What is The SpendThrift Experiment?

6 Feb

Why am I doing this?

Honestly, I am doing this experiment to challenge myself and to still be able to indulge in something that I love…shopping! I am currently a broke grad student and my lack of funds has been getting me down, so instead of continuing to get down about it, and complain about it, I’ve decided to try to find a new way of feeding my habit. I’m hoping that this little experiment will be fun and that it will help me to look beyond my current meager budget and realize that you can still do something you love even when funds are tight!

What is a spendthrift?

First, before anyone points it out, I know that at the moment I am the opposite of a spendthrift. According to Merriam-Webster a spendthrift is:

“a person who spends improvidently or wastefully”

Since I am broke I don’t really have the luxury or liberty to be an actual spendthrift and it isn’t my intention to be extravagant or wasteful (I also don’t ever aspire to be an actual spendthrift). I just want to have some fun with fashion and prove that I can still enjoy fashion on a very meager budget.

What is the SpendThrift Experiment?

So what is this experiment and what are the rules? This experiment is meant to show that anyone can indulge in fashion even on the cheap. Here are the rules:

  1. Every week for the next year I will find a look that I like, whether it be in a fashion magazine, online, or out on the street.
  2. Each challenge begins on Sunday and ends on the next Saturday.
  3. The start date is Sunday February 6th, 2011.
  4. I need to document (by photograph) and describe the look that I am trying to achieve.
  5. I need to recreate one aspect of the look or as much of the look as possible on a budget (see the next point).
  6. My budget is $20 per week (even if I do get a job and my income increases).
  7. I am only allowed to save up my $20 a week once to buy something more expensive than $20, otherwise I have to stick to $20 a week UNLESS I am completely unsuccessful in finding something for under $20. In that situation I am allowed to carry the $20 over to the next week and shop with a total of $40.
  8. I am allowed up to 5 bag challenges, 5 shoe challenges, and 5 “other” accessories challenges.
  9. I have to photograph and post all purchases that I make for the challenge.
  10. I have to disclose the exact price of what I bought and where I bought it from.
  11. I have to ask my friends and family to rate how successful I was in the challenge and poll any readers of this blog.
  12. I have to rate my satisfaction with my purchase, how I feel it fits the look I was going for, as well as the quality of what I bought.

Wish me luck!

***Update***

As of June 20th, 2011 I am shifting challenges from every week to every 2 weeks (see the “A New Game Plan” for my rationale behind this decision). So for example, the Week 17 challenge will become the Weeks 17 and 18 challenge. I will still post my challenge on the Sunday at the start of every 2 week period and a results post on the Saturday at the end of the 2 weeks. My budget will increase from $20 to $40 (aka adding the normal $20 for each week together) BUT I will still try to find every article of clothing for the least amount of money possible.

In the (hopefully) unlikely event of a challenge failure I will have to admit defeat for that particular challenge and forfeit the money to the SpendThrift Savings Bank.

Other than that all of the previous rules of the experiment still apply.

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