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5 Things I Stopped Buying to Save Money

When you’re trying to save money, it’s a good idea to track what you currently spend money on and see if there are habits that you can change. Perhaps you can do without some items, look for a cheaper alternative, or find a way of doing it yourself.

In order to free up as much money to put towards our financial goals as possible, we saw our biggest money wasters and made cuts or found cheaper alternatives. They were simple changes to make and we haven’t looked back since.

Pre-Packaged Foods and Snacks

This was one of the first things to get cut from our shopping list that has saved us a lot of money over the last three years. When I saw that I could buy a bag of chocolate chips for the same price as a box of pre-packaged cookies, I quickly realized that I could make a lot more cookies for the same price, cut down on the amount of package waste our family was producing, and save a lot of money in the long-run.

The other things we stopped buying were the pre-packed side dishes, like flavored rice and pasta. Again, a large bag of rice or pasta is much cheaper and you can season it as you wish. The other thing to go were the boxes of crackers. Instead we’ll air pop some popcorn and have that as a crunchy snack.

Bread

One road trip during the summer we found ourselves driving through Amish country. That time of year, you can find vendors set up along the side of the road selling fresh produce and baked goods. When I saw the homemade bread, I had an awakening of sorts.

Bread where I live will go on sale for $1.75 a loaf, and that is the rock-bottom price. At the time I was spending on average $2.00 a loaf and each week and would have to buy 4 loaves of bread (Yes, we’re big bread eaters…Yum). The math however on that was a little scary. $8.00 per week meant that we were spending $416 a year on bread.

We inherited a bread maker that sat in my pantry for years, never being used until we returned home from that summer trip. I found a great recipe and have been enjoying homemade bread ever since. I can easily make a loaf for under $1.00, saving my family $200 a year.

Gym Memberships

When making cuts to our budget to save money, this was also one of the first things to go. I enjoy exercise and know how important it is to our overall health, but I also know that exercise doesn’t have to cost you a lot of money.

Rather than spending $30 a month on a gym membership (that honestly wasn’t being used enough to justify the cost), I spent $30 on a pair of hand-held weights, a weighted medicine ball, and a yoga mat. Getting outside and going for a walk or run is free and, thanks to the internet, there is an endless supply of exercise videos and tutorials available online that I can stream on my television.

Books and Magazine Subscriptions

I used to love getting the mail and finding my magazine subscription come in. When I added up what I was spending each year, I realized that it was money that I could just as easily put towards our financial goals. I quickly cancelled my magazine subscription and started enjoying the same magazine loaned from the library for free.

As a literacy teacher, I also love books. One of my favorite things to do would be to head over to my local bookstore and browse the shelves looking for the next great read. I treasured my growing collection of novels. What I didn’t treasure was the ever increasing price. Again, back to the library to pick up the same books and enjoy them for free. 

Take-Out Coffee and Disposable K-Cups

Coffee. I love coffee. It’s the first thing that I look forward too each and every morning. It was also a constant leak in our budget. When I saw what six months worth of take out coffee cost, I was shocked. It never seems that much when you’re spending only two or three dollars at a time. For what I was spending in one week, I was able to pick up a travel coffee mug and now bring my own from home.

The other expense we gave up were the individual, single-use K-cups for our coffee machine. I traded in my single-use cups and bought some reusable cups that we fill with our own coffee for pennies a cup. Not only is it better for our wallet, but also better for the environment.

Your Turn!

  • What have you stopped buying in order to save money?

6 Things We Gave Up to Get Out Of Debt

In order to get our consumer debt paid off, my husband and I had to be willing to give up some things. We had to consider what aspects of our spending behavior we needed to change so that we could hit our goal as quickly as possible.

Here are the six things that we decided to give up in order to help us pay off our debt:

“Browsing” at our favorite stores:

The more time I spent browsing, the more I realized that there were items out there that I didn’t even know I “needed” and ended up buying. When I did our spending analysis at the beginning of our debt journey, what I found were my weaknesses for Target and the drugstore. That’s where I tended to get into the most amount of trouble when it came to spending impulsively.

I quickly realized that if we were going to get out of debt, browsing in those stores wasn’t something that I could be doing any more as too much money was getting wasted on items I didn’t need.

Shopping without a list:

Whenever I shopped without a list, my focus was easily diverted to all of the other things that I might “need”. In order to cut back on the amount we were spending, we learned that we needed to not only shop with a list, but stick to the list.

Shopping with a list included more than just groceries. When we need clothing, or anything else for that matter, I’ll do an inventory of what we have and then come up with a list of what we need so that when we go into the store we are not as easily distracted and wasting money on items that we don’t need right now.

