Mogul In Training

Today is July 1 and officially marks the end of my 'Go Green' Challenge. I never anticipated the challenge would be a hard one as I have already gotten a grip on my discretionary spending. What the challenge did for me is force me to plan out my discretionary expenditures at the beginning of the month instead of just using my discretionary cash randomly.

What I've found is carrying cash is not as bad as I thought, despite the times I forgot to take my money before leaving home and was without money for the entire day. Actually, I kind of liked the 'throw back' feel of carrying cash. Additionally, carrying cash stopped me from having to do a lot of calculations in my head in an effort to try to remember what purchases I made so I wouldn't be surprised when I viewed my checking account online. And of course, having cash made me more aware of what I was spending and how much money I would have remaining after each purchased.

What I've learned from the Challenge is that I would like to continue with the cash system for everything EXCEPT purchasing gas each week. Going into the gas station to pay for gas is easily an activity I can live without. Besides, did I mention I'm semi-paranoid? I'm always so fearful that I'll have the bad luck of being caught in the middle of a robbery while waiting to pay for my gas...crazy, I know! But, what can I say...I was raised by an overly protective, completely paranoid grandmother. The apple doesn't fall far from the tree, I guess.

So, there you have it...from this point forward I will continue a modified version of the 'Go Green' Challenge.

First of all, let me start by saying that I took my debit card out of my wallet on the first day of the month, so I did not use it in this incident. However, the situation is...I went out with a group of friends on Saturday night. It is well known, from my 'About Me' profile, that I am a handbag connoisseur, LOL. So, I own both day and evening handbags. When I went out with friends on the weekend, I took one of my cute, going out, small clutch-type handbags that can only hold my wallet and lip gloss. Fast forward to Tuesday when I went to the service department of my car dealership. I had an oil change and front brake service. Because I didn't know, in advance, the exact cost of the service I had already decided I would simply write a check for the amount instead of trying to withdraw an unknown dollar amount from the bank.

My car service was completed to the tune of $286 and some change. When I went to pay for the service I realized I had not put my checkbook back into my current purse of the day. This was discovered AFTER the service was completed and I was at the payment counter. Although I had already removed my debit card from my wallet for the month, I decided to keep my American Express card, just in case. And luckily I did or else I may have been leaving the service department in a police car--or maybe not, I am a regular. So, although I didn't use my debit card, I still used a credit card--which was also prohibited for the Challenge.

So the question I'm asking is, did I violate the Challenge? You decide by leaving your comment...but before you decide, allow me to plead my case. First, I did NOT use a debit card because I have not carried it with me for the month. Secondly, the purpose of the Challenge was to make the participants more conscious of how we spend our money and not to spend on mindless, frivolous purchases. This was definitely not a mindless or frivolous purchase. Either way, I will still continue the challenge for the remainder of the month.

Did my love of handbags cost me the Challenge? You be the judge...

Since beginning this 'Go Green' Challenge I have encountered an unexpected delightful surprise...I repeatedly find money in my pants pockets and in previously used handbags. Since I am not accumstomed to carrying cash this is definitley a new occurence. It is amazing how little money I find myself spending when I carry cash. As a result, I completely forget that I have cash--until I find it later. During the act of doing laundry or changing handbags, this has happened several times during the last three weeks.

I'm not complaining, keep the found money coming...

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I need a vacation so desperately. However, unlike everyone else, I don't get to take my vacation during the summer because of the nature of my job. You see, I am a Director for a college preparatory program that prepares high school students for higher education. During the summer component of the program, the students have a six week residential program which allows them to stay on campus and have the simulated college experience. My summers, for the last three years, have been spent dealing with teenagers (oh, the joy...) and working extended hours. The weeks leading up to the program are grueling, with all of the last minute issues that must be addressed, no matter how much planning is done in advance to avoid them.

Despite my exhaustion and a chance for a short escape before the start of my summer program, I turned down a weekend trip with the girls to Atlanta. I really could have used the get-a-way, but I decided to hold strong to my 'Go Green' Challenge. I will reward myself really handsomely at the end of the summer.

In regards to the spending plan, I am well within my $40 a week. During the summer, my program pays for all staff and students to eat 3 meals a day in the cafeteria. Therefore, my daily frivolous spending has been eliminated.

All-in-all, I'm still on track to meet my challenge throughout the month of June.

I accepted the 'Go Green' Challenge for the month of June. The Challenge began on June 1 and ends June 30th. The jist of the Challenge is that everyone who accepts the Challenge uses cash for all of their daily purchases (not including bills), including casual spending. We use the 'envelope method', which involves putting the cash for all of our major categories in the envelope and using money as needed; but when the money is gone, it's gone. My envelopes include categories for personal spending, gas, miscellaneous, and the money I put aside for my monthly manicure. There is no use of debit or credit cards for the entire month. I already have a spending/entertainment plan which entails $40 a week for frivolous spending ($20 for the workweek, Sunday - Thursday; and $20 for the weekend, Friday and Saturday). So, my update entails what I spent for the first week of the challenge...

