We are doing things a little bit differently this coming year so that we can keep our eye targeted on the budget and not overspend. We have an expensive item that we are saving for so overspending is OUT!
As I told you in a prior post, we are budgeting $75. per week for the two of us for food, cleaning supplies, HBA, and plastic and food saver baggies. We have used this food budget the past couple of months and it is working well.
So then we talked about how much should we spend on allowances( more on that in a moment), hair salon appointments, home decor ( little things, not furniture or flooring), clothing, car washes, etc.
Basically these are items that we have some control over and that fluctuate from time to time. As far as allowances are concerned, we don’t really use an allowance system. If we need to spend money, we just do it. So no allowances for 2018 for us.
Hair salon appointments have gotten out of control. I spend on average $ 110. to $140. a month on my hair. I have haircuts, color, and highlights every month/or every other month. Yes, it is a high end salon in our area and it is a luxury I enjoy. It also saves me from making a mess in my home when I am coloring my own hair. However when I realized that this works out to $ 1320. to $ 1680. per year just for me, I was aghast. I didn’t realize how expensive it was until I looked at the annual amount. Hubby spends $15. per month on his haircut or $ 180. per year.
So I am going to try to go longer between haircuts. Perhaps that will be 6-8 weeks. I am also considering going back to coloring my own hair and forgetting about the highlights. I hate the idea but I also hate the idea of spending that much money at the salon every year.
Home decor are the little things like pillows, plants, candles, etc. that we bring home to add something new to the decor. These can add up fast if we don’t pay attention. Since I don’t like a lot of decorative things that I have to dust and maintain, I am pretty minimalist in this area.
Hubby and I have all the clothes we need so we just replace things as they wear out or as we go down in sizes. I have to get some new pants soon. You should have seen me trying to keep my slacks up in the market the other day. I needed a belt. That is when I realized I had to go down a size. So I will be hitting the consignment store for a few new to me pairs. I don’t want to buy anything expensive because I plan on losing more weight.
It will also cover all of the little things like stopping for a car wash, paying for dry cleaning, the little things we buy at the gas station store, a magazine we want, etc. You get the idea.
So after lots of conversation and deciding what this would cover, we are going to spend no more than $100. per week in this category. We believe that $ 5200. per year is more than plenty for this spending.
So these are two categories that we have decided in our 2018 budget. We will be doing our best to stick to them and reporting it to you to keep us accountable.
How are you doing setting your 2018 budget? If you have never set a budget before, take a look at your spending for 2017 and set a reasonable one. When you don’t know what you are spending that is when you get into trouble. I have heard from so many people that they didn’t realize they were spending $10,000. to $20,000. more per year than their income until they tracked it. They said no wonder we had so much credit card debt. It is a lot easier to track your income and expenses every year than it is so be stressed out and wondering how you are going to pay those credit card bills. Pay off the debt, don’t add another dime to it and you will see how nice it is to be debt free and saving for emergencies and things you want.
More to come soon.