New clothes:

Instead of shopping at the regular retail outlets, we now shop for new-to-us clothes at the thrift store. In doing so we have saved a lot of money, cutting our clothing budget in half. In order to save even more money, my favorite day to shop at the local thrift store is on their 50% off day.

Convenience food:

One of the biggest ways we saved on our grocery budget was to give up many of those convenience foods that are pre-made or pre-packaged. Many of these processed or pre-made foods tend to be overpriced and you can do it yourself for a lot cheaper. We make our own bread, pancake mix, hot cocoa mix, side dishes, and pizza. Not only is it just and easy to make these things, it’s also comforting to know exactly what’s in it.

Free time:

In order to get our debt paid off, we were also willing to give up some of our free time to generate an extra income, giving us more money to throw into our debt snowball. Both my husband and I have our respective “side hustles” that allow us to use our talents or interests to earn even more money.

Living life without a budget:

budget money

Living on a budget focused our spending and allowed us to gain control of our money. Having a plan for our money allowed us to see how much we needed to live and get by and then how much money was left that we could throw at our debt. Once we got on a written monthly budget, we truly felt as if we had gotten a raise because we were now telling our money where to go instead of wondering at the end of the month, where it went.

Your Turn!

  • What are you willing to give up to get out of debt?

 

Budgeting Mistakes to Avoid

Whether you’re new to budgeting or have been budgeting for a while, there always seems to be expenses that get forgotten or overlooked. I know I’m guilty of overlooking all of the five most commonly forgotten expenses at one point or another. Unfortunately I don’t realize it until the expense comes up and I feel the pinch on our monthly cash flow.

In order to avoid the pinch, it’s a good idea to check your budget and make sure that you haven’t overlooked the most common budget expenses that get forgotten. You don’t want these sneaky budget busters ruining your month.

Special Occasion Gifts:

When looking at next month’s budget you do not want to forget any special occasions (think Halloween) or gifts that you might need to budget for. Open up your social calendar and see if you have any birthdays coming up or anniversaries that are being celebrated. Don’t make the same mistake I seem to do in October, and forget to budget a dinner out for our anniversary, and then have to make cuts elsewhere in the budget to accommodate for the “unexpected” expense.

Car Maintenance:

This is one of those categories that my husband and I overlooked early on in the budgeting process, but one that is important, especially when it’s time for any regular car maintenance. Even if you just set aside a small amount every month in an envelope or sinking fund and let it build, when you have to do an oil change or you have to replace your tires, you’ll have the money ready to go.

House Maintenance:

You also want to make sure that you’re setting aside a little bit of money each month for home maintenance. Even though you may not need this money each month, home maintenance is ongoing. There are always items around your home that will need to eventually be replaced or upgraded. Setting aside some money each month ensures that any foreseeable home repairs don’t require you to dip into your emergency savings or go into debt to cover the costs.

Quarterly or Annual Bills:

You also don’t want to forget those bills that don’t come in every month. For us, our electric bill comes in every other month and we pay our water bill quarterly. You want to familiarize yourself with the bill schedule so that you know which months you need to budget for them. Other quarterly or annual expenses might also include your insurance, licence plate renewal, or any yearly membership renewal fees.

Setting Aside Money for Taxes:

For those that are self employed or generating a side income where income tax is not deducted, you want to make sure that you’re setting aside a certain percentage of that money to keep the IRS happy come tax time. In order to know how much to set aside, you’ll need to determine your marginal tax bracket rate. By setting this money aside and being prepared, you’ll avoid the scramble with the tax bill comes in.

Your Turn!

  • What are some expenses that have busted your budget in the past?

Staying Motivated While on a Budget

Regardless of whether you have just started budgeting, or have been budgeting for a while, staying motivated to make and stick with a budget month in and month out can be tricky.  Let’s be honest, putting self-imposed limits on our own spending isn’t always as glamorous as the vacations we see people taking and posting on social media. Not to mention we live in a society that is filled with temptations and surrounded by impulse purchase items that are strategically placed to part us with our hard earned money. achieving success

We always start budgeting with the best of intentions – securing our financial future. But keeping the big picture in mind can be difficult. Let’s look at some strategies that you can use to stay motivated to stick with that budget.

Track your Progress:

Paying off debt? Saving for a vacation? Paying off your mortgage early? There are plenty of printable charts and graphs that are available online that you can use as a visual reminder of just how far you’ve come, which in turn will motivate you to go even further.

