View Full Version : Living with limited spending challenge
After big changes in my life requiring expenditures that are not routine, I need to get back to a budget. I have stuff in my freezer, pantry and fridge. I need to set a modest goal of spending. I am frugal in mentality, lifestyle and choices.
Sooo, beyond the routine utilities, auto gas, tithing and tax expenses and cost of quality dog food, I will spend no more than $200 per month for one person. Movies from the library, free lessons online for harmonica and painting will supplement my HDMetopera shows that I share with friends. It will be interesting to see how much I actually need to spend vs want beyond the basics. This will include my food purchases as well.
The thread on a plant-based diet had me thinking more seriously about my spending and alternatives.
Anyone else interested in trying a spending challenge?
After big changes in my life requiring expenditures that are not routine, I need to get back to a budget. I have stuff in my freezer, pantry and fridge. I need to set a modest goal of spending. I am frugal in mentality, lifestyle and choices.
Sooo, beyond the routine utilities, auto gas, tithing and tax expenses and cost of quality dog food, I will spend no more than $200 per month for one person. Movies from the library, free lessons online for harmonica and painting will supplement my HDMetopera shows that I share with friends. It will be interesting to see how much I actually need to spend vs want beyond the basics. This will include my food purchases as well.
The thread on a plant-based diet had me thinking more seriously about my spending and alternatives.
Anyone else interested in trying a spending challenge?
I might be interested...
Yes, I am trying to deal with an income that is dropping in 3 months so I am ready for this. I juts realized that I looked at my bank balance the other day and made some adjustments immediately and it didn't hurt a thing. When I am working and not on break I barely have time to think much less carefully look at my budget. However I bring my lunches the majority of the time so that is good.
I dropped off some boots and my sewing machine for repairs this week while I had time, but both costs will come in January. However still have full pantry and my son is buying more food since he likes fancy meat (and works in the meat department of a grocery store).
It is so easy to stop for a coffee somewhere, or pick up some food item that is defrosted or quick and easy to prepare. I can carry some tea from home and decide the day before what I want the next day. Focus on the budget will help me get back on track.
rodeosweetheart
1-1-16, 1:47pm
It is so easy to stop for a coffee somewhere, or pick up some food item that is defrosted or quick and easy to prepare. I can carry some tea from home and decide the day before what I want the next day. Focus on the budget will help me get back on track.
I would be very interested in a food/entertainment/eat out challenge--it's my goal this year to really work on these categories, probably by just picking a number for all three--they tend to all come out of same place--limit self to cash for spending for these categories for husband and myself.
I've got some new stuff going on that's going to want some attention, so I'm not up for an official challenge but I'm planning to keep expenses as low as I can. For those about to crock, I salute you! :D
I'm in...I am retiring at the end of Janaury so my income will be limited to a pension until I find a very part-time job and or take SS in the future. I am actually looking forward to the challenge of living on less. While working all day, it is hard to resist eating out more than we should. And grabbing a bottle of wine to unwind after a stressful week. I think it will be a lot easier to watch the spending when one of us is out of the working melee. Today I am figuring up last year's expenditures; once I get it on paper, I can see exactly where we can cut and how much.
I'm in...I am retiring at the end of Janaury so my income will be limited to a pension until I find a very part-time job and or take SS in the future. I am actually looking forward to the challenge of living on less. While working all day, it is hard to resist eating out more than we should. And grabbing a bottle of wine to unwind after a stressful week. I think it will be a lot easier to watch the spending when one of us is out of the working melee. Today I am figuring up last year's expenditures; once I get it on paper, I can see exactly where we can cut and how much.
Funny that you should mention this. I just figured out the average monthly costs of last year with all my financial statements properly organized in the last few days. That and the plant food diet thread are what triggered this thread.
I know my fixed costs and they are appropriate for one. It is all the variables that have skyrocketed and must be given thoughtful attention again.
razz, I enjoy the HDMetopera simulcasts too, but haven't been to one this season. That expense comes out of my "Fun Fund", which is my income tax refund that is only used as special treats for myself.
