Back on Budget

Posted on September 16th, 2010 by Maggie Castrey

If you think budgeting is too much work, think again. It’s not brain surgery!

These simple steps might get you back on the path toward your savings goals.

Where does most of your money go?

  • Trim just a small percentage from categories like food, wardrobe, entertainment and recreation, and you can save a lot.

Pick a category and track it.

  • Add your grocery receipts for a month, or pick the category in which you spend the most money. If the answer startles you, look at ways to trim the fat.

Check on the cash.

  • Write every cash expenditure on a slip of paper for a few weeks. The list will show you where you have cash “leaks” and how much you can save.

Is it a habit?

  • Could you reduce driving costs by planning ahead and grouping errands together?
  • If you keep a grocery list, could you minimize convenience store purchases and save more at your regular supermarket?
  • Could you learn a new recipe using inexpensive fresh ingredients and reduce your use of costly prepared foods?
  • Is your cable TV contract providing more channels than you could ever watch?
  • When is the past time you reviewed your long-distance plan to see if it still fits your needs?
  • Could you have just as much fun starting a family popcorn and video tradition and pocketing the money from that movie night out?
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