swear a mother only asks for good childreen right? that means a freebie?
    Or bake something!
    Or a book full of positive thoughts etc
    Picture of the kids...
    An eloborate, handmade... IOU!
    I'm trying to think of ideas for you...

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  4. Go garage sale hunting for prezzie for your mum even! Have been known to spend only a few bucks on awesome pressies for mum, one year a brand new teapot set for $2, another a near new breadmaker for $10, etc...

    On the $40k challenge go for it, recently set myself the challenge of saving/ making the $12k I needed for renovations to a rental property I bought without using my savings and got there no problems in just a few weeks! ;o) Was a bit hairy in places tho hehe ...

    Haven't read your blog in a while but caught up recently and super excited for you about the book deal! Way to go.

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  5. Fabulous! Good luck and I look forward to seeing your progress.

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  6. Thank you so much for all your support and the great suggestions.

    I really think we can do it. Its encouraging to hear the similar stories. I'll check out garage sales on Saturday too!

    Thanks everyone. :)

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  7. Great idea! Good luck with the challenge. I'm looking forward to hearing what you decided to do for gifts and celebrating. We are also trying to stick to a budget for monthly expenses, but sometimes we get off track, I think a "strict" week might be just what we need. Thanks for the idea. Oh, and what would the adjustment to $21 be for 2 people?

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  8. Hi Joy. You can choose to do $10.50 or $21, its up to you. It's also up to you what you include. Even if you don't get that low, spending only half of what you normally do is an excellent start.

    Thanks for the support.

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  9. Good going ~ You know when it is an anniversary or birthday - sometimes its the no cost/low cost stuff which is the most enjoyable. For your anniversary - find out what the first time is for that year and see what you can get most creatively - paper is make something out of paper; wood - build a wood fire and toast marshmallows - that type of thing. Your birthday age could dictate the gift for your present? Get Mum over for dinner and bake a cake...Might end up memorable. Love to hear what you do.

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