Before I started tracking my spending, I never considered how much I was spending on certain things.
I mentioned in yesterday's budget post, I leak a lot of money in my grocery and food budget (still!). And according to this article, I'm definitely not alone.
Most of us could give our budgets a significant boost by tracking spending and figuring out alternatives to how we currently spend our money. Here are some easy ways that I'll save the most money this year:
I mentioned in yesterday's budget post, I leak a lot of money in my grocery and food budget (still!). And according to this article, I'm definitely not alone.
Most of us could give our budgets a significant boost by tracking spending and figuring out alternatives to how we currently spend our money. Here are some easy ways that I'll save the most money this year:
- Cell phone - I mentioned in an earlier post that I sold my phone and paid it off (opting for an older used phone), saving a $30 monthly payment. I also cut our data plan in half, saving an additional $20 a month. Total savings for the year = $600.
- Stop buying coffee (and other caffeinated beverages). There was a article circulating last year stating Millennials spend more on coffee than they invest in retirement accounts. This was according to a survey by Acorns, a micro-investing company. I have to say, I do believe this is the case for many. My two a day coffee habit would cost anywhere from $5-$7. A Starbucks venti Americano with cream cost $3.51 when I stopped buying them 3 weeks ago (that was up from $2.96 when I started buying them years back). 20 oz coffees in all other drive thrus are no cheaper than $2.50. Let's just say I spent $5 each day on average...Total savings for the year = $1300.
- Change my weekly lunch habit. I work in an office. I work a decent amount of hours, and I'm allowed an hour for lunch. The last thing I want to do is stay in the office for that hour, so I've developed the habit of driving around and listening to podcasts or driving home (not that close). In addition, this was sometimes accompanied by buying lunch (and/or coffee). Let's say I drive 25 miles in that hour. In gas only, at $2.50 per gallon average, that's at least $10 in gas for the week, not to mention the general wear and tear and miles to the vehicle. Lunch would run $6 dollars on average, conservatively. I'm committed to packing food daily now, and will use my lunch hour to get an additional workout in, or simply walk. $10 per week in gas, $20 on food estimates, Total savings for the year = $1560 per year.
- No gym membership. $200-$350 per year.
- Cut back on protein. Part of the grocery budget issues is I simply eat too much, particularly certain types of foods. In recent years I've started believing that we as Americans, especially those of us with an interest in health/fitness, eat way too much protein. And if you're responsible for buying your family's groceries, you know protein is expensive (especially quality, humanely raised, protein). While following certain diets, I've been known to eat up to a pound of protein, daily.. Our family dinners have recently been SHARING around 12 oz of fish/chicken/and about once a week, beef. The only other animal protein I'll be eating during the day is 2-3 hardboiled eggs. As an estimate, I'll say I'd save on my end alone, $4 per day. Yearly savings = $1456.
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