August: Radical Saving Experiment
Frustrated with my lack of discipline and spending habits, I’ve launched a month-long experiment in my life to see if I can achieve a significant level of saving in a single month by putting the screwed to my spending. Why a month? Well, a month is long enough to where it is a meaningful period of time and a decent accomplishment, and a month is short enough to where such a goal is attainable.
For this experiment, I’ve done the following:
- Gone strictly cash on all expenses except areas such as gas where I would rather pay at the pump with a credit card
- Will go without any major purchases during this month in an effort to put money away
- Allocated set amounts of cash for basic expense areas such as food, entertainment, household items, etc. I didn’t go crazy and get real specific here – trying to go for simplicity.
Have you ever done a similar experiment? Budgeting is definitely an incremental process – each level of effort I think results in a small incremental improvement in how you spend money. These incremental improvements add up over time and make a large difference over time. I’m hoping August will be another incremental improvement.