What a great response we’ve had to the Savvy Spending Challenge! As promised, here are the rest of the details about what will be happening over the next month.

First of all, it’s important to establish where you’re at right now, and set a goal for where you want to be at the end of the month. So, you’ll need to determine a few things first:

1) What is your monthly take-home pay, after all taxes and deductions?

2) How much do you normally save each month, if any?

3) Find the percentage of your regular income that you save (it can be an average, because I know that each month can look a little bit different, but try to come up with a realistic figure that you can work with).

For example- $100 savings divided by $2000 take-home income= 5% savings

4) Then, set a goal for yourself. Although it’s important to be realistic (because you still have some basic expenditures that you cannot avoid- rent/mortgage, food, etc.), it’s also important to set a high standard for yourself. You want to have something to really strive for, something that makes this a true challenge.

Here’s my goal: We are currently saving an average of 10% each month (although occasionally we need to use a bit of that savings for unexpected expenses). This month we would like to up that savings to 25%. I wish we could go even higher, but still, 25% is 2.5 times as much as we usually save! That would definitely make a dent in the car debt!

Now for the fun part (see, you knew this was gonna be really fun!)…

It’s time to get creative and encourage one another as we plunge into this challenge!

My commitment to you is that:

  • I will give weekly updates as to how are spending is going, and what percent we have saved so far
  • I will also be posting on topics regarding frugality, stretching your dollars, making do without, and even getting things for free, as often as I can
  • I will share many links to useful sites, whether they are sharing thrifty tips or have printable coupons for useful items
  • I will share all of the fun, frugal and free activities, creative solutions, recipes, etc. that I have come up with myself

And as for you, I (and all the other readers) want to know- what are you doing to make the challenge successful? So, I will be starting Making-Do Mondays, kicking it off Monday, November 5th. You will be able to put your blog link on my page, and share your incredible tips and tricks with the rest of us! I’m looking forward to hearing the ideas that will come out of this challenge!

And the challenge is on…