Every new year I like to sit down and look at a few things I would like to accomplish in the new year and create a budget so I can reach my goals.
I took a look at last years budget and decided to be really honest and see how I did. What was a “HIT” and what did I “MISS” on. It was really eye opening.
I’ve done this same budget for the last few years and I am beginning to refine it. I don’t want to be so thrifty we don’t have fun, but I don’t want to waste money either. So these budgets keep me accountable.
I thought I would share it here with you for fun. Maybe you are having some of the same issues.
Now here’s where the “fun” and the “challenge” comes in. I took a good look at my bank account over several months and tracked where my money goes. I’ve always thought I was reasonably thrifty – not cheap – but thrifty. It is amazing how $5 here and $20 there adds up.
When I took a good look at how I spend money, I found out that anything $20 or under and I thought of it as petty cash and non-consequential. I was amazed that those little buys and spends could add up to $200 real fast.
Here are a few things I discovered were eating up a ton of money.
1. Groceries – I need to keep it at around $100 a week. – MISS
I usually do one big shop each week and only go back if I run out of something, but I don’t plan out meals and I don’t really watch the grocery budget. I like for the pantry and the fridge/freezer to be fully stocked with everything, so then whatever I want to cook, all the ingredients are on hand. I do read the ads, make a list and use the coupons that really apply to what we like to eat. It wastes money to use a coupon and buy something you really don’t like. We eat really well at our house, but I can trim a little here I think. For just the two of us I definitely think a budget of $100 week is more than ample, so I am going to stick to that. (I somehow just kept going over. So I think I actually averaged around $125 a week. )
2. Personal care –
I am going to curb some of those trips to the Beauty Salon. Coloring my own hair instead of spending hours in the salon, and I really can go a month between pedicures and just re-polish at home. I do it all the time when “time” is a crunch anyway. Now this should save quite a bit more by itself. Hair color at the salon is around $75 and you can buy everything at Sally’s for under $10. Skipping one pedi also saves about $30. HIT
(I cut back to every 3 weeks for a Pedi, colored my hair at home with professional products from Sally’s and even trimmed my own hair a couple of times.)
3. Give myself an allowance of $100 month for crafts and home decor. MISS
(This is where I spend the most – I spend double this and sometimes more – I have to get this under control) ( I think I missed my goal here. I went over some months and some a little under, but I am sure it was more than just the $100 budget.)
4. Eat out only twice a month. HIT
Even if we don’t go anywhere fancy it is $60 to $75 to eat out. This needs to be a treat and enjoy Pizza or Chinese a couple of times a month instead of going out. (We enjoyed the pool and BBQ this summer, so we actually only ate out about once a month most months. )
5. If I put cash in my wallet and only use it, not the debit card, it is amazing how you think twice about all those misc. things. MISS
This should curb a ton of those little $5 and $20 spends. (Seems like I put money in my purse, then it went for groceries and everything under the sun and then I would be out and use the debit card. This didn’t work at all for me. )
These few things will save an average of $500 a month in addition to our regular savings. MISS
(Some months were a hit and some a miss. All in all I averaged around $350 a month extra.)
This was a fun exercise and one that I will try and improve on for next year. One thing I did add to my list is consistently adding to my “Gift Drawer”. I like to keep a few things on hand for Birthdays or any other occasion. I especially like to buy ahead for Christmas, so that isn’t such a blow to the budget all at once.
How about you, do you keep a budget?
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