I was worried early in our marriage that I would not be bringing in a monetary income to our family. I did not know how I was going to contribute financially to our family. Since we have been married, I have learned to save us money. This has helped us tremendously in our finances and budget. It helps to keep our income IN instead of going OUT. When we are able to save money in certain areas of the budget then we can use it in other areas of the budget where there may be a deficit or to make up for increased spending due to rising prices.
One area that I have mastered saving money is in the grocery budget. I knew early on that we were going to have to use coupons and other money saving tips in order to keep us on a tight grocery budget. It took some time to master this skill but I have managed to save us more and more each time we go to the grocery store.
Here are some tips on how I have been able to save us money.
Money saving tips
1) BOGOs & Bonus buys.
2) Coupon stacked on top of BOGOs & bonus buys
3) Competitor coupons
I use BOGOs (Buy one, Get one free deals) and bonus buys to "stock up" on basic supplies such as pasta, rice, and soup. I have kept our big shopping days to only twice a month – once at the beginning of the month and another in the middle of the month. On the other weeks, I only shop for the perishable items such as milk and eggs. I sometimes will capitalize on a few good sales such as crackers, snacks, or juice.
I know it may seem a bit out of the ordinary with the rise of technology and the Internet, but we use the Sunday newspaper to clip coupons. We look at the grocery store sale ad that comes in the Wednesday paper. Kris and I often fight over who gets to look at it and catch the good deals first. Stacking these coupons with BOGOs and bonus buys can help to save even more money.
Look out in your mailbox for the sale ads and coupons for grocery stores that you do not typically use. They may have better sales on items that you normally use. Check if your favorite grocery store honors competitor coupons. Stacking these coupons with your BOGOs deals and other coupons can really save you money. Sometimes it may seem like just "junk mail" but there are money saving coupons in there. I know Publix, our local grocery store, takes competitor coupons.
Shopping tips
I always make a very detailed grocery list and stick to it. I know what items on my list I really need and which ones can wait. I have a basic idea how much I would spend if everything on the list was purchased. I typically only add items not on the list when I have other items from the list that I have not purchased. I am able to stay within budget each time I go to the grocery store.
Not only do I not go to the grocery store when I am hungry, but I do not make my grocery list when I am hungry. I may look at the sale ad a few times before I compile my list. I am able to limit my impulse for a certain item even it is on sale. It is not necessary to capitalize on every sale or deal. Decide which deals are advantageous for you.
Be careful of product size and cost. Check per unit costs of each item. Manufacturers use different sizes to entice you to buy less and pay more. The better deal is not always what you think when you compare per unit costs.
This article appeared in our local paper and you may want to take it into consideration the next time you are at the grocery store.
Make sure you watch your items as they are being rung up. Your grocery store may have a policy for items that do not ring up correctly. I know Publix has a policy if an item does not ring up at a price you think it should be, then they give it to you for FREE whether it is your error or theirs. I have caught this a couple of times.
I have found fiddledeedeemom.com to be a helpful website/blog. The author lists sales & BOGOs deals coupled with coupons at various grocery stores.
Meal planning tips
I devise our weekly meals plans based on what is on sale and not what we are craving. It is an extra special treat when the ingredients for the special meals we have been craving are on sale. There are websites such e-mealz.com available for a small fee to help you devise meal calendars based on what it on sale at your favorite grocery store. I plan our own meal calendar based on our food inventory at home and what is on sale. I am sometimes able to plan two weeks worth of meals based on our current inventory without having to go grocery shopping for additional items.
I have had fun developing my own techniques for saving money. These are the tricks that worked for me in helping to save money. I started off saving only twenty-five percent each time at the grocery store. I slowly was able to work up to thirty percent. Just the other day I was able to save the same amount of money that I spent. I am slowly working on tipping the scale where I am able to save more than I actually spent on the groceries. If I can just do it once in this lifetime, then it surely would be a great accomplishment.
Remember saving money is making money.
Showing posts with label Budget. Show all posts
Showing posts with label Budget. Show all posts
Saturday, April 2, 2011
Tuesday, March 15, 2011
Financial Peace
Kris and I decided early on that we would follow Dave Ramsey's principles to help us budget and manage our finances. I was hesitant to get on board but I had no other suggestions for a plan for budgeting. For the last 8 weeks, I have been attending Financial Peace University. I have been learning new skills necessary to plan and maintain a budget.
Kris has been a fan of Dave for nearly ten years and has lived by his principles. He has managed his money well and made a decent financial profile. I was always impressed with his financial success but did not think I could obtain the same success. My personal financial profile was not as well put together. I had a difficult time with budgeting and making ends meet. During the last ten years, Kris encouraged me to listen and follow Dave's principles. I was not interested in any advice that he had for me. It was not because I was afraid it was not going to work but I was afraid to face my the financial mess I had made. Before we were engaged, I thought that it was my finances and lack of control over my expenses that would be the one hump that would keep us apart. I learned later that it was not my finances that would have been the deal breaker.
