After a successful water challenge, I welcome you to participate in a budgeting challenge. Here are some tips to help you get started spending less and saving more.
Hey y’all! I am so inspired by everyone that participated in the Water Challenge! I am proud to say that I am drinking more
When I first got married, I thought that the biggest hit on my budget was going to be my husband’s overspending. However, after a few weeks of examining my spending, I have found that I am the over-spender. Therefore, I have decided it is time for me to buckle down and evaluate where I can do better and I am asking you to join me on a journey to spend less and save more.
Before we start this next challenge, I decided to ask UAEX’s Associate Professor for Personal Finance and Consumer Economics and this month’s guest blogger, Laura Hendrix, some tips to help us get started. Here are some of the tips to help us get started.
Have a Spending Plan. Everyone should have a spending plan that is individual to his or her situation. A spending plan is designed to help consumers use resources to meet their life goals. Spending plans should include all monthly net income and list all monthly expenses. Take into account irregular expenses and set aside money for these. A spending plan should also include setting aside money for saving. Those who have a savings plan are twice as likely to be successful.
Take 24 hours. When deciding to spend money on impulse, non-essential, or expensive items, take 24 hours to think about the purchase and decide whether you really need, want, or can afford it. Spending money can sometimes be the result of a behavior management issue. Take the time to evaluate your non-essential and impulse buys as a want or a need. It’s okay to not always “treat yourself” at the end of the day (I say to myself as I click clear cart).
Designate a No Spend Day. Set aside one day a week that you don’t spend any money. I know it is hard and you may think
Brown Bag Lunch. Bring your lunch with you to work or if you can go home for lunch. I didn’t realize how much money I spent on eating lunch out until I stopped. If you spend $7 a day on lunch, that’s $35 a week. After 50 weeks of eating out, that’s $1,750. Would you rather have an extra $1,750 in the bank at the end of the year or a year of dining out?
Join my challenge. The new challenge is the “Budgeting Challenge.” Start this challenge by writing out your own Spending Plan. Write out all your income and expenses. Include a savings plan and have savings goals to strive to reach each month. Evaluate your expenses and see if there is anywhere, you could make cuts. Take 24 hours to decide whether that impulse, non-essential, or expensive item is worth spending the money on. Have a day set aside each week that you do not spend any money. Try to eat out once a week instead of every day. Make small changes that will add up to big rewards.
Join me on this journey to spending less and saving more. If you need a budgeting sheet to help you get started with your spending plan, checkout the one I made here. For more ways to save, follow this link the 54 ways to Save Money.