Thrifty Thursday:
Ways to help your weekly or monthly budgeted money stretch:
In utilities: turn off the water, the lights, unplug things that aren’t in use, insulate the hot water heater & pipes, weather strip windows (and doors), AC/heater temp--keep it comfortable but adjust to a temp that keeps the unit from running as often, lawns-most grasses only need about 1” of water a week--find out what type of grass you have and the amount of water it needs, the amount of rain in your area may be enough, gardening--water near the roots/stem base if possible and early in the morning before 10 am to reduce evaporation, install water saving devices--toilet, shower head, use energy efficient appliances, etc.
In groceries and shopping: weekly sales, coupons, make less trips to the store (most people inevitably spend more than they plan each time they enter a store), pay cash, use a list!!!!!--if something isn’t on your list-don’t buy it or write it in--as this may help you think about if you really need it or not, if it is a big purchase--give it a week if still feel need, then get it; write your list out based on how the items in the store are usually grouped (all dairy together, all produce together, etc.) less trips around the store usually means less items bought, shop around for the best deal (online too!), online websites that allow people to post things for sale or for free, garage sales, repurpose, reuse, recover, repaint, make homemade meals, gifts, cards, etc. (usually cheaper), garden--grow your own food, buying in bulk can sometimes save money (but not always), if you can't use all of it by yourself share the cost with another family, make a menu
In transportation: call around for best rates in insurance, make less trips, combine trips whenever possible, carpool, usually fixing is still cheaper than new, ride a bike for close destinations, keep cars maintained, some stores have fuel perks, pick a mechanic you trust
In entertainment: find free or almost free activities to do (see post on that), stick to your budget!
In housing: live within means--well within it (the more house the more electricity and heating/cooling not to mention more cleaning!), DIY: many home projects can by done cheaper by doing it yourself--but if you don’t feel you have the skill or ability certainly it would be cheaper in the long run to have someone else do it for you, keep things maintained, fix appliances, repurpose items, reuse items, etc.
In debt payments: pay off early. There are two trains of thought: pay off highest interest rate first or pay off lowest balance first. Either way snowball it--once you pay off one, use the money you had been using to pay it off onto the next debt payment until all has been paid off. Even $100 more a month can drastically reduce the time a debt is looming heavily over a family.
Other: got 2 incomes? Unless necessary to use both for basic needs, use one income to live on and the 2nd for debt reduction and savings. This prepares a family for a time when there may be only one income--whether by choice or by loss of job for other reasons.
Needs: What is needed to maintain life (water, food, shelter, clothes, sanitation), to maintain a degree of comfort (heating and cooling), to maintain employment (education, car/transportation, clothes, licenses/business requirements, etc)?
Wants: What is something that is nice to have but not necessary for life or employment?--could you get rid of it in order to help having extra money to get out of debt or meet financial obligations? Each category of need could be expanded from necessity to wants--example in the need of food: eating $8/lb meat compared to $2/lb meat--so when considering needs and wants, it can be hard sometimes (to give up unnecessary comforts), but evaluate what are actual needs compared to wants.
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