How much do you think you could live on for a year? $10,000? $7,000? What about $1,500 a year for groceries, household items and personal care? It doesn't seem possible, but one family is going to give it a try.
Earlier this year, Heather and Brent Spooner of New Hampshire decided to put themselves to the test. They vowed to try and spend only $1,500 on food, household goods and things like medical co-pays for them and their two children.
To help their reach their lofty financial goals, the couple developed a whole new way of looking at food and shopping for food. Their new system includes stockpiling food, paying close attention to coupons and sales, cooking everything that they have before it goes bad. The couple have also committed to $0 days -- where they spend absolutely nothing.
Heather says that when they first discussed the idea, she wasn't too sure about it, "My first inclination was, wow, that's not that much money ... But hey, if we can do it, it will save us a lot of money."
In order to document the challenge, Heather has set up the blog livingon1500foroneyear, where she says, "Our challenge is meant to raise your own personal financial awareness and make you think about how you can make the most of your hard-earned dollars."
So far, the couple seem to be on the right track to reaching their year-end goal. Up until now, the couple have only spent a paltry $125 a month.
The Spooners have also sworn off eating out until their wedding anniversary on December 28.
Could YOU live on $1,500 a year?