Inspire Monday’s: Cut the Fat on Monthly Spending

Hi Everyone,

First, let me say I’m sorry this blog post is so late. Today, is one of those days that I have no idea where the day went.

I apologize in advance that my blog posts may seem random and completely scattered. However, they all have a purpose and meaning behind it. A few months ago I realized I needed a “life makeover”. I was very happy with myself, but I knew I needed to make some distract changes in all areas. I wanted more for myself. So I embarked on the “new me” train. I am determined to give every area in my life a makeover. I mean everything: health, skin, dental, finances, family, relationships, etc. I am cleaning out the closet to be the best me I can be. I am trying all kinds of new things and as I do, best believe I will share them with you. 🙂 So yes, I will be your guinea pig.

 

budget

budget (Photo credit: 401(K) 2013)

 

The other day I was sitting with hubs and asked that “infamous” question in households, “where does all my (our) money go”? Hubs and I created an informal expense sheet and wrote down our monthly expenses. Let’s just say I am still recovering from what I saw. Seeing your actual costs on paper is mind boggling. The things we realized we spent money on are ridiculous. Granted I don’t cook; who knew the cost of  take-out could be a small fortune. Breakfast, lunches, then dinner. YIKES! Just writing it here is making me tensed thinking of the costs.

So, I am advising you now to write down your estimated monthly costs of what you think you spend. If you are as shocked with your numbers as I am, its time to create a monthly budget sheet and cut the fat on those bad spending habits. In order to reach our future goals chances are, like me you will need funding, and every little bit helps.

Monthly Budget Sheet (sample)

Here are a few basic categories  to begin with and you can customize based on your family size and expenses. It’s best to download a Budget worksheet in Excel. 

sample-average-monthly-budget-for-a-single-person-or-college-student

  • Wages/Income
  • Rent/Mortgage
  • Childcare
  • Car Note
  • Car Insurance
  • Health Insurance  
  • Rental/Home Insurance
  • Utilities
  • Groceries
  • Clothing
  • Shopping
  • Entertainment
  • Beauty
  • Misc./Other 

Remember to save at least $50 per month. 

Tips: 

  • Say no to the extra pair of shoes or clothes that you don’t need each month. 
  • It’s okay to make large purchases, however save for the item for 2-3 months and if you still want it – get it! You earned it. 
  • Credit cards are due at the end of the month. They are not a free passage for excessive spending, so watch what goes on the card. 
  • Plan at least one vacation a year for yourself. Nothing hurts more than watching your money go to bills and everything but your self each month.
  • Putting aside $50 per month from Jan to Dec will give you an extra $600 towards your Christmas shopping.   
Happy Saving!

xoxo,

Missy B. Salick

 

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