10 Budgeting Tips

The following is a summary of budgeting tips from Lyn’s weekly news column, Pig Tits and Parsley Sauce:

1. Know your spending

Work out how much you are currently spending, and be honest.

2. Set a goal

Set a sensible and achievable limit. Mine is $100 per week.

3. Shop wisely

Avoid the supermarket and investigate cheaper alternatives. Check out Bin Inn and other bulk buy outlets, butchers, fruit shops and roadside stands for seasonal fruit. Grow your own vegetables if you can.

4. Know what you need

If you need to go to the supermarket write a list of exactly what you need and stick to it.

5. Avoid pressures

If your family pressures you into to overspending, leave them at home. Children are experts at getting around their parents.

6. Pay with cash

Take cash.  If you only have $100 in your pocket, you can’t overspend.

7. Do you homework

Know what things are worth and look for the cheapest acceptable alternative.

8. Don’t buy the first thing you see

Look on the lower shelves. The tempting expensive, luxury items are often at eye-level.

9. Be wary of specials

Forget specials. There are usually generic items always at lower prices than those advertised.

10. Plan ahead

Take your time to think before you shop. You’ll be amazed at how much money you can save.

To summarise, do the following to save loads of cash:
– Set a goal (e.g. Saving $12,000 this year)
– Limit your grocery spend (e.g. $100 per week)
– Stick to your limit
– If you accidentally overspend, adjust your next weeks limit accordingly
(e.g. “Oops, I’ve spent $120. Not to worry, but your next weeks spend will be $80)

That’s all you need to do.
How much could you save?