may challenge - want to join me?

We're well into 2Q11 now and our budget/tracking/finances are coming along "okay".  While they're not great, they're definitely better than they usually are come the end of April/first of May during other years.  In January (and even more so in February...) I'm on a roll and kickin' a** with our finances.  During the first 2 months of each year we're always living WAY beneath our means.  March generally isn't as good.  And then April...well, by April I'm usually not even tracking what's being spent. 

April 2011 is a different story though.  I AM tracking and I AM noticing that we're spending a little too much money.  If it continues like this, then come the end of year we're going to be way over budget in all of our areas.

So - I propose a challenge for MAY!

This is what I'm thinking.  I have a bare-bones budget.  One that is very bare bones...where we eliminate cable, cell phones, etc.  and eat a lot of rice & beans.   While I'm not proposing going to my bare bones budget...because we're not in crisis mode, I am thinking of significantly reducing the amount of our "spending money" in some areas that will allow us to get back on track. 

This is what I'm thinking that may make the most sense for my family.  I'm going to look at our 2011 budget and see what has been budgeted for each line item for January-May.  Then, I'm going to see what has been spent.  The difference will be what we have to spend.

For example...
Our grocery budget - We have budgeted  $3875 for groceries from January 1-May 31.  So far in 2011 we've spent about $3100.  So, we'll have about $775 for groceries in May. 
Restaurants/Eating out - We have budgeted $800 for January - May.  Unfortunately, we've spent almost $800 already eating out just from January-April.  So, I won't have much to spend in that area.

Anyway - you get the idea.  I'll take a look at the numbers and figure out my "allowance" for the month.  This will allow us to back back on track in all of our areas and be ready to start the summer with our regular budget.  Summer tends to bring a lot of "Entertainment/Recreation" spending, so I also want to be ready for that.

Let me know if you're interested in doing the challenge with me in May and I'll create a section to the side of my Blog that has your blog name/address on it so that others can follow along.  And then, what should I call the challenge?  I'll have to come up with something!