3 Ways We're Saving Money in 2018
Hey everyone, and Happy New Year! I took the last couple weeks off due to the holidays, but I'm excited to be back!
This is a popular time of year for people to be setting new goals or resolutions for 2018. Are you one of them? I didn't necessarily set any goals for the new year, but I do have some new strategies that I'm going to be trying out. I wanted to share them with you to see if any of you wanted some extra tips or motivation to stay on top of your money in 2018. So here it goes...
1. We're Using Cash
Statistics show that you spend less when you purchase with cash versus plastic - even if it's a debit card. When you pay with cash, it actually activates part of the pain centers in your brain, so it hurts to spend your money. Starting this month, we're only going to be using cash for our variable expenses - groceries, household supplies, transportation, and date nights. These are the 4 categories where we tend to exceed our budget - mostly due to random impulse purchases.
The beginning of each month, I'll withdraw the cash amounts that we budget for these categories, and I'll keep them in separate envelopes for the month. By using cash only, we can't really overspend, since I'll only have the budgeted about of cash on me. This might force us to do a little more planning, but I'm excited to see how it works for us!
2. We're having a "No Spend" January
Okay, well obviously we'll have to spend SOME money, so maybe it should be called a "minimal spending" January. Our budgets for some of our variable expenses I mentioned above are being reduced this month - maybe even eliminated!
We eliminated our date night budget for the month, so we're forced to be creative to find free dates. Fortunately, it's been FREEZING cold up here in Northern Minnesota , so we've been perfectly content having date nights at home - cooking a nice meal and watching a movie we already own.
Our grocery budget has been cut down about 75%. This month, we're focusing on eating out of our pantry and freezer. It's crazy how fast you can forget what you have in those places! Once again, we might have to get creative towards the end of the month, but we'll see how it goes! I know we definitely won't starve! But, we will still buy a few perishable items during the month - basically milk, fruit, and some veggies (we have a bunch of frozen veggies to eat first!).
Our transportation budget is usually pretty low to begin with - we both work from home, and we really don't go too far during the winter months. So, not much to eliminate in this category.
Since we moved into our house in September, our household expense budget has increased. Not necessarily with things that are needed, but with more things that are wanted to help "fill" and organize our house. So, for this month, we'll only be buying the things we NEED for our house - you know toilet paper, toothpaste, laundry detergent. Things that you really do NOT want to go without. Anything else that I think we NEED, I'll write it down and look over my list next month. Chances are, we really don't need it, and it would've just been an impulse buy. If it actually IS something we need, then I'll add it to the budget for next month.
I'm hoping to do this more than just once. Maybe we'll do it 2-3 times a year - we'll see how quickly our pantry and freezer fills up again!
3. We're shopping online
This is specifically for our grocery and household expenses, as these are the categories that we typically overspend. I won't really be using this in January, since we really won't have much shopping to do, but for sure starting in February. So many grocery stores now offer the in store pick-up option. This allows me to shop from the comfort of our own home, and hopefully let me eliminate some of those impulse purchases. It will also allow me to double check what we actually have in our fridge/pantry. I can't even count the times that I'm walking through the store and think of something else I need for a meal that week that I didn't write on my list. Unfortunately, I can't remember if I already have any of this at home, so I buy it, only to find I already have 2 at home. Shopping online will also let me do a little extra price checking between stores, to make sure I'm getting the best deal. I haven't actually ever used this before, but I think they let you pay in store when you're picking up your order? I hope so anyway. If not, maybe I'll have to reload a prepaid debit card or something each month, just to keep my spending more limited. If you've ever done it, I'd love to hear your thoughts!
So, there you have it - these are some of the ideas I'll be trying out in 2018. Not sure how they'll work for us, but I'll be sure to let you know!
Do you have any money-related goals or resolutions for 2018? I'd love to hear them! Post them below or on the Finding Freedom Facebook Page!