|photo borrowed from news.com.au|
I would like to see how much money I will manage to save and also re-evaluate my wants vs. needs.
Some guidelines I am planning to impose on myself:
- Use phone app to track spending and income and note everything - bills, lunches, groceries etc. I use Expense IQ app on my Samsung and find it very useful as it gives me a breakdown and visual graph by category. It is also like keeping a food diary - makes you think twice before splurging on something.
- Create a budget and stick to it.
- No spending on non-essentials like clothes, make-up and other self-indulgent items.
- Shop at cheaper grocery stores like Aldi for essentials, then get specific items from Coles/Woolies.
- Cook at home as much as possible.
- Minimize take-outs. I want to limit myself to 3 meals per week as it is not always possible to bring my own lunch. But I will keep some essentials at work to snack on or whip up a quick lunch such as nuts, canned tuna, crackers and fruit.
- Find ways to entertain and socialize on a budget - cheap movie nights (our local cinema has $7 tickets on Tuesdays), picnics in the park, home movies and hangouts.
- Spend free from shopping time on looking for better deals on loans, insurance and phone.
- Don't even read those promotional email! Delete straight away or even better unsubscribe to remove the temptation.
- No shopping around, avoid shopping centres all together.