I'm still rehabbing from my shoulder injury and have started working only about 4 hrs. a week in the salon at the desk. It will pay for gas, cell phone and my horse's hoof trims if I'm lucky. Since this happened I've been trying to only buy what needs to be replaced and what is necessary. Hopefully I'll find a full time job in the near future but I'll still limit my spending. Lots of financial catching up to do!
I have set a 2016 goal of reducing our restaurant spending by 25% from 2015; we were VERY bad this year. I keep a spreadsheet with date, restaurant name, cost and reason. Some of the reasons for 2015 were "needed clams" and "needed lobster by the water," and "National Fried Clams Day." It would seem it might be worth my while to get a clam digger's license. :)
I also have a goal to reduce clothing expenditures by 50%.
I have set a 2016 goal of reducing our restaurant spending by 25% from 2015; we were VERY bad this year. I keep a spreadsheet with date, restaurant name, cost and reason. Some of the reasons for 2015 were "needed clams" and "needed lobster by the water," and "National Fried Clams Day." It would seem it might be worth my while to get a clam digger's license. :)
I also have a goal to reduce clothing expenditures by 50%.
Reading this made me LOL. Mostly because it sounds exactly like the types of reasons I have for spending money that I don't truly need to spend. For example, I'm quite certain that I bought ice cream cakes on two occasions in 2015 and the reasons were "It's the cat's birthday -- we gotta celebrate!" :|( (To be fair, we have three cats and so clearly I denied one of them a birthday celebration. And we have three dogs. Their birthdays were not celebrated. See -- I do have some self-restraint!)
Now that we have been here in Hawaii a while, I have a better idea of how much various things cost and how we might fit here.
We are already taking steps towards 'right-sizing' our lives.
Moving to a smaller apartment and finding a studio space to rent.
Eating more rice, less pasta.
Trying to reduce my data plan down to 1GB to save another $10 but I use google maps a lot as I'm still very unfamiliar with the area. I use the bus app a lot also to find out how to get to and from all these strange places. It may be worth spending the extra $10 in the end, it's not very safe here after dark.
Rosa, if'n you're *needing* clams that often, yes, get a license. Thanks for the laugh!
Now that I have a job again I'm back on track for living on half of my income in 2016. The only thing I really want to avoid spending on is clothes, as I bought A LOT in the end of 2015 and shouldn't need anything else for a long time.
Otherwise I don't have too many spendy habits. The big ones are housing, food, and travel. My expenses will go up in the fall once I move, but as long as I save $1,000 a month, I'm still good for early retirement goals.
Clothes! I've got to stay out of thrift stores; I always have a need for a piece of clothing when I find it cheap in the thrift store. Honestly I don't need any more clothes and simply must stay away. How many turtlenecks and polos does one person need?? Even though these expenses come from my "Fun Fund" (and thrifting IS fun!), finding something better to do than shop will help me.
[QUOTE=rosarugosa;226732]I have set a 2016 goal of reducing our restaurant spending by 25% from 2015; we were VERY bad this year./QUOTE]
I'm in. We were VERY bad too. $580 per month. I'll go 50% reduction with you on this. High stress at work with very long days take their toll on my initerest in going home and cooking a meal.
I'm up for coaching on meal planning and sticking to it. I need 30minute plans that will improve our physicial health. (we also each put on 20 pounds this year-attribute most of that to the expenditure above).
lessisbest
1-3-16, 12:43pm
There are all kinds of budget leaks.....big and little. These are a few I teach in budgeting classes.
-Failure to HAVE a budget and failure to give each dollar a name. We can all seem to justify what we spend money on, but how many actually know how much they spend? It's not a crime to go out to eat, but how much you spend and how often you eat out, especially when you are carrying a load of debt around, carry a monthly balance on your credit card/s because you can't pay it off each month, might mean you have your priorities mixed up.
