Simple, Money-Saving Tips
As a a soon-to-be stay at home mom I have come up with some simple yet effective ways to stay on top of our budget. I have found that we get accustomed to having access to all of our funds via debit and credit cards, which can make it difficult to reign in our spending. To combat this, my husband and I have developed a system that works pretty well for us.
We sit down together once a week and review our spending habits, pay our bills and plot our income on a graph (my husband is in construction and is considered self-employed, therefore every pay cheque is different).
We have also learned to use cash whenever possible. We decide how much we will need for gas, groceries and "life" and take the cash out of the bank. When that cash is gone, we are done. We are not allowed to take out more mid-week so planning is key. Of course there are emergencies that come up but we deal with those on an individual basis. As far as coffee money and other small issues are concerned, it's about balance. When we used to use debit, a few dollars here and there for coffee and snacks doesn't seem like a big deal- until you get a monthly bank statement and add up all of those small debits. It's shocking how fast money disappears when you simply swipe a card versus having something tangible that is leaving your hands. Tracking your money is a great first step to gaining control over everyday spending that really adds up!
We sit down together once a week and review our spending habits, pay our bills and plot our income on a graph (my husband is in construction and is considered self-employed, therefore every pay cheque is different).
We have also learned to use cash whenever possible. We decide how much we will need for gas, groceries and "life" and take the cash out of the bank. When that cash is gone, we are done. We are not allowed to take out more mid-week so planning is key. Of course there are emergencies that come up but we deal with those on an individual basis. As far as coffee money and other small issues are concerned, it's about balance. When we used to use debit, a few dollars here and there for coffee and snacks doesn't seem like a big deal- until you get a monthly bank statement and add up all of those small debits. It's shocking how fast money disappears when you simply swipe a card versus having something tangible that is leaving your hands. Tracking your money is a great first step to gaining control over everyday spending that really adds up!
You are so smart. I scan my debit card far too often on little things. I think I should sit down and take a look at what I've been doing.
ReplyDeleteYou won't regret it Jennifer! Keeping a close eye on your banking will help control the over-swiping and help you pay more attention to your spending habits.
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