[singlepic=61,187,86,,] When I look at my bank account and at my buying habits, I think I was reasonably frugal for 25 percent of 2007.

That 25 percent–yeah, definitely happened toward the end of the year. I’d like this year to be much more frugal than the last.

I’m still new to frugality, and I want to become even better at it in 2008.

To hold myself more accountable and to encourage others, I’ve decided to create a challenge: The Better Budget 2008 Challenge! Woo hoo!

Here’s how I’m envisioning it (subject to change):

I’ll focus on an overall theme to tackle each month. Each theme will relate to areas of the budget we can improve.

In January, we’ll work on establishing an overall budget, for example. Other months, we’ll focus on grocery, entertainment, clothing, etc.

On Mondays (starting Jan. 7, once people start to get back in the swing of things), I’ll issue a challenge for the week. Some weeks will be easier than others, but all will be for improving our frugality and evaluating new frugal ideas.

If you’d like to participate, blog about the challenge in the “before” sense (I’ll post questions and ideas to guide you). You’ll have all week to give it a try.

Then, on Fridays, we’ll blog about how it went, including reactions on how well it worked for you, if you’ll continue with the particular frugal habit in the future, ideas for improving it, etc.

I’ll use a “Mister Linky” so we can see how everyone is doing and offer support and ideas.

I know my overall description for this challenge is vague. I hope by the end of the first week, it will make more sense.

What do you think? Do you think you might want to participate here and there? Ideas for improving it?

I’m looking forward to a frugal 2008, and I hope you’ll join me!

Start thinking about your current budgets now! We’ll be revamping them/setting them up in the coming weeks.

Additional related posts:

1. A Christmas budget
2. Freeze your buns challenge
3. First menu for 2008 (Dec. 31-Jan. 4) $19.58