April Monthly Challenge: Cash crash diet

April has rolled around. I’ve been dreading it for quite some time, but unsurprisingly, all the dread and fret and worry in the world did not stop time passing, and here we are. The month where my fiance and I have put ourselves into the position of doing long-distance again, for four months until I sneak over for a three week holiday. To distract me from this horrible future, I have set myself a financial monthly challenge, inspired by an article I saw bouncing around the internet recently: I’m going to live on $60 a week, also known as the cash crash diet.

Why am I doing this? There are many reasons, as always.

Solo living is expensive

One necessary outcome of my fiance heading to the United States, and me continuing to rent our apartment, is that there is one less Australian stream of income, and 50% more of living costs to cover. I do not intend skipping any rent payments or missing any bills, and unfortunately my trusty and reliable team account contributor will be making the wrong kind of dollars. So, how I arrange my money is going to take some planning and practice, and the main way I see forward is to start with a very tight belt.

Wedding saving!

I may also have mentioned there is a wedding to pay for in December. We have been fortunate to have very generous parents contributing. However, I’ve been dreaming of this wedding of mine for quite some time, and it is not going to be cheap. Every bit of cash I can squirrel away now results in significantly less stress later.

Learning to be content with less

I often spend to solve my problems. I’m feeling sad – I’ll buy myself a treat. I’m feeling stressed – I’ll buy the latest mindfulness or stress-reduction technique. I’m feeling overwhelmed – I’ll buy new stationery to organise my office. I want to be more stylish – I buy new clothes. None of these steps are necessary or important. In fact, they’re expensive, and are a band-aid over the real issues. This month will be packed with challenging scenarios, and I want to push myself and prove to myself that I am capable of dealing with them, while sticking to the bigger picture.

So this is all very nice. But how will I do it?

Withdraw the cash

Every Monday I’ll withdraw $60 from the ATM on the way to work. Then, when I run out of that $60, that’s it, until the next Monday. This will form a visual reminder of how much I’m able to spend.

Define the bounds of the challenge

This $60 is intended to cover all non-essential or non-budgeted spend for the week. Not included in the $60 is my Netflix, Classpass, Headspace and BBG payments, as well as standard spends such as rent and groceries. I’m also allowing myself a haircut.

Included is takeaway coffee, meals out, treats (including those pesky creme eggs that I can’t seem to resist), entertainment, stationery, clothes, shoes, make-up, skincare (the real test, I desperately want to get a face oil but I don’t need it yet), and any other thing that I don’t absolutely require to get me out of bed and to work, and back again.

Make it possible

I’ve set up a basic notebook where I will write down everything I spend. I’ve also written in that notebook all the things I can do when I feel like spending money. The list is so long: go for a walk, catch up on my Project Life scrapbook, catch up on my 365 daily journalling, write my April letter of the day, practice brush script lettering, go visit my dog, go to the gym, go to a Classpass class, do the ironing, find a new recipe for the week, get on top of wedding planning, deep clean the apartment (I’m ashamed of how badly it needs it), declutter and sell items on eBay, go to the library, read my backlog of paperbacks, do a yoga class on youtube, write an article, write a blog post… seriously I couldn’t write fast enough to keep up with my ideas. It was a fresh reminder of the fact that these ideas exist even when I have cash I think I can burn.

So, wish me luck! Have you ever done a cash crash diet? I’d love to know any tips you have to survive!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s