What are your budgeting tips?
So what are your tips for spending less money? |
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| Don't buy brand name stuff if you can stomach the off-brand stuff. So many items are so close it's worth it. At the same time, there are some things that we insist on the brand name stuff. One thing that my father-in-law always get into it about is gasoline. He swears that his 2003 Olds 'requires' 92 octane fuel. Truth is, unless you have a super-car,( i.e. Lamborghini, Ferrari or the like, or a custom built high compression engine , you can get away with the cheap stuff in your daily driver. I ran a very high performance, multi-carburator engine in my last hot rod and the difference between running the 92 octane versus the 87 was barely noticeable, even to me, a gearhead. This alone could save you that $60 depending how much you drive. I currently own a 2000 Trooper that I use for big hauling occasionally and I only use 87 or so octane with no issues. Vance |
| With food, plan your menus carefully. Purchasing just what you need for the week or whatever your time frame eliminates a lot of unecessary purchases. For one is the pits......two is bad enough! Find creative ways to reuse what you cooked earlier and don't waste. I find I can get by with purchasing two meats per week and some creativity. If you only need on or two tortillas per week, freeze the rest in serving increments, not all stuck together. Work through the freezer......it's all management. Bulk purchasing doesn't work for me as bulk purchase means bulk use...or bulk waste. Went to make a pumkin cake the other day using pumpkin from the pantry. Tasted blah when I opened it........on the can: use by 2004!  |
| this time of the year stews are lovely. You can use really cheap cuts of meat, or if a veggie like me just loads of veggies and lentils. I cook Hubby a pan of minced beef, carrots, peas and onion, with nice gravy, let it simmer until cooked. Then serve some with mashed potato, and freeze the rest in portions. I have also started making bolognese sauce and keeping in in a sterilised jar in the fridge, so much cheaper than bought and so so much nicer! As already said don't buy brand names buy supermarket brands, or at least try them just to see. Don't shop when you are hungry! |
| I got pretty good at budgeting when our income was unexpectedly cut by 50%. We had to make some pretty dramatic cuts in short order. (Sorry in advance for the wordiness, but it might help!) First, I took a look at exactly where my money was going, putting everything into categories on a spreadsheet (rent, groceries, pets - with subcategories for food versus medical expenses - utilities, dining out, entertainment, etc.) This also helped me take a serious look at what expenses were truly necessary versus what were just convenient. Then I drew up another spreadsheet with a 12-month budget on it, using the same categories. Include your expected income for each month, fill in what you are currently spending as a starting point, then pare down whatever categories you can. If you are only about $60 per month over budget, you can probably trim that down more easily than you think, and you don't have to do it all in one place. If you spend $100 per week on groceries, trim that down to $95, and you've taken care of $20 already. $5 here, $10 there, and you'll be set before you know it. I also made sure to budget for a full year because some expenses don't occur each month. Our trash removal bill is a quarterly bill; car inspection and registration is a once-a-year fee; annual vet visits bump up expenses for just one month. Looking at the full year let me know when I needed to save a little extra to cover something that was coming up. Some things that I found to be very, very helpful. First, I started making weekly menus, so my grocery trips were very specific and focused, and I wasted almost no food. Second, even with such a dramatic income cut, we made sure to set aside something for fun. Even if it was just $5 to buy a DVD from the bargain rack. That way we didn't get too frustrated by constantly denying ourselves. It is also good to take a look throughout the month to compare what you've budgeted versus what you have actually spent. It tells you if you're slacking off on your discipline, and it also lets you decide if your budget is realistic, or if you need to adjust it for the future. Good luck! |
| Excellent advice. Here's some additional: Regarding the budget does your bank offer online banking that divides your expenses into categories? You don't have to pay your bills online to see that feature with some banks. It's an easy way to track where your dollars are going. Shop around for prescriptions. And some insurance offer twice the amount for a lower price if you do it by mail. When we were buying insulin for Hannah it was $65 a bottle at Walgreens and when we switched to Walmart $24.99 a bottle for the same medication. I had hesitated because Walmart had told me on the phone their's was generic. Well, their generic was the same as what we were paying $65 for at Walgreens with their store card.  