Now that we are into the new year. Some people may have already got sidetracked from their New Year’s Resolution of setting a budget. One thing to remember is that there is never a bad time to start saving money. Keep these in mind as well.
- Set a goal what you are saving for (for example, is this for Christmas or maybe a special vacation)
- Try not to borrow from the funds (unless there is an emergency)
- Don’t keep the cash in your house – You will be more likely to dip into it
- If you need to skip a week or add less, that’s ok. The goal is to save in the end, not go into debt from saving
5 Money Saving Tips to Keep on Budget
1. Personal/Family Budget like Business– You may think that I am crazy by saying this, but I never thought of my household as a business until I became a stay at home mom. When making the jump from two paychecks to one paycheck, you have to look at where every penny is going. Creating a budget, similar to a business plan, will help guide you through the entire year without getting into debt.
2. Know your Monthly expenses– Take out a piece of paper and list every monthly expense that you have. This may require some time and you may have to go back a few months of looking at bills.
▪ Eating Out
▪ Doctor Visits
3. Create a Spending Budget- Plan each month what you are going to spend, save and splurge!
▪ Groceries and Eating Out
▪ Misc Expenses (like haircuts, celebrations oil changes, clothing, entertainment, after school sports, home repairs, etc)- One of the tips that I love to share is how I stockpile on gifts for the entire year. You can view the ValPak Video on Creating a Gift Closet.
4. Use a calendar and make sure that it’s in a room that everyone walks through. Not only does a calendar help get you more organized for scheduling but it’s great for a monthly budget. By planning for pizza night or special nights out with the kids, the entire family will we aware of when those dates are coming and it avoids the popular question- Can we just eat out?
• Meal Planning- I just started really getting into meal planning and try for just the dinners each week. Note that I try to schedule a night to eat at my moms or mother in laws as well.
, Shopping Trips- Plan all shopping trips ahed of time and try to buy clothing online (even for stores that offer free in store pickup). By shopping online it prevents those impulse buys and you can also check your shopping cart and easily click the delete button.
Celebrations- Planning ahead rather than buying last minute can save you hundreds of dollars a year.
5. Emergency Money/Flex Money
It’s so important to have an emergency fund and also flex money to have some fun with the family. If you are a couponer or find yourself saving money with some of these tips, then save that extra money in a flex fund. You should always being saving in an emergency fund