After realizing that my debt was not the deal breaker, I was able to finally face the elephant who was waiting there for me. The elephant was not as big as I had feared it to be. Kris helped me to get on track financially. I was starting to climb out of my hole and started winning with money. I was able to clean up a lot of the mess I had made before we were married. I felt as if I was able to enter into marriage with a lot less weight on my shoulders.
Throughout the course of our marriage, I have had an active role in the budgeting and handling of finances for our home. I never thought I would have been capable of such a task. I was so afraid I would lose control and single-handedly bring down our family's finances. I finally have financial peace. I no longer fear if I will make it to the next paycheck. There are times when we dip below my personal security but I use that fear to push me forward. I stretch every dollar and save wherever I can. Dave Ramsey's plan has given me the confidence to start winning with money.
I look forward to the day when we are finally say, "We are debt free. FREEDOM!"
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| Financial Peace University kit |
Kris has been a fan of Dave for nearly ten years and has lived by his principles. He has managed his money well and made a decent financial profile. I was always impressed with his financial success but did not think I could obtain the same success. My personal financial profile was not as well put together. I had a difficult time with budgeting and making ends meet. During the last ten years, Kris encouraged me to listen and follow Dave's principles. I was not interested in any advice that he had for me. It was not because I was afraid it was not going to work but I was afraid to face my the financial mess I had made. Before we were engaged, I thought that it was my finances and lack of control over my expenses that would be the one hump that would keep us apart. I learned later that it was not my finances that would have been the deal breaker.
After realizing that my debt was not the deal breaker, I was able to finally face the elephant who was waiting there for me. The elephant was not as big as I had feared it to be. Kris helped me to get on track financially. I was starting to climb out of my hole and started winning with money. I was able to clean up a lot of the mess I had made before we were married. I felt as if I was able to enter into marriage with a lot less weight on my shoulders.
Throughout the course of our marriage, I have had an active role in the budgeting and handling of finances for our home. I never thought I would have been capable of such a task. I was so afraid I would lose control and single-handedly bring down our family's finances. I finally have financial peace. I no longer fear if I will make it to the next paycheck. There are times when we dip below my personal security but I use that fear to push me forward. I stretch every dollar and save wherever I can. Dave Ramsey's plan has given me the confidence to start winning with money.
I look forward to the day when we are finally say, "We are debt free. FREEDOM!"
Thursday, February 10, 2011
Book of the Month: Total Money Makeover
We set a goal this year to read a book of the month. I picked 12 books in advance that I wanted to read this year. I did not assign them a month but I chose 6 books for learning and inspiration and 6 books for leisure and fun. I later decided to read the books of learning first so that I could enjoy the rest of the year. I have also picked up a bonus book to read simultaneously as the book for the month to break things up a bit. I am in no rush to finish the bonus books before the end of the month. I hope to read 18 books total this year including bonus books. After finishing a book (whether it is the book for the month or a bonus book) I will write a review of the book and share my thoughts and what I learned from each book.
For the month of January, I chose Total Money Makeover by Dave Ramsey. I originally chose Financial Peace Revisited but later decided to read Total Money Makeover. It is a much shorter book than Financial Peace and is not as cut and dry. He includes some humor as well as personal stories from other couples who are working on their Total Money Makeover. I ended up having to read Financial Peace Revisited when Kris and I signed up to take Financial Peace University through our Church. I am glad that I got to read Total Money Makeover first to inspire us to get on track with our finances.
Summary:
Total Money Makeover is a proven plan to help you gain control of your finances. Dave uses "baby steps" in order to help you organize your money (and life) so that you can have control. I know that this plan works because scattered throughout the book are personal testimonies from couples as well as singles who have used or are currently using Dave's plan to get control of their life and their future. The stories are an inspiration to get on a plan and stay on it. One of Dave's most important keys to financial success is the need for a written budget. He shows you how to create a budget and stay on it. Dave dispels myths about debt and money in order to help the reader understand more about the process. Dave uses his humor and wit to explain his plan and move through each of the baby steps.
Review:
This book was one of the most enjoyable non-fiction books I have ever read. The wit and humor made the book a faster read. There were some nights I just could not put the book down. The personal stories were encouraging. They reminded us why we started this whole process in the first place. I am glad that I read this early on in our marriage. It has helped us get on the same page in regards to our finances and helped us start our marriage on the right foot. His reference to passages from the Bible help us to stay focused mentally and spiritually on the same plan. My favorite part of the book was his reference to my favorite Bible verse -- Jeremiah 29:11. It is not only my personal mantra but the verse in which the title of this blog is derived. Reading this as we started Financial Peace University was the extra push we needed to get and stay motivated to make a plan that works. I would highly recommend this book to anyone who is experiencing financial difficulty or just wants to learn a "new" way to get financially fit.