-Do you REALLY know how much you spend on meals out and/or groceries? It might surprise you if you don't actually have a budget item for food. In the food classes I teach, we figure $25 per person per week as a starting point to set up a food budget to meet your full dietary needs, and we make alterations from there. I live where the cost of food is relatively inexpensive and I spend just under $16 per person per week ($125/month for two adults) and we have everything we could ever want - deprive ourselves of nothing - it just needs to fit in the budget. At the end of 2015 - even after indulging in a lot of extra ingredients for making holiday goodies and extra meat purchases (my normal meat budget is $10/week) - I had nearly $200 left in my food budget for the year UNSPENT.
-We no longer subscribe to a newspaper, magazines, clubs with dues, book of the month..... Once members of the YMCA, we switched to exercising for free, and put a few pieces of exercise equipment (some free and some was purchased used) in the basement and use it 5-days a week. If you have stairs, they are some of the best exercise equipment in your home - so use them.
-We have basic cable TV, and the primary reason is during tornado season we rely on it for weather information, otherwise I would drop the $36/month expense in a heartbeat (and most people spend three or four times that amount). If you don't spend a lot of time indoors in the summer, consider going to basic cable at that time of the year to save.
-Beverages - and that includes everything liquid - bottled water, "special" coffee/creamers, tea, juice, alcohol, juicing, sports drinks, energy drinks, juice boxes, pop/soda, you name it. People spend a lot of money (and consume a lot of sugar and calories) quenching their thirst. Did you know those handy-dandy single-serving coffee pods can mean you are spending as much as $40 per pound for coffee??? Not to mention the enormous amount of waste created. Most recycling places don't take #7 plastic the coffee comes in, and this is the most wasteful form of coffee there is. The K-Cup inventor says he regrets ever inventing them because he later realized the horrible effect they've had on the environment. Cheers!
-Avoid highly-processed snack food and individual serving sizes of foods. If we want potato chips, I make them myself in the microwave oven at a fraction of the cost, and a lot healthier option. We don't do without, we just do "different".
-Tossing out leftovers instead of incorporating them into another meal. We have planned-overs, or what someone else called premeditated leftovers. Wasted food is the most expensive food you purchase.....
-Being honest with yourself when it comes to what is a "want" and what is a "need".
-When our house was paid off we started living on 1/3 of our income and saving/investing the other 2/3. Having more disposable income doesn't mean you need to develop a spending habit. Especially if you expect to retire....
-Failure to estimate your expenses. Do you set aside money to cover those things that aren't monthly expenses? When the car tags/taxes are due, the insurance, the HVAC winter/summer check-up, pest control, property taxes, etc., the money is already in the bank because I pay a specific amount to that account each month. At the end of each year I add up how much those expenses were, divide the amount by 12, then pay that amount plus at least 5% to help cover possible increases, to the savings account each month.
-Expensive habits and hobbies. Make them a budget item if there is room, or reduce/eliminate if there isn't.
-When your home/car insurance come due, chat with the agent. Last year we wanted to add earthquake coverage to our home, and because of some changes in coverage, we not only got the earthquake coverage, but the overall bill was less expensive.
-Skip "convenience" - unless you make it yourself at a fraction of the price. That includes stopping at convenience stores, buying convenience foods, and paying more FOR the convenience.
-Enjoy more meatless meals. Your food budget and your general health will thank you.
-What are you paying for your phone service, and is it an expense you can trim? Hubby and I have one TracFone each, which costs us $100 per person per year (we buy a 1-year card each year). We have never had to add minutes.
-And the most simple budget plan of all.... If you don't have the money for something, don't buy it.
-editing to add: I highly suggest everyone following a plan I've used for several years now, and that is to only shop every other month (other than groceries, which I purchase once a week). You'll be surprised how much money you will save, as well as wear and tear on your vehicles. You will be more intentional with your spending dollars if you have time to think about the need for the purchase for a month, rather than hopping into the car and hitting the stores.
Lessisbest, you always have such great info to add. OK, any shopping every other month only sounds doable in my budget mindfulness mode.
cdttm - Every cat deserves its birthday be celebrated. :)
Teacher Terry
1-3-16, 6:47pm
We only grocery shop 1x/month which has really helped us cut back. Now we do need to pick up milk, fruit, etc, in-between of course but the major one is just once.
