Ways to reduce our budget, etc.

iVillage Member
Registered: 03-25-2003
Ways to reduce our budget, etc.
7
Fri, 05-12-2006 - 12:34pm

I thought it would be helpful for me (and maybe others?) to list the different things we're doing (or attempting to do) to reduce our monthly outflow and start living within our means. I would love comments, suggestions, additions, etc.

1. I've started playing The Grocery Game and even in my first week, have seen a significant reduction in our grocery bill. (We have always paid for our groceries with budgeted cash so the extra savings will go directly to paying other bills ~ and not spending on our CCs)

2. We will start putting the money that had been going into the children's savings into the EF. The plan is to hit the EF hard (we have about $400 in it right now) and have it up to $1000 by the end of the year . . . and hopefully much sooner.

3. Back to groceries ~ I've also started keeping a price list to make sure we're paying the lowest prices possible . . . except I don't have the time or patience to chase all over town for the absolute best deal.

4. We're only eating out or getting take out once a month.

5. We're limiting summer activities for the children. We'll find things to do for free or less $ than the organized activities.

6. I stopped getting coffee at my local coffee shop 3x/week. Even though I always used $ from my business, I can now put the money towards the EF and debt.

7. I plan to call our insurance rep and ask him if there's anyway to reduce our insurance premiums.

8. We will change our cell phone plan when our contract is up at the end of the year and will save about $40/month.

9. I'm going to refocus on my business ~ rather than my profits being my "fun" money, I'm going to work on the EF and our debt.

10. Make a zero based budget that works for us.

11. Raise the thermostat.

12. Be very aware of gas prices so I get the best deal on gas. Also ~ make sure I run all of my errands when I'm already out. I also try to coast to lights, etc.

I know there are more that I'm not thinking of but that's our start.




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Avatar for 2locachicas
iVillage Member
Registered: 05-14-2003
Fri, 05-12-2006 - 12:52pm

Well we run a pretty tight budget already and I can barely remember life before our budget. But we have gotten rid of 10k debt this year;-)

Now that hubby is travelling I am going to try and trim our grocery budget quite a bit. I am going to institute breakfast for dinner night, and 2 meatless nights a week. Plus hubby's new job pays for his food so I am going to TRY and make our food budget 50 a week. I am not sure I can do it but it is worth a shot.

Since we are homeschooling next year I have already started to say no to the clothes I would normally have bought the girls for school. It is hard because I am a clothing snob and always want the *best*(gymbo, gap, Nordstrom rack) but I am trying to limit it to a few nice outfits each....for example, at school they always want to see if my kder is wearing to prom today;-)

As far as cell phones Cheeky, we are able to change our plan anytime. We are with US Cellular. You might look into it.

iVillage Member
Registered: 03-25-2003
Fri, 05-12-2006 - 12:59pm

We can change our plan anytime but when we do change the plan, it renews our contract for another year. We want to change to a new provider (from Verizon to Cingular) and get on DH's company plan.

I'm the same way with the kids' clothes (my absolute #1 weakness). I've made remarkable steps . . . and can often find really good deals at Gymbo or Gap or on other nice brands (for instance ~ the RL dress G is wearing in my siggy was purchased for $4). But I'm also buying much less. One thing I will say about buying nice clothes ~ the resale value is excellent and I usually get at least 60% back. It makes the clothes pretty much in line with less expensive brands, especially if you bought them at a good discount already. : )




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iVillage Member
Registered: 03-27-2003
Fri, 05-12-2006 - 1:00pm

I have totally changed how I grocery shop. I used to make a list of what we needed and then went out and bought it. Now I go and buy whatever is on sale. The stores in the Chicago area are very competitive, and there are a couple of different chains that are big on offering "buy one get one free" and selling items "10 for $10" sales (although each item is still only $1 if you buy only one). So even if I don't need hot dogs, for example, I buy them when they are on sale and put them in the freezer. Instead of walking in and shopping for what is on my list, my mindset is now to buy whatever is NOT full price, and we will just have to deal with eating that for the next week or so. This has really made a big difference.

I also try to never pay full price for clothing either. At the end of this summer when all of the summer clothes are dirt cheap for clearance, that is when I will buy all of the stuff in size 10 that my daughter will be in next year.