Where we live there's pretty much tons of grocery stores equal distance away so there's really no extra gas expense to go to several different ones. Watch your prices and learn which store is cheapest on produce, soups, cereals, breads, meats, toiletries, etc. I've found there's as much as a $2 or more difference on specific items depending on which store I choose. And since they are equal distances I maybe tend to shop at 3 different stores and purchase the most cost effective items at each. Dollar stores offer some very well priced food items. There is not the stigma to things that there once was because we've all been hit by the economy in some shape or form. Trader Joe's has terrific prices on their vegetables much less than our grocery stores. Use coupons. A small savings on anything that you purchase will help because it all works together to create the entire picture. If eating out is in your food budget maybe cut back a little. And switch to lower priced restaurants. Use coupons, and there are websites I think Butterstotch was telling me about one? I think it was restaurants.com or something similar. And here we get in the mail buy one get one free coupons for restaurants, so if you're maybe having lunch or dinner out with a friend that's a big savings. Consider your extra items, I have friends that go to Starbucks at least once every day. One of my friends switched to the convenience store flavored coffees and saved a bundle. One friend goes to Starbucks every other day, and one goes once a day instead of several times. You get the picture. Consider lower priced brands of hair products, lotions, coffee, etc. If you're a generous gift giver maybe think of ways to give a nice gift but shaving your budget just a fraction. For instance if you buy expensive gift wrap or cards maybe get them at the dollar store. Or look at blogs for inexpensive and creative ways to wrap. If you shaved your grocery budget to $85 a week and used cash. Put the cash in a jar or an envelope. We did that at first when we cut our budget. It was really fun using cash instead of the ATM card. And you are more aware of what you're doing. We found most of our expense on our food budget was impulse items. When we go to the store and actually get what we need our spending is a lot less. Consider shopping around for your insurance. Bundle your homeowners and car for a discount. If your utility companies offer any bundles for putting your phone, internet and cable together that can save a lot of money. We recently saved over $100 per month by bundling. Half the battle is knowing your numbers and taking a balanced approach. And realizing that even saving 50 cents here and there matters and it all helps over time. If you do it using your good common sense and not deprivation you'll be able to maintain over time. |
| We have always used cash for spending money & groceries. My kids make fun of me for that. Of course they are of the ATM age. On payday, a certain amount comes out for groceries & that's it. Same on spending money. Once it's gone it's gone. Makes you much more aware of the outgo when you are physically handing over dollar bills. Save the credit cards for emergencies. For years I did a buget on a spreadsheet. Especially when the boys were growing up & in college. We also had our income cut due to employment restructuring. after 31 years at the same palce of employment & 15 years too young to draw on the retirement from the same. What a "blow to the gut" that can be! That's when you find out exactly what you can do without. |
ChSheepdogs wrote: We also had our income cut due to employment restructuring. after 31 years at the same place of employment & 15 years too young to draw on the retirement from the same. What a "blow to the gut" that can be! That's when you find out exactly what you can do without.  You know it! It's amazing what I thought I needed. And the habits you form out of necessity will most likely stick with you for a long, long time. |
| You need to save $60/month--go for $100, if possible, and bank the rest. It will help give you a cushion to see you through those emergencies that come up. What do you like to eat? How much do you cook? Do you have freezer space to cook larger batches and freeze smaller portions? Coupons, paying for groceries with cash only, going meatless (we were vegetarian for years and even now, usually only eat meat a few times a week), shopping specials and stocking up (rather than buying in bulk) when things are on sale has helped us a lot. I also find it easier and cheaper to keep a basic stock of food supplies, so that I can always whip up a meal with only a few (or no) new ingredients. We buy our bread at a discount bread place. I skip things when they are expensive/out of season. I like pasta, which is cheap, easy to cook and easy to change up. I never buy prepared foods and cook almost everything from scratch, including soups and sauces. Especially soups and sauces. Sauces can be stored in smaller containers and frozen for use next week. Read labels/prices carefully. Although it is generally true that larger sizes = slightly smaller cost/serving, this is not always true. You can almost always use less laundry detergent than the label says. Dilute shampoo in an empty bottle. It will last longer and actually be better for your hair. Look