Tuesday, February 12, 2008
Cutting Back
| By Lynn Forgy Over the past several months, since I've become more and more focused on getting out of debt, I've noticed that my spending habits are changing. I have eliminated many unnecessary expenses from my monthly budget, although I'm sure there are many more little ways I could reduce my spending. Some of the expenses I've cut out or cut back on are: 1) Cable/Satellite - I reduced monthly package to the "Basic" plan, and saved $40 per month. 2) Telephone - I cut out the landline and only use a cell phone, saving $50 per month. 3) Groceries - I shop one time per week, making a complete weekly menu a day or two before I go to the store. I only buy what is on my list. My average weekly cost for groceries (which includes hygienic products like soap and deodorant, cat food, etc.) is around $35, for a total of $140 per month. I also do not purchase the prepackaged convenience type meals from the grocery. I think a lot of money can be wasted on these types of foods, so I don't buy them. 4) Electricity - I have switched to the energy saving lightbulbs, and have not had to purchase replacements yet. Not only am I saving by not having to purchase light bulbs so frequently, the cost of my electric bill has declined. My thermostat is set on 64 in the winter, and 80 in the summer. I open the blinds during the day in the winter to help heat the house. In another month, I'll be able to hang all my laundry outside rather than using the dryer (even though we live in a subdivision, I am blessed to live in the cul de sac, with no close neighbors behind me to complain about my laundry hanging outside). 5) Water - We have a bucket in each shower, and save the bath water as well. This gets put into the washing machine to reduce the amount of water needed to wash clothes. Other ways I've saved: - We don't eat out as often (once a week or less, with a cost of $3.50). - I've stopped going shopping - no more department stores, the mall, random trips to Target or Walmart, etc. - Every month I write out my budget - as Dave Ramsey says, every dollar has a name. - I stick as closely as I can to my budget. - I cut up ALL my credit cards, so even if the temptation arises I can't act on it. - Almost everyone I know is aware of my plan to get out of debt, and so I'm not made to feel as if I have to participate financially in something if it's not in my budget. - My daughter will be homeschooled next year, which eliminates the cost of the private school tuition. - I don't rent movies - I can check them out from the library if I need to. Most importantly, before I purchase anything, I first make sure I have planned for it by checking my budget. Secondly, I ask myself if I really NEED it. If I do need it, I try to wait for a couple of days before I get it. If I find I still cannot live without it, I give myself permission to buy it, but I have to account for that by subtracting from one of my other categories. Also, I have heard from many people that they have been extremely successful in using coupons - some have even been able to get their groceries free! |
posted by Krista at 8:39 AM
Great money saving tips! I had never thought of saving water before, but it's a great idea. Any little bit helps... thanks for sharing!