Week 5 – Spend and Debt Update and No Spend Challenge

nospend

This week was my No Spend week challenge! And when I say No Spend, I mean aside from the expenses already allocated in my budget aka my  financial commitments, in italics below.

How did I go with my No Spend week?! Pretty good! There were 3 purchases (outside my budgeted expenses) but bear with me while I explain (not excuse!) those after the summary of Week 5:

Total Income 

  •  $1595.00 (pay)  + $20.00 extra income* = $1615.00

Spending / Expenses:

(Amounts in italics are included in my regular monthly expense budget as listed in this previous post)

  • Monday: $0.00
  • Tuesday: $0.00
  • Wednesday: $0.00
  • Thursday: $570 Credit card #1 debt repayment, $130 Credit Card #2 debt repayment, $140 board, $25 internet, $20 Phone, $180 travel,  $60 tithe (my allocated tithe is $40 per fortnight but remember I had $20 towards tithe left from last week so I donated all $60 at once this week) $129.00 flight*, $156.50 flight*, $30.00* market stall fee
  • Friday: $0.00
  • Saturday: $0.00
  • Sunday: $0.00

Total Expenses / spend: $1440.50

Week 5  Summary

Income $1615.00 +   $33.85  (bank balance at start of the week) – expenses $1440.50 = $208.35 in bank  account

Week 5 debt status

Credit card #1 – $632.12

Credit card #2 – $4566.00

Personal loan – $7309.87

Total Debt : $12, 507.99

Initial Debt: $14, 744.12

Debt reduced by week 5:  $2,236.13

*Let me explain my spending on flights and the market stall fee. This month I am travelling a lot interstate for personal reasons (ie, not on works dime 😉 for an engagement, wedding and hens weekend (all separate weekends!). These are some huge life moments for some of my best friends and days I want to participate in regardless of debt status. So I have budgeted accordingly in the lead up to April for these events. I had to buy flights this week or else risk the cost increasing further.

The market stall was my shot at generating some extra income (I’m still trying to figure out ways of increasing income – I hold no particularly valuable talents and my baking isn’t something people would ever pay for 🙂

My mum is an amazing dressmaker and has a stall at monthly craft markets, so this week (last minute) I split the cost of the stall with her to sell some of my handmade cushions. My  half of the stall cost was $30.00. As I hadn’t budgeted for this (and it was my no spend week!) I tried to offset the cost by reducing my monthly phone cost (Im on prepaid, not a plan) from $50 to $20.00 and use that $30.00 for the stall. I only sold $20.00 of stock so I didn’t quite make back the cost of the stall. But it worth a shot!

So, overall I am really pleased with my no spend week!!!  I didn’t buy ANY coffee, any magazines, any snacks….I think I might incorporate a No Spend Week into every month…

Ps – whilst on No Spend Week challenge, I read a blog – And Then We Saved – and the writer was actually on a No Spend challenge for OVER A YEAR. Impressive!!!

And there I was patting myself on the back for forgoing my coffees for 1 week!!!

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One thought on “Week 5 – Spend and Debt Update and No Spend Challenge

  1. I’m trying a no spend month this month…so far so good…things always pop up don’t they

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