1. Meal Plan
Meal planning is essential!
Whether you’re a weekly planner or a monthly planner this is where you save some serious pennies. The idea is to only buy what you need and buy it at the best price possibly with point #2.
Plan it ALL! Breakfast, lunch and dinner including snacks. BUT, use # 2 and 3 to ensure you’re getting the most bang for your buck.
2. Do The Math!
This is funny because most people don’t bother with checking the difference in price…especially when there is some big flashy sticker indicating it’s on sale.
We’ve saved SO MUCH by actually doing the math in price while in store when comparing the same products.
Sometimes you think that by buying the larger can of carb you’re saving money but that’s not always true! Surprisingly enough we find that most of the time buying two smaller canes saves us not only money but in total we’re getting more product!
The math can be a pain, but it’s always worth it. May not always be a lot of money you’re saving but over time things add up!
3. Cooking From Scratch
This isn’t for everyone and that’s alright. But, if you’re in a really tight spot this can make a huge difference.
Making things from scratch definitely takes more of your time but it also saves you a ton of money because you’re not paying for convenience!
Make everything from bread to your own pancake mix. You don’t have to give things up you just have to work a bit harder.
4. Attack Debt
Now this point might seem silly but it’s actually an interesting way to go about saving money. Most people thing you just don’t go out anymore and you’ll save money. Of course you could do that and it will definitely work…it’s just I believe this is a better tactic.
Stay with me here…
Debt usually comes with this lovely thing called interest! And that means you end up spending far more then you should because interest can be outrageous.
So for long term gain you should attack your debt so then you can begin to eliminate it. This results in you playing things off early and saves you money on interest. AND once you’ve paid it off completely you’ll not be able to keep that money in your pocket each month instead of paying a reoccurring bill!
5. Budget or Envelope System
I know you’ve heard this a million and a half times but seriously people wouldn’t bring it up if it didn’t work.
Take ONE month. And I mean the entire month…and see exactly what you spend. Pull up all your bank statements, credit card statements, anything and everything. Lay it all out in front of you and take inventory of what is doing where.
This is great, super scary…but useful information. You’d be surprised where your money goes if you’d only just take a look. Although, this is just half of it. You now need to find out exactly how much income you have each month.
Now that you’ve sorted through all the information you can start to cut things out. This is where you get serious about your money. You have to make difficult decisions and you have to stick to them.
I never said this would be easy, but it’s worth it.
Then it’s budget time. You can do this in spreadsheets, paper, or in apps on your phone. There are so many options but just choose the one that is easiest for you.
Or you can go the envelope route. This is where you pull money out and put money in envelopes for different categories for the month. When the money is gone, then that’s it. No more eating out, no more groceries. The idea is to make your money go as far as possible. Not let your consumer self get the better of your wallet.
Again, find the best possible system for you and your family. Just be sure you stick with it. Each month gets easier and with using the tips above along with your budget plan you can maximize your savings.
This all was difficult for us in the beginning and it definitely takes time but we’ve implemented each of these and now we’ve got money we can invest and put towards our future.
As always it’s better to “suffer” in the short term then it is for the rest of your life. Frugality is a mindset shift and it doesn’t mean you still can’t enjoy life.
