So I read about how a military family of four manages to live well off on $14000 a year with no debt on Business Insider. I was talking about this with a friend of mine, DJ and we decided to take it as a money challenge. One thing I picked up from the article was they had a $400 budget for grocery shopping.
I would call myself a privileged child. I’m graduating university in a few months and I don’t have any student loan because of my parents. I still get my rent paid and a stipend from my parents even though I’m working (part-time). I spend very little from my paycheck and have a credit card debt I can easily pay off with some of my savings. So why am I embarking on this? Let’s say I have big plans.
I’m planing on moving to a new place which might end up costing about 50% more than where I currently am. I want to be partly independent from my parents (baby steps) so I’ve set a $400/ month budget for myself. The $400/ month should cover all my monthly expenses including my ~$100 phone bill and ~$110 bus pass which leave a little under $200 for groceries and other expenses (excluding tithe).
Since its a new month today, the challenge start today and hopefully most of it. A few details to drop now that might set me up for failure: I am planing on buying a NEX 6 camera today, I might be going out with friends tonight, I don’t buy groceries and eat out a lot.
All I can think of is Mission Impossible 😦
- How to Create a Budget (wellkeptwallet.com)
- BUDGET BLUES: Spending Money on What I Value (nerdwallet.com)
- Do You Have a Budget? (kingteamdad.wordpress.com)
- Meet The Family Of Four That Lives Well On Just $14,000 Per Year (businessinsider.com)