February’s Challenge

February’s Challenge

There’s one monthly challenge for the books! (Is that how the saying goes? I tend to make my own up) January has come and gone and February comes strolling in, the new champ. How did you do with tracking your expenses for the month of January? I hope you all take some time out of your day to finish the January’s Challenge by commenting on the post with two areas you were surprised you spent as much money as you did on.

February’s Challenge directly ties in with January’s so this month will be a combination of them both. Since, hopefully, you have last month’s expenses tracked, I want you to continue tracking your expenses for February, but now, on top of that, make a budget for the month of February. Using the amounts you spent for each category you tracked last month set some monthly limits. For instance if you spent $300 on groceries last month then budget to spend $250-$300 for groceries this month.

These amounts will act as limits you should strive to keep your spending under for the month.

Here is a sample of my own budget for this month.

Category Amount
Rent $400.00
Groceries $200.00
Phone $45.00
Gas $250.00
Eating Out $150.00
Social $100.00
Entertainment $50.00
Total $1195.00

 

I personally have more categories in my budget/tracker than the example shown. Again the budget is completely your own so feel free to customize it to your heart’s desire!

Requirements

This month’s challenge requires you to continue tracking your expenses while also creating a budget for yourself. Also for those expenses that you feel you spent too much on last month, try and cut back your spending in those categories by setting those limits 15-20% lower than you had previously spent.

Remember, if you do spend outside of some of your limits it is perfectly acceptable. It is a bit of a process getting your expenses in order. Stick with the process and maybe cut back on some of your social categories. Or make a conscious effort to control that category better next month!

Best of luck to all of you and if you have any questions you can reach me by email at upsanddownsguy@gmail.com!

Cheers!

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