For the month of January, I chose Total Money Makeover by Dave Ramsey. I originally chose Financial Peace Revisited but later decided to read Total Money Makeover. It is a much shorter book than Financial Peace and is not as cut and dry. He includes some humor as well as personal stories from other couples who are working on their Total Money Makeover. I ended up having to read Financial Peace Revisited when Kris and I signed up to take Financial Peace University through our Church. I am glad that I got to read Total Money Makeover first to inspire us to get on track with our finances.
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| January book of the month: Total Money Makeover by Dave Ramsey |
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| Financial Peace Revisited by Dave Ramsey |
Summary:
Total Money Makeover is a proven plan to help you gain control of your finances. Dave uses "baby steps" in order to help you organize your money (and life) so that you can have control. I know that this plan works because scattered throughout the book are personal testimonies from couples as well as singles who have used or are currently using Dave's plan to get control of their life and their future. The stories are an inspiration to get on a plan and stay on it. One of Dave's most important keys to financial success is the need for a written budget. He shows you how to create a budget and stay on it. Dave dispels myths about debt and money in order to help the reader understand more about the process. Dave uses his humor and wit to explain his plan and move through each of the baby steps.
Review:
This book was one of the most enjoyable non-fiction books I have ever read. The wit and humor made the book a faster read. There were some nights I just could not put the book down. The personal stories were encouraging. They reminded us why we started this whole process in the first place. I am glad that I read this early on in our marriage. It has helped us get on the same page in regards to our finances and helped us start our marriage on the right foot. His reference to passages from the Bible help us to stay focused mentally and spiritually on the same plan. My favorite part of the book was his reference to my favorite Bible verse -- Jeremiah 29:11. It is not only my personal mantra but the verse in which the title of this blog is derived. Reading this as we started Financial Peace University was the extra push we needed to get and stay motivated to make a plan that works. I would highly recommend this book to anyone who is experiencing financial difficulty or just wants to learn a "new" way to get financially fit.
Tuesday, January 18, 2011
My job: Stay at Home Wife
A close friend had been asking me how we came to the decision for me to be a full time stay at home wife versus a working wife when I moved here. It was not an easy decision for me to make personally but it was an easy decision for us to make together. It was not that my husband told me that I had to be a stay at home wife but he gave me the option to be a stay at home wife. If I need to go back to work for whatever reason (either personal or family) then I know I can. The option is always there for me to work but the decision to stay at home is truly a blessing.
Below you will find how I chose to answer her concerns about staying at home versus being a working wife.
A few questions to consider when deciding to stay at home:
1) Is the second income the difference between making ends meet and a few extra dollars for dinner and a movie once a month?
2) Is the primary income alone enough to cover your essentials -- food, water, electric, and mortgage?
3) Can you squeeze the budget in non-essential areas (health and beauty, leisure and entertainment and blow) and tighten in other areas (food and clothing)?
4) Do you have "extra" or increased expenses in certain areas due to your second income?
Here's how we explored each of these areas:
For questions 1 and 2:
Early in our marriage (a month or so after we were married) we explored our monthly budget. We took our monthly income (using Monopoly money) and spent EVERY dollar on paper.
Categories we considered:
1) non-negotiable: mortgage & car payments
2) monthly negotiable: food & gas
3) frequently occurring (not monthly): car repair & medical
4) other expenses: blow, leisure, entertainment, savings
We determined that my husband's salary (including overtime) alone would cover all of our monthly expenses. Anything I bring home would only be to help either pay down our debt faster or add to our leisure, entertainment, or savings. We could cover all our necessary expenses and still have enough for an occasional treat once a month or so.
For question 3:
As the months went by after we planned our budget, we realized there were certain categories we had omitted from the budget (unexpected medical expenses) We also realized that what we originally budgeted in some other categories were more than what we needed. So we were able to adjust the budget to fit in the new categories and pare down the others. We were still able to make my husband's income work each month without it being necessary for me to have to go to work.