The Challenge began on Tuesday, June 1st. I began with the $20 for the workweek because I didn't spend any money on Sunday because Sunday is usually just attending church, then going home for a quiet day of rest. Monday was Memorial Day and, again, I rested and didn't even attend any BBQ's despite being invited. So, Tuesday was my first day of work and my first day of spending...

* Tuesday, June 1, 2010--I brought my lunch to work, but bought a soda and chips from the vending machine for $1.90. For my lunch break I went to Family Dollar and bought a few items that costs $4.56, from my miscellaneous spending category.

* Wednesday, June 2, 2010--I didn't bring my lunch but bought a Backyard Burger Junior and a Sweet Tea from McDonald's for a total of $3.56. I also bought another soda and chips from the vending machine (I know, I know....) for $1.90.

* Thursday, June 3, 2010--I purchased a Caesar salad for lunch for $5.56 and a Sweet Tea from McDonald's for $1.10.

* Friday, June 4, 2010--I spent no money on food (YEAH!!) The reason for that is I work at a college and we have adopted our summer hours, which are 10 hour days from 7am-6pm with Fridays off. So, I spent no money on food/eating out because I did not go to work on Friday. However, I went to a birthday party that night and bought a bottle of Verdi to the party for a total of $6.20, from weekend spending.

* Saturday, June 5, 2010--I had plans to attend a bus ride to Memphis (2hours from Little Rock) on Saturday, but the plans fell through at the last minute, which left me with no plans for the weekend. Therefore, I decided to treat myself to breakfast for a whopping $2.74, and lunch for $6.43...I know, I'm a big spender, LOL. Since I had not spent all of my money from the workweek, I decided to use the remaining money from workweek and weekend spending to buy myself a business book that was on clearance from Books-A-Million for $6.45.

Also on Saturday, I bought a few more miscellaneous items from Family Dollar for $3.37.

My total for the work week was $14.02, which left me with $5.98 remaining. Weekend spending was a total of $22.82, of which the additional $2.82 was remaining from the workweek. My total miscellaneous spending was $7.93.

My total cost in the spending/entertainment category for the week was $36.84 out of $40; my total miscellaneous spending was $7.93, which leaves $22.07 for the month remaining for miscellaneous spending.

All in all, I feel I did OK. I came in under budget, which wasn't hard. But, I would like to bring my lunch more often and be able to save my frivolous spending allowance for other things besides lunch. In my own defense though, adjusting to the 7am workday has been kinda hard. I brought my lunch most days before this new schedule. Also, I started a morning run on Memorial Day, which is from 5:40 - 6am. Afterwards, I have 45 minutes to shower and get dressed, which isn't hard as long as I prepare my clothes overnight--but it leaves no time for packing a lunch. I know, I know, I have to pack it overnight, which requires better planning on my part.

First week complete...

While perusing the blog, Divine and Debt Free, I was presented with the 'Go Green Challenge'. The Challenge is to ONLY use cash (hence the green) for the month of June. Not only have I accepted the challenge, but I've also gotten a friend to participate as well.

As a result of participating in the challenge, I've spent the last couple days making sure I've accounted for every necessary purchase I will need money for during the month of June. Once I made my list, I withdrew $400 from the ATM. I actually only needed $390, but the ATM only does transactions in denominations of 20. The cash will account for the following purchases:

* $60 for groceries for the month ($20 each week, but I already shopped for this first week).

* $60 for hair care needs for the month

* $75 for gas for the car for the month ($25 each week, but I already filled up for this week).

* $15 for my monthly manicure

* $160 for my frivolous spending/entertainment plan for the month ($40 a week spending divided into $20 for the work week [Sunday-Thursday] and $20 for weekend entertainment[Friday and Saturday]).

* $20 for miscellaneous spending, initially. But since I had to withdraw $400 ($10 more than needed) from the ATM, I guess the amount for miscellaneous spending has increased to $30.

So, there you have it--my cash spending allowance for the month. I don't anticipate a problem or experiencing any withdrawal symptoms, LOL. I stopped using my debit card for purchases once I implemented my $140 a month spending/entertainment plan.

A funny story, though...when I initially approached my friend about joining me in the challenge...she thought about it, then agreed. I told her the rules, and since she is a person who swipes her debit card mindlessly, I also told her some of the things she should account for, in advance, by getting the exact dollar amount from the ATM. She agreed. A few minutes later she came to me in a near panic saying, "But, how will I pay for my gas for the car during the month?!" I think it is absolutely HYSTERICAL how convenience-dependant our society has become. Even if she had forgotten to account for the cost of gas, there was a time--before debit cards--when people actually walked INTO a bank and (shocker) actually withdrew money from the teller.

I had to reassure her that she would NOT be destitute without her debit card because if she had forgotten to account for any NECESSARY purchase, she could either withdraw money from inside the bank or (shocker, again) write a check. The purpose of the 'Go Green' challenge is not to leave us stuck in a bad situation if we forget to account for a necessary purchase, but to stop us from swiping our debit cards mindlessly and think about each purchase.

I don't anticipate a problem...my friend on the other hand...well, let's just say we may need to keep the morphine handy because she is a junkie and will, most definitely, experience some withdrawals, LOL.

The Challenge begins tomorrow...wish us luck! I'll update you on my and my friend's progress periodically, but like I stated earlier, I don't anticipate a problem.