I’ve seen a few posts online about people experimenting with frugal living. Most articles suggest the person should attempt to save 50% of their paychecks for a month. I have always been tempted to try this, but have never done so. Until now! I feel like I do a pretty good job with saving money already – on average saving roughly $1,000 a month. However, I want to save more. That’s what lead me to crunch some numbers to see how much I realistically could save in a month. The number I got was 58% of my income after taxes .
My fixed expenses for a month include:
- student loan payments
I have a few other expenses that vary: gas for my car, and electricity. I took the average for the past three months to make a prediction of what I would spend in the coming 30 days. If I am able to save 58% of my paycheck as designed, this will leave me with $110 for the month to cover other expenses such as food, entertainment, and any miscellaneous items.
Now $110 dollars is not a lot especially since I love to eat! However, there were a few times when money was tight in college and I was able to squeeze by on about $55 a month. This diet consisted of many potatoes, carrots, rice, eggs, and dry beans. Although none of these foods are very exciting, I should be able to handle this for a month.
Going out to eat is out of the picture for the next 30 days. So is new clothes, and anything that is not necessary.
Portland is a fast growing city, and I am sure there is a lot of free/extremely cheap activities I can find. I don’t plan to binge watch Netflix this entire month, but rather enjoy the city while on a strict budget. I will plan to update the page half way through the challenge, as well a conclusion post. I went to the bank today and pulled out $100 to last me until the end of February. Wish me luck!