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Uber Frugal Month: What Will You Do with The Savings

December 31st, 2017 at 07:03 am

I was watching a few videos about no spend, low spend months on YouTube. I know many here are participating in Frugalwoods Uber Frugal Month Challenge in January. It brought the question up, what do you do with the money you save by not spending so freely?

My guess is many of these types of challenges came about in order to pay down more debt or to save more for emergency funds, or even specific savings goals.

I am just beginning to ponder our specific why for this January Challenge. What will we do with the money? Here are a few ideas I'm pondering:

Vacation fund
College funding
Big Goal

I also could split the savings amongst all of these! The college needs are the probably the most important in 2018. Our daughter will take summer classes, tuition due mid June, which needs to come from our current cash, rather than the small amount (okay almost $5K) in her Educational Savings account, which right now I'm saving for spring 2019 semester. The vacation is a bit unknown, but sure would be nice to get away sometime soon with our girls before they start going there separate ways in life. And as always, if I can squirrel money away to the Big Goal that makes a big difference in the long run.

So what will you do with the savings, if you are participating in a no spend, low spend or uber frugal month?

5 Responses to “Uber Frugal Month: What Will You Do with The Savings”

  1. scottish girl Says:

    Mine will go towards debt.

  2. NJDebbie Says:

    Mine will go to savings towards the Mega Savings Goals.

  3. CB in the City Says:

    Mine will go into savings but will probably end up helping to fund some travel early in the year.

  4. snafu Says:

    I'm having a dreadful time preparing a budget. Unanticipated health issues blew out our plans 2017. DH found learning nursing skills and taking the lead of household duties exhausting in spite of our 2 times weekly LPN Home care and an additional hour of light housework.

  5. frugaltexan75 Says:

    Any extra money will be put towards the EF goal of $3k for this year.

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