over your cable and phone plans. Can you negotiate for lower costs? Can you reduce by eliminating services you do not need? Same thing with car/home owner's insurance. Lower your thermostat and wear a sweater. If you are already wearing a sweater and still cold, wear a t-shirt underneath. Use only cold water to wash your clothes, unless you absolutely need to use warm or hot water for a load. Turn off your computer screen every night; or turn off your computer. Unplug appliances you don't use daily and plug them in only when you need them. Contact your energy company and see if they will do a (usually free) energy audit. Sometimes these fixes are expensive short term but will save you later, but sometimes, they point out free/simple changes that can help. Also, see if you can go on the budget plan, so you pay the same amount year round. In my area, in the summer you can sign up to volunteer to turn off air conditioning for a couple of hours a day during peak usage times to save. Not useful in Nov. I realize, but something to investigate. Pay cash when you can to make it easier to keep track of your spending and to keep you on budget. Use the coins that accumulate in your purse instead of always breaking a bill. Empty your coins and save them in a jar for a special treat. PAY YOURSELF FIRST: which means, set a side a small sum every week/month/pay period into a savings, even if it's only $5 a week. And, with this 'extra' $5 or so a week, treat yourself to something once in a while. |
I don't know if you live near a Walmart, but i am blown away at the price difference of groceries from Walmart compared to the other two grociery stores we have Publix and Winn-Dixie. An example Cheeze-its regular price is $4.00 at most stores, but for the same size of box $2.50 at Walmart. International Coffee Creamer $4.00 at Publix, $3.00 at Walmart....lunch meat my hubby likes is $8.00lbs at Publix and Winn-Dixie, but exact same meat $4.00lbs at Walmart. I could go on and on. I save so much money shopping at Walmart...I've learned to deal with the crowds there.  |
| If you have a garden start growing your own veg. try getting a pat time job as well. Do you take your own food to work. Drink a bit more water it fills up space & cost is very little. Helps the diet as well |
| We did a major turnaround on our spending a number of years ago and were amazed at how much BS we actually spent our $$ on. We increased deductables on insurance, bundled our telephone, cable/internet etc. Had a couple of major garage sales, made certain that we ate the leftovers no matter how many meals we have already had of the same, cancelled part of magazine subscriptions. You can also adjust your withholding from any income to increase your net take home. Mostly though we just stopped buying things unless it were truly necessary--we prioritized our spending. It came down to we realized that we really could do with less stuff, less fancy etc. It becomes fun to realize that you are not taken in by the marketing hoopla. Good luck, you'll do fine! |
| One of our local grocery stores ( Giant ) offers 10 cents off a gallion of gas for every $100 you spend on groceries. This really helps. I've found our local Sam's club has great meat at good price's but I have to be careful, there are just the two of us, and Bobby works evenings. He eats free at work, so it's easy to waste more than we eat. Freezing leftovers helps. We use a vacuum system. I buy more store brands. Making a menu for the week helps ( I'm not so good at this ). I also do not buy fresh veggies or fruits until a day or two before I need them so if theres a change in our plans I don't have wasted produce. I'm close enough that the added stop doesn't add to the cost. The are lots of on-line coupon site's and store coupon fliers in local papers...free money. Packing leftover's for lunch helps, heck just packing lunch is a saver. Talk with co-worker's about bringing lunch and make it a "bring your own lunch" date several days a week. |
| I have found that planning menus around the weekly specials, help save money. My list is made specific to the saving at the grocery where I shop. If chicken is on sale--- then I buy a package to use during the week, and one for the freezer. When pennies are tight, I rely on soups I have frozen ahead. With just the two of us, I cook a normal size meal, but always freeze leftovers. I love that there are weeks I only buy staples such as bread and milk. We canned and froze a lot this year... and that has been a big savings. I understand you may not have access or the desire to garden, but planning meals around seasonal savings does help. We also use only cash for spending money and groceries. It seems to make a difference. And... I always use my thrify Grandma's trick when writing checks. When I pay bills-- and YES I still write and send checks, the old fashion way--- I always round up. If electric is 123.20, I record 124 in the register. At the end of last year we had $345 extra cash. It's money we don't even think about--- and it really helps. We save it... or spend it... depending on the year. And this has been a tough one with Honda's tsnami distaster. Good luck! |
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