When we don’t have much money or we are living paycheck to paycheck it can look hard to save money. But it really isn’t. I’m going to help you do it. Here are some tips on how you can save money.
The first thing to do is create a budget. See how much money you have per month and write it down on a piece of paper. Then write what your monthly expenses are (car, house, electricity, water, etc.) With what is left over, you will write down what you can really spend on other things, such as shopping for clothes, eating out, netflix, without forgetting what you have to save per month.
Sounds hard?
Let's look at it another way.
According to the 50/30/20 Budget Method you will spend 50% of your available money/month on NEEDS. Needs are mortgage, rent, utilities, car payment, grocery shopping, etc.
30% will be spent on WANTS. Because we are saving but we are also enjoying life. Wants are clothes, eating out, cinema, gym, netflix, HBO, etc.
The remaining 20% is for SAVINGS. Savings are any saving account you have or even the piggy bank you have at home.
50% - Needs
30% - Wants
20% - Savings
Now let’s talk about grocery shopping. We all know, a lot of our money goes to grocery shopping. Without a budget it’s easy to spend more than you should. And it can turn into a “punch in the wallet”.
So, How much should you spend monthly on your groceries?
Let’s see per number of people that may live in your household.
1 people - $120
2 people - $240
3 people - $360
4 people - $480
5 people - $600
And so on…
As you can see, you should be spending $120 per person per month. For fresh groceries (fruit, milk and bread) you can spend an additional $20 per week. The point is not to necessarily spend those $120 / person but to always try to stay UNDER that.
Important:
NEVER go to the grocery store without a Grocery List!
Buy extras! When it’s at a good price or on sale, buy at least 2 of it. It will save you from running to the store the next time you need that item!
Don’t go more than one time per week to the store ! you will buy more than you need, and spend more!
If you don’t have all the ingredients to one specific meal, use WHAT YOU HAVE! It’s not an excuse to go to the grocery shopping! Use what you have! This is why it’s really important to MEAL PREP at the beginning of the month.
Buy produce in season! Can it if you can, to be able to use it throughout the year.
You want more tips to save money when you don’t have a lot? Here it goes!
PACK YOUR LUNCH! It will save you a lot of money per year! And believe me, it’s way better to eat a homemade meal than something else.
EAT OUT LESS! Yes you can go out on a date with your husband, make a surprise to your kids from time to time, but don’t make it a regular thing!
IF YOU SMOKE, PLEASE QUIT! We all know smoking is a big expense! Give it a try! It will be good for your wallet.
PLAN YOUR VACATIONS EARLY! When you plan in advance, save money and pay for it in advance you will save money. If you can’t afford a big vacation, that’s okay! Visit your local attractions, visit a nearby town or just enjoy your home watching movies, eating out a couple of times and going to the movies.
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