*Income*Budget*Save* Part 3

Urban Girl with a Country Heart

*Income*Budget*Save*

Part 3

In my first two series we talked about knowing your true household income and setting a budget or at least an outline of where our money goes. As I shared with you I am looking for ways to reduce my household spending so I am no longer living in the red. In part 3 we will look at ways to cut spending. I don’t know about you but I will take all the tips & suggestions I can get. Below are what I call the Fav 5, I call them this because you always here these tips maybe not word for word but the general idea is there. So, my thought process is it must work if they have been around that long and talked about so much.

1. Set priorities & Stick to them; if those financial obligations are not met, we don't spend $$ on clothes, crafts, eating out, mani/pedi’s, movies, or road trips. This is something you will have to practice so much self control not only for yourself but for your family, they may not be on board 100% because they just don’t understand the financial challenges your household is facing. Let’s face it was hard for us to face our own short comings when it came to the family budget. So I recommend educating your family on the realities and your game plan. Remember you need a support team to be successful.
2. Don't get stressed; Stressing out about budgeting is not healthy. You must find a balance between being wise with your finances and being flexible where you can be. Remember if you are so stressed out that it is causing you health issue you are costing your family money not saving them money.
3. Cut your food bill; meal plan for every single meal. Base it around what's in the pantry, what on sale, what coupons you have. Keep in mind that stores cycle their sales about every 4 weeks.  If you can meal plan in 4 week cycles you will find the store sales match up with your coupons and you will get more for less. This step will have the most wiggle room in your budget just in case you need to shuffle money somewhere else. (I will explain about how to coupon in a future blog).
4. Don't pay retail; shop thrift stores, consignment shops, yard sales, Craig’s List also check out the following Facebook groups that do online yard sales in your area or Freecycle groups these are people looking to donate items to avoid filing landfills. Plus ask your friends and family they may not want something you need. Trade goods or your services for items or services you need. It’s a win-win for everyone.
5. Pay more than the minimum due. You want to do this on any of your high interest bearing bills. Now how I did this is I went through my credit cards picked the top 3 that had the highest interest rate and any extra money that I have (from using coupons and bonuses we have earned at work) I split between them. Paying more into them will save you money on interest and get them paid off much quicker. Being debt free is a priority for us is it for you?

This has been a lot to take in I know; remember I am a work in progress myself. My tips of the day just take it one step and one day at a time. Small changes lead to big changes. If you fail one day reflect back, learn and start over.

More tips & suggestion coming soon please feel free to leave any feedback, suggestions and tips that can help me and someone else.

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