-We have basic cable TV, and the primary reason is during tornado season we rely on it for weather information, otherwise I would drop the $36/month expense in a heartbeat (and most people spend three or four times that amount). If you don't spend a lot of time indoors in the summer, consider going to basic cable at that time of the year to save.
[snip]
-What are you paying for your phone service, and is it an expense you can trim? Hubby and I have one TracFone each, which costs us $100 per person per year (we buy a 1-year card each year). We have never had to add minutes.
lessisbest, have you run the numbers on possibly getting smartphones (they can run well under $100 unlocked for almost any carrier) and a little bit of data and getting rid of your basic cable bill? At $432 a year ($36 x 12) for cable, you'd have plenty of money to buy phones this year, fund Web data judiciously (we could get by with under 100 MB/month and probably as little as 50 MB/month), and still be hundreds of dollars ahead after a couple of years. Even if you had to bump up your Tracfone plan, it wouldn't cost hundreds of dollars more. On top of that, some local-TV or -newspaper weather apps are free and include National Weather Service alerts to your phone in case of severe weather, radar maps, etc.
cdttm - Every cat deserves its birthday be celebrated. :)
Silvio and Ogden completely agree!
lessisbest, have you run the numbers on possibly getting smartphones (they can run well under $100 unlocked for almost any carrier) and a little bit of data and getting rid of your basic cable bill? At $432 a year ($36 x 12) for cable, you'd have plenty of money to buy phones this year, fund Web data judiciously (we could get by with under 100 MB/month and probably as little as 50 MB/month), and still be hundreds of dollars ahead after a couple of years. Even if you had to bump up your Tracfone plan, it wouldn't cost hundreds of dollars more. On top of that, some local-TV or -newspaper weather apps are free and include National Weather Service alerts to your phone in case of severe weather, radar maps, etc.
Steve-
Thanks for sharing the ideas and information, I really appreciate it, but call me Amish.... :~) I've had a cell phone of one kind or another for 23-years, but I doubt if I've spent as much in all those years as most people spend a year these days, and I refuse to get sucked into the technology vortex - I'm just not interested in the whole thing beyond being able to make a phone call, the original use for them, and I rarely do that. I doubt I use my phone once a month.
When I council people on how to make a budget and they are paying more for cell phones each month than I spend on food, and they have difficulty finding enough money in their budget to buy food, there is a bigger problem.
I can catch the obituaries and local headlines on-line, and that's about all I need from the worthless local newspaper. Magazines are free at the library. I even donate a subscription each year to the library. The local radio stations are good at reporting the weather and news. It's also not about the money, because we only spend 1/3 of our income and bank/invest the rest. It's just an unnecessary addiction from my perspective. But then, my parents didn't have a phone when I was growing up out here in the middle of nowhere, and hubby and I didn't get a phone until he was out of college and we could afford the expense - and somehow we managed to live through it, and we always had money for food.....
Thanks for sharing the ideas and information, I really appreciate it, but call me Amish.... :~) I've had a cell phone of one kind or another for 23-years, but I doubt if I've spent as much in all those years as most people spend a year these days, and I refuse to get sucked into the technology vortex - I'm just not interested in the whole thing beyond being able to make a phone call, the original use for them, and I rarely do that. I doubt I use my phone once a month.
When I council people on how to make a budget and they are paying more for cell phones each month than I spend on food, and they have difficulty finding enough money in their budget to buy food, there is a bigger problem.
OK. I happen to agree with you on the problem of paying lots of money for cell phones. It's not a fait accompli -- we just got DW a $75 smartphone which she can use on her $10/month plan. But if people think they are being sucked into a vortex (expensive or not), I won't enable. I just figure if all you're really getting for your monthly cable bill is severe-weather reports, there's a much less expensive way to get them. :)
Lessisbest: Do you have a landline, or just a cell?
I like the concept of giving every dollar a name. We aren't carrying any debt so we aren't foolhardy, but I think I've got too much slack built into our budget, and too much of that slack goes to nice restaurants.
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