Thursday, April 03, 2008

April Challenge

I have decided to challenge myself for the month of April to see how much I can add to my savings. I will be working to reduce expenses and buying only essentials. I want to have fun with this and use my creativity. It's not about deprivation, but getting back to basics.

My ultimate goal is to be completely debt-free, but I also need money set aside for emergencies. I don't want to have to fall back on credit when unexpected expenses pop up. I've been actively building my savings since the beginning of the year and am making progress.

But with all the recession talk and rising gas and food prices, I feel it is wise to do what I can now to prepare for an emergency situation - particularly since we are a one-income family.

I'll keep you updated on my progress!


Lady Laurie said...

It took us for what seem liked forever to get out of debt. Once upon a time we used credit cards, but not anymore. All of our cars are paid for ~ so our only major debt (and its a big one) is our home. Oh well, only another 20 years to go!! Its a challenge living on one income, but it can be done! I think its a bunch of bunk when I hear families "have" to have 2 incomes in order to survive. Its really about choices and what one considers necessities!

joan said...

I think this is great. We have lived on one income for years. I work part time from home and just save what I make for vacations and some fun stuff. Take care.

Sacred Suzie said...

Excellent decision. Every pay cheque (thanks to the inspiration of my sister Shannon at planetshannon) I put some money to debt, some money to savings and now that I have a house, a little towards to emergencies. A little does add up. I'm also trying to be more conservative when it comes to buying food, our grocery prices have skyrocketed thanks to gas prices. I'm experimenting less and sticking with recipes that are sure-fire. Thanks for the inspiration!