For question 4:
Consider this. Let's do some math. Let's say you make $1000 a month working part time. You can subtract about 1/3 of that for taxes and payroll deductions so your take home monthly is approximately $700. But since you are working you now have increased expenses in other areas that you wouldn't normally have if you stayed home such as increased car maintenance. And perhaps now you eat out more since both of you are just too tired to make a nice home cooked meal. Not to mention you are both too tired and your quality time together isn't what it used to be. So with all the added expenses, your take home pay is now reduced to $300 to $400 a month. Can you adjust the budget and spending to save $400 a month rather than you having to go to work? If you can find areas where you can cut expenses, then it's like making $300 or $400 dollars that goes directly into your pocket. It's not taxed and you can spend it anywhere you need it. Saving money is positive income rather than outcome (money going out)
I have come to realize over the last nine months although I am not working outside the home, I make us money by saving us money. I have learned to save money at the grocery store and I have not purchased any new clothes since we have been married. I have tightened my personal blow budget and applied the money in other areas where we need it. I have sacrificed things that I really want for things that we really need. This helps us stay on track and on budget. Saving money truly turns our income into IN-come rather than OUT-come -- money going out for bills and unnecessary wants. It was not always easy for me to make these kind of decisions but I have learned to make choices for the greater good of our family rather than my own wants. I see sacrificing now will pay off for us in the long run. Denying ourselves these simple pleasures now will help to enjoy them later without concern for money.
Every few months, we revisit the idea of me working. It is more for personal reasons rather than family financial reasons. I start to miss working and the interaction with people. But after all is said and done and we openly discuss it, I choose every time to stay at home. I continue to make our house more than a building but a loving and welcoming home that we pray someday we can fill with children.
Being a stay at home wife has been the best job I have ever had. It is worth the hours I put in and the money I make. The benefits are the best. I have a beautiful home and an amazing husband who loves me with all his heart. What more can one ask for?
Below you will find how I chose to answer her concerns about staying at home versus being a working wife.
A few questions to consider when deciding to stay at home:
1) Is the second income the difference between making ends meet and a few extra dollars for dinner and a movie once a month?
2) Is the primary income alone enough to cover your essentials -- food, water, electric, and mortgage?
3) Can you squeeze the budget in non-essential areas (health and beauty, leisure and entertainment and blow) and tighten in other areas (food and clothing)?
4) Do you have "extra" or increased expenses in certain areas due to your second income?
Here's how we explored each of these areas:
For questions 1 and 2:
Early in our marriage (a month or so after we were married) we explored our monthly budget. We took our monthly income (using Monopoly money) and spent EVERY dollar on paper.
Categories we considered:
1) non-negotiable: mortgage & car payments
2) monthly negotiable: food & gas
3) frequently occurring (not monthly): car repair & medical
4) other expenses: blow, leisure, entertainment, savings
We determined that my husband's salary (including overtime) alone would cover all of our monthly expenses. Anything I bring home would only be to help either pay down our debt faster or add to our leisure, entertainment, or savings. We could cover all our necessary expenses and still have enough for an occasional treat once a month or so.
For question 3:
As the months went by after we planned our budget, we realized there were certain categories we had omitted from the budget (unexpected medical expenses) We also realized that what we originally budgeted in some other categories were more than what we needed. So we were able to adjust the budget to fit in the new categories and pare down the others. We were still able to make my husband's income work each month without it being necessary for me to have to go to work.
For question 4:
Consider this. Let's do some math. Let's say you make $1000 a month working part time. You can subtract about 1/3 of that for taxes and payroll deductions so your take home monthly is approximately $700. But since you are working you now have increased expenses in other areas that you wouldn't normally have if you stayed home such as increased car maintenance. And perhaps now you eat out more since both of you are just too tired to make a nice home cooked meal. Not to mention you are both too tired and your quality time together isn't what it used to be. So with all the added expenses, your take home pay is now reduced to $300 to $400 a month. Can you adjust the budget and spending to save $400 a month rather than you having to go to work? If you can find areas where you can cut expenses, then it's like making $300 or $400 dollars that goes directly into your pocket. It's not taxed and you can spend it anywhere you need it. Saving money is positive income rather than outcome (money going out)
I have come to realize over the last nine months although I am not working outside the home, I make us money by saving us money. I have learned to save money at the grocery store and I have not purchased any new clothes since we have been married. I have tightened my personal blow budget and applied the money in other areas where we need it. I have sacrificed things that I really want for things that we really need. This helps us stay on track and on budget. Saving money truly turns our income into IN-come rather than OUT-come -- money going out for bills and unnecessary wants. It was not always easy for me to make these kind of decisions but I have learned to make choices for the greater good of our family rather than my own wants. I see sacrificing now will pay off for us in the long run. Denying ourselves these simple pleasures now will help to enjoy them later without concern for money.
Every few months, we revisit the idea of me working. It is more for personal reasons rather than family financial reasons. I start to miss working and the interaction with people. But after all is said and done and we openly discuss it, I choose every time to stay at home. I continue to make our house more than a building but a loving and welcoming home that we pray someday we can fill with children.
Being a stay at home wife has been the best job I have ever had. It is worth the hours I put in and the money I make. The benefits are the best. I have a beautiful home and an amazing husband who loves me with all his heart. What more can one ask for?
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