Week 4 of Budget 101

PART 4: SAVE ON THE NECESSARY THINGS

If you’ve made it this far, you’ve probably come to the conclusion that getting your financial life in order is hard work!  I wish I could say it will be a cakewalk from now on, but alas, there is still much to be done.  Don’t let that discourage you or make you give up.  If you are feeling overwhelmed (a perfectly normal reaction), then just stop, take a deep breath, and give yourself a break.  Wait a week or two to pick up where you started.  This series will be here for you when you’re ready.  I promise you CAN do this, and it’s okay if it takes you longer than 8 weeks to get there.
(NOTE: If you are new to “Through The Eyes Of I” or missed out last week, you might want to start at Week 1 of Budget 101 before starting this week’s assignment!)
Last week we focused lowering our major expenses–housing, transportation, & insurance.   Hopefully you were able to find a few ways to save, and if so, YAHOO!    If not, take heart, there are plenty of other areas left to save.
This week we are going to focus on lowering your expenses for the necessities in your budget.  Do you remember the exercise from week 1, where we focused on separating our wants from our needs?  Well, this is where that comes into play. There are certain things we simply can’t live without– groceries, utilities, gas –but we most likely CAN pay less for them.

For those of you who don’t want to bother with coupons, there are still many ways to reduce your grocery bills simply by changing the way you shop. It doesn’t have to be all or nothing. ANY savings is better than none!

Unless you have already been trying to cut your expenses in this area, your utility bills should be one place you can find lots of opportunities for savings!  Small tweaks can make a BIG difference in your final bill, and if you are anything like me, you probably have a whole pile of utility bills to deals with each month–everything from water to electricity, cable to phones,  the list goes on and on, and seems to get longer all the time.

Gas is a hard expense to cut significantly. We obviously have no control over gas prices, and we usually need to travel where we need to go. But there are a few things we can do to make sure we are making the most of our gas mileage, and again, small tweaks can make a big difference over time.

This week’s assignment will be pretty straightforward.  We’re going to methodically go through those things we MUST spend money on, whether we want to or not, and then look for ways to cut those expenses.  A little here, and a little there really does add up.

This week’s assignment:

122812images

1. Develop a strategy for saving on your groceries

If you are already saving money with coupons, great!  Look for ways to stretch those savings even more, perhaps by committing to a few meatless meals a week or by getting more proficient at “shopping” and cooking from your own stockpile. If you are not using coupons and don’t want to, there are still a lot of ways to reduce that grocery bill by planning your meals & shopping list around what’s on sale, and stocking up when you find things at a great price.

2.  Reduce Your Utilities

Make a list of all the utilities you pay each month, and make an active commitment to reduce each one. For instance, you could commit to reducing your electric bill by setting your A/C a few degrees lower and by turning off the lights during the day (and keeping them off.)  You could decide to eliminate your landline in favor of cell phones, downgrade your cable plan, or switch internet providers.  Remember, every little bit helps, but whatever you decide to do, WRITE IT DOWN!  Then do it!

3.  Commit to Saving Money on Gas

Once again, be specific.  Write down at least 5 things you can start doing right away to help lower that expense every month, whether it be planning your errands better to make them more efficient, carpooling, walking when possible, or even checking to make sure your tires are properly inflated. That’s all there is for this week.  That wasn’t so bad was it?  Compared to all the big stuff, it was a walk in the park, and maybe it was even a little fun!  It is amazing how much money we literally throw away each month, just because we don’t pay attention to the details in all these different areas.  It really does add up.

 
Stay tuned for another riveting installment next Sunday and don’t forget to let me know how you’re doing!
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s