Its a new year so no better way than to get ontop of the finances so if you have overindulged in spending over Christmas than read on for some money savvy tips.
My friend Racheal pointed out this free printable budget sheet which is perfect to write down your monthly expenses. Im a bit old school so I jotted it down in a notepad, old school style.
Access your incomings to your estimated outgoings via month. If your over, its time to trim the extra luxuries. Mortgage & food are our big expenses & non negotiables. However after going over our expenses, its sad to say that daycare is being trimmed from our expenses & hopefully we can make way for a mini martial arts class for the lil one to help with his confidence instead. Don't forget to include a small sum for an emergency fund as you never know when you might need it. We also allocate some pocket money each (to which my craving for sushi, the occasional coffee out/dining out with friends come out of) & we make sure we don't overspend on that.
Sacrifice & go without. Sounds simple but its not in this consumer driven society. I like stuff but I prefer having a roof over our heads & to be at home with Kobe. I don't need the lastest fashion fad, Im content to get my fashion fix flicking over a fashion magazine or Instagram posts or I might pick up something cheap at the markets.
I save on food by shopping every second day & planning meals by what's on special in the grocery catalogue. I minimise wastage by composting fruit & vegetables scraps. And by also passing on excess. I had bulk lemons the other week so I gave some to neighbours without a second thought of getting anything in return. Kobe got a lovely surprise by a tin of freshly baked cookies on our doorstep (I may of ate all the gingerbread cookies ones...).
Why not save on shopping? By avoiding the big shopping centres & I also recycle catalogues that come in the mail without reading them (temptation averted). Or by starting small, instead of buying could you borrow from a friend? Kobes old bassinet has made the round to 3 friends babies. Plus now instead of buying books & dvds I either borrow from the library or a friend. I no longer go bargain hunting at the markets/op shops EVERY weekend to once a month to cut out temptation of buying something cheap for the sake of "getting a bargain" I didn't actually need. Im slowly changing my mindset from being thrilled from scoring that bargain to accepting what we already have is more than enough.
If something breaks, can you fix it before rushing out to buy the next model up. Could you live without it? If you do buy another model, it pays to look into the energy star rating.
If you have kidlets, I tend to choose activities that are FREE & outdoors such as a park. This site has a great list of Western Australian parks (with cafes nearby). If you cant afford to keep up with the lastest toy, there are toy libraries scattered about which charge a small annual fee which entitles you to borrow toys or you could do a swap for a week with friends. You could also gather up your mummy friends & pass/swap all the outgrown clothes/toys. Otherwise I suggest these babies markets, the stallholders have great quality baby stuff at a decent price.
And one last thing, if you have a mortgage. My money savvy friend who paid off her house in 10 years recommends having an offset account as it helped her to pay her loan quicker. (Note; she did purchase her home before the property boom, made extra repayments, stuck to her strict budget & sacrificed luxuries like overseas travel to pay her house off). What a superstar! (And yes I will be asking her for more money saving tips to share here at a later date).
Happy Wednesday friends!
Grace
(Sidenote; Im no money saving expert Im just happy to share how our household makes ends meet:))
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