The state of my bank account, if I don’t do something about it now.

Now seems like a good time to kick off No Spend Month, after a long hiatus from the blog and an even longer hiatus from the project. I guess I was pretty comfortable financially after my first attempt in 2010. I found something that worked and saw my savings crawl upwards. But it’s a new life now and the old methods don’t work any more.

I looked at my bank accounts a month ago and realised that not only do I own my credit card RM2,000, but my money was draining out. I moved to my own place in February and taken on adult responsibilities such as paying rent and utilities. But I was spending as freely as I always was, even more so when I get excited about adding a new item to the house.

No Spend Month was inspired by Small Notebook, a blog I used to follow. The premise is no spending except on basic essentials for one month. It was helpful in getting me on track before and I know I can do this again.

Here are the details (which applies to both me and the dog):

Budget

  • RM510 / RM17 per day

Includes

  • Eating out
  • Entertainment
  • Clothes
  • Groceries
  • Household items

Does not include

  • Rent, bills & insurance
  • Work expenses, including petrol
  • Health expenses
  • Savings

So that I can see where my money is going, I will be recording every single sen that leaves my wallet whether or not they are included or not included in this project.

The pantry is fairly well stocked, including good coffee and far too much junk food, so I don’t really have an excuse to eat out. My Starbucks card also happened to be empty – haha! Entertainment-wise, I have plenty of books to read, a few TV series and movies that I have not watched. Hanging out with friends is going to have to get pretty creative since I don’t have the budget for over-priced food.

I’m already two days in. Not only am I hyper-aware of what I’m using my money for, but my determination carried over into time management. So I’m getting shit done. Good news.

Since I didn’t get to do groceries before September, I already spent a chunk of my budget. But that will be detailed in my report at the end of this week.