In Blog #1 of this series, I wrote primarily about understanding the difference between wants and needs, along with a couple of general tips on budget boosting.
Now it’s time to get to the point and talk details. This blog includes several practical budget boosting tips that will help you balance that budget and avoid the pitfalls of excessive credit. You may already be using some of these tips, while some may not fit your household. Hopefully, at the very least, the following tips will get you thinking about your spending and shopping patterns.
At the grocery store:
- Shop with a list. It saves time and it saves money. It may also help with your diet and health, but that is a different blog altogether.
- Plan your meals for the week. Meal planning gets you thinking about day-to-day consumption. You’ll make better choices when you shop, and you’ll avoid the last minute no-dinner-ideas-so-let’s-order-in budget busting move.
- Use the internet to your advantage. Check store flyers for sales on pantry staples such as peanut butter, cereal and coffee. Stocking up on sale items is a great way to shave a few bucks from your budget.
- Beware of purchasing non-grocery items at the grocery store. Be mindful of prices on non-food items like paper towels, laundry detergent and household cleaners. You may find better prices on these purchases elsewhere.
At home:
- Pack a lunch. As part of your weekly meal plan, include packed lunches from time to time. Lunch on the go from a restaurant or food truck can pack the fat into the budget.
- Choose homebrewed over the barista special. Coffee on the go is generally much more expensive than a pot of homemade coffee and a travel mug. Plus, the recent explosion in individual coffee pods means you can generally get your special blend at home.
- Review your landline, cellular, Wi-Fi and cable needs. Take the time to think about what you really need, and research the various plans that are available. You can often save money by bundling services or cutting out rarely used or duplicated features.
- Hang a clothesline. If it’s sunny and warm, hang those towels to dry. It’s better for your budget and the environment.
A night out:
- Trade a night out for breakfast instead. Generally speaking, a full breakfast plate is more economical than a dinner out. An added benefit: if it’s a date and it’s going well you have the whole day ahead of you.
- Look for free community events and festivals. Follow the local “what’s up” scene and look for free events or festivals in your community. The dollars you save on the price of tickets might allow you to splurge on carnival treats.
- If you have a cocktail or two, take the bus. Few actions can bust your budget like the legal troubles that come with driving while impaired. Plus it’s the right thing to do whether you keep a budget or not.
- Picnic in the park. It may seem campy or cliché, but food prepared at home or bought ready made from a grocery store is almost always less expensive than restaurant fare.
So there you have it — 12 budget-boosting tips. If you like them use them. I’m sure there are many more. Do you have practical budget-boosting techniques that you find successful? Tell us about them in the comments section below or share your ideas on Twitter using the hashtags #DebtSolutions and #LetsTalkDebt. You can find me on Twitter at @CreditCoachJS.
Jayson Stoppel is a Licensed Insolvency Trustee and Chartered Accountant with BDO First Call Debt Solutions. With over 15 years in practice, Jayson assists individuals, families and companies with financial difficulties in Thunder Bay and throughout Northwest Ontario. To reach Jayson by email: JStoppel@BDO.ca
