Monthly Challenge: Discretionary Spending
When we are trying to save money, the one thing that can scuttle our progress is groceries.
The plan to only shop weekly can quickly turn into a few times a week, just to get milk… and other things.
Before long we have blown our budget. So how do we manage this and our other discretionary spending?
In this month’s challenge, we take a closer look at our discretionary spending and ask the question:
How are my habits affecting my spending?
Why this challenge works
This challenge builds on the work you started in HomeBank.
You’ve already identified an area of spending that may be higher than you’d like and seen how your habits and behaviours are driving it.
Now it’s time to take the next step.
This challenge will help you turn that awareness into action, with simple ideas and practical ways to adjust your habits so you can start saving or save more consistently.
1. review your Spending
Watch the discretionary spending videos and run your monthly report in HomeBank.
Success is when:
You can see your largest regular expenses in one place.
2. Pick one category to investigate
Pick one you would like to reduce. You don’t have to do them all!
This could be groceries, eating out or maybe entertainment.
Success is when:
You’ve selected one item to focus on.
3. Take one step towards savings
Use the ideas to help you build a better savings environment around yourself.
Try using the quick grocery shopping list.
Success is when:
You’ve learned something about your spending habits.
4. Lock in the win
Make the change or note why you didn’t, both count.
Success is when:
You’ve made a conscious decision about a habit you want to change.
Tracking your progress (optional)
If you like structure and accountability, you can choose to have your progress tracked.
You earn points for completing challenge steps
Points help you see momentum over time
This is optional — the challenge works without it