I also don't have cable. I'm on dial up internet for $11 per month. I bring my lunch to work everyday. I used to stop for coffee on the way to work. Now I make it at home and put it in a thermal cup for the drive in.

My best friend is also a single mom and lives 3 blocks away. We often eat together, taking turns, since there are 2 adults and 3 girls when we all get together and it is more economical for both of us to make one meal that doesn't end up as leftovers in the garbage.

I am working on beign better about electricity. This is a weakness of mine. I am one of those people who would have every light on all day long. I made a deal with my 8 yr old that if she catches me leaving a room with the light on I give her a quarter. Also, we don't leave the computer on when not using it.

Call your cell phone company! They will probably let you lower your plan to fewer minutes per month or whatever even if your contract isn't up yet.

Heather

iVillage Member
Registered: 05-10-2006
Fri, 05-12-2006 - 1:00pm

I always love hearing about ways to stretch the money!!

1. I cut and color my hair and cut my son's hair. I have been doing it enough that mine looks like it is cut at a salon. I am still trying to cut his so it doesn't look like I used a bowl!

2. We started bowling again, it is so cheap where we live now. We can play 2 games for 11.40 but I am asking for shoes for my birthday so it will only end up costing 10.40 each week then.

3. We use the library, the redbox free rental codes and my free blockbuster video coupons from e-rewards to rent videos. We still have netflix but this way we aren't "wasting" our money renting videos that we can get for free.

4. I use a phone card to make long distance calls during the week and the cell phone on the weekend so the total cost for long distance calls each month is about 10.00 or usually less. I can pick up the cards on sale at walgreens for about 3 cents a minute.

5. Any books we are buying come from the used book store as much as possible so we aren't paying full price.

I have others but these are the main ones I can think of now.

iVillage Member
Registered: 08-23-2005
Fri, 05-12-2006 - 1:44pm

Great post!

lvhunnie2005

iVillage Member
Registered: 09-02-2004
Fri, 05-12-2006 - 1:51pm

I grocery shop the same way. I've replaced my list of what we "want" to eat with the store's weekly circular. I've started trying to "stockpile" sale items too when it's something that we all like. And we eat what's on sale that week.

Kids haven't commented on the difference.

I'm also awful myself about forgetting to turn off lights, etc. I can't fuss at my kids cause I'm just as bad. I hate how big our electric bill can be. Yikes! And it's summer time with the a/c running non-stop.

iVillage Member
Registered: 03-25-2003
Fri, 05-12-2006 - 4:34pm

I thought of a few more:

1. I drink less Coke. I used to drink 2 a day. If I figure that's .50/day . . . it comes out to roughly $15/month or $180/year. I now drink one every few days so I'm saving at least $150/year. As a nice side effect ~ I dropped 5 lbs within a few weeks of starting this.

2. My 2 year old has been potty trained for over a month. She is also stays dry during her naps and I put a diaper rather than a Pull Up on her at night since diapers are SO much cheaper and she doesn't need the convenience of pulling it up and down. My 3 year old still doesn't stay dry while sleeping so he still wears diapers at naptime and bedtime. But now that the baby is potty trained, we can buy a case of diapers from Sams and they last for 2 months. That's a drastic reduction.

3. Along the same lines as Coke ~ I've just become more aware of how much things cost. Since I know each Coke costs .25 to drink, it helps convince me not to drink it! And . . . I know when I'm getting good deals and what to expect from my grocery bill each week.

4. I just called our auto and home insurance rep. By increasing our deductibles to $500 on both cars and having mine reduced to a pleasure driving vehicle, we can save $20/month. If I take defensive driving, we'll reduce it another $22/month. And if we drop collision and comprehensive on my car (it's paid off and 8 years old), we'll reduce the rate another $22/month. We're definitely going to increase the deductibles because we can come up with $500 without it being very painful and without using credit cards. And I'm going to take defensive driving ~ I think I can take it for about $25. We're still debating dropping collision because we wouldn't have any money to put down on a new vehicle if my Tahoe was totalled. Maybe when we get in a little better financial position? Any thoughts, ideas, etc.?

5. DH saw that our internet service was being offered to new customers for a very discounted price. He called our provider and they agreed to bundle our services and give us the low price. We saved about 60%.




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"Once we discover how to appreciate the timeless values in our daily experiences, we can enjoy the best things in life."

Harry Hepner


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