Tuesday, January 31, 2012

Month 1: Results are in

As today is the end of January, it seems appropriate that I review my first month's goal. To review, my goals were:

1. Tracking all of the money I spend
2. Analyzing the results to see whether I could/should continue for the rest of the year

For the first part of the goal, I successfully tracked every penny I spent for the month of January. As one would expect, the simple act of writing everything down makes you reassess whether or not you want to buy something, because you don't want to write it down!

I figured out that once all of my "fixed" bills were paid, I spent about 2/3 of the money that was left over. Frankly, I was hoping that I'd do better than that, but there weren't a whole lot of areas where I could have shaved down. I did buy some coffees in the morning, and bought some yarn I probably could have lived without, but those expenses weren't high enough that they would have made THAT big a difference in the overall percentage of "extra" money spent.

Still, I do think that the exercise was worthwhile, and I do intend to continue for the rest of the year. I assume that there will be months where I spend 100% of the extra, and maybe there might even be some months that I do better than I think I could. We'll see!

I haven't even decided yet what February's goal will be. I figure I have another 24 hours to figure that one out.

1 comment:

Sukey said...

Congrats with month #1! I used to record every penny spent too and than tally spending each month within categories. You are right, knowing you have to write something down, does knock out some of the spending. I decided to copy you and have taken on a version of the 12 in 12 in 2012.