Take it a step further and put that chart or graph somewhere where you will see it everyday. Watching the debt that you owe go down or your savings go up is a great reminder as to why you started budgeting in the first place and will motivate you to stick with it.

 

Treat Yourself Every Once in Awhile:

Now I’m not talking about going out and blowing the bank, you do want to keep it modest, but set an increment where once you’ve reached it you’ll give yourself permission to go out and treat yourself to something nice. So maybe after every $1000 of debt that gets paid off, you can pick up your favorite specialty coffee or treat yourself to a nicer cut of meat on your next grocery trip. The key here is that no matter what modest treat you choose, you are rewarding yourself for a job well done.

Read Some Financial Blogs, Watch Financial Vlogs, or Listen to Some Financial Podcasts:

Even though my husband and I have finished paying off all of our consumer debts and student loans, we still listen to Dave Ramsey podcasts to help keep us on track. There’s nothing I’ve found more motivating than listening to hard working people scream at the top of their lungs, “WE”RE DEBT FREE!!” While cooking dinner, I’ll also hop onto YouTube and see what my favorite financial YouTubers are up to and what financial progress they are making.

When trying to stay motivated, I’ve found that it always helps to surround yourself with like minded people who are also working diligently at either paying off debt or saving for their future. If you can’t find people in your everyday life who are motivated and sticking with a budget, we are lucky in this day and age to have such a great virtual community of financially like minded people that can motivate us.

Create a Vision Board:

Remind yourself of your budgeting why by creating a vision board of what your financial goal looks like. If you are saving up for a big vacation, find pictures of your destination and create a collage and post it somewhere where you’re going to see it on a regular basis. If you’re looking to pay off debt, create a collage of what your debt free future looks like. Having a visual reminder will help you keep the bigger picture in mind as you work towards reaching that goal.

Don’t Get Down on Yourself:

We are all going to have setbacks. Life is going to happen and sometimes that will mean that you have to go over budget or dip into that savings that you’ve worked hard to build. The important thing is that you don’t let it get you down to the point where you feel like giving up altogether. Yes it’s painful when you are faced with expenses that you weren’t anticipating, but don’t let that stop you from keeping your head up. Keep moving forward knowing that it will get better and that the end goal is still achievable, even with the occasional setback.

Your Turn!

  • How do you keep yourself motivated while on a budget?

How to Save Money

Confession time – I’m a natural spender. I always knew that I should save money, but I never knew how to save money. My idea of saving money was getting something on sale. Sure I spent $25 that I probably didn’t need to, but I “saved” $75!!

 

In order to get our finances in order and get our debt paid off, I had to go from being a spender to learning how to save money. This transition is not always easy, but here are 5 simple things that you can do to start saving money.

1. Save Your Raise:

Any extra money that you receive that you’re not used to living on, save it before you spend it. This can include any bonus or overtime pay, raises, and tax refunds. Before it disappears and you have no idea what happened to it, put those extra dollars into a high-interest savings account.

 

2. Save Your Spare Change:

Every day or at the end of the week, empty your pockets or coin pouch into a jar and watch the savings grow. Since we use cash for most of our daily purchases, our change adds up quickly. In 2016 we accumulated $160 in loose change which was used to purchase the gifts for our two daughter’s Christmas stockings. Not a bad way to use those coins that would normally weigh down your wallet.

 

3. 52-Week Challenge:

If you’ve spent even a minute on Pinterest, than you’ve probably seen this savings trick. The idea is that every week you save a predetermined amount of money. You start by setting aside $1 on week one, $2 on week two, so that by the time you get to the last week, you’re saving $52. Follow this and when the year is up, you will have saved $1,378.00. There are many savings challenges out there depending on what your goal amount is, and the reason why they work is because the savings goal for each week is a manageable amount therefore making it easier to stick with.

 

4. Pay Yourself First:

Another way to save money automatically is to pay yourself first. If you have your paycheck directly deposited, talk to your Human Resources department and see if they are able to split the deposit so that you have money deposited into your savings account with each pay. You can determine how much you would like sent into your savings. It could be $25, $50, or even 10% of your earnings. Since it’s being put into your savings account right away, you’ll be sure to save it before you can spend it.

 

5. Have a Spending Plan (aka The Budget):

This is the biggest money saver of them all. Set up a monthly budget where you list your monthly income that is expected and deduct the various expenses that will need to come out. From the remaining amount you can determine how much you would like to set aside into savings.

No matter what method or methods you use to save money, the trick is to make sure that you are consistent and stick with it. Happy Saving!!

 

Your Turn!

  • What do you do to make sure that you are saving money each month?
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