Cutting Down on Weekly Spending
Sep 11th, 2008 by Jane Blogs
Because we’ve decided to buy a house, there are some changes we need to make to our spending patterns.
While we’ve never been extravagant (we’ve never had much to be extravagant with), I figure there must still be ways in which we can shave our spending down a bit more and make paying off a house easier.
Our first goal is to cut our spending by $280 a week.
There are several ways in which we’ll be doing that:
- Holiday savings go straight into the mortgage ($100pwk)
- Preschool ($93pwk) ~ We’re paid up until the end of the year, as I’ve been paying extra each week.
- Fewer luxury foods ($40pwk)
- Less take-away ($30pwk)
- Clothes shopping at local “op shops” ($20pwk)
- Transfer income protection insurance to WH’s super ($11pwk)
- We likely will no longer have a fireplace ($8pwk)
- Summer means more cold meals & longer daylight hours, saving electricity ($5pwk)
- Reduce car usage ($5pwk)
If you counted carefully, you’ll see we’re actually trying to save $312 on our weekly spending.
That way, if we overspend a little it won’t be the end of life-as-we-know-it.
In case you think I’m cutting out some necessities, this extreme frugality will only be in effect until just after Christmas.
We have a freezer full of meat and cupboards full of food.
I think we can manage to pull in our belts for three or four months.
From January things will be a bit easier, because one of our two remaining debts will be paid off, giving us an extra $200 a month to sock away into the mortgage.
I’ll be going into more detail in the future on how we go with our spending plan.
Believe me, you’ll be sure to hear about both our highs and lows.
And if I do go over budget, I do solemnly vow to confess all publicly.
No related posts.
I copied this from a group that I participate in … looked like good information. I look forward to seeing how things go!
HINT OF THE WEEK From http://www.simplesavings.net/
This week’s winner is Pam Ashford. Pam
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SAVE $1040 PER YEAR USING LESS
Our family is saving $1040 per year ($20 every week) just by going without something each day. From Monday to Friday we have a something-less day and it’s loads of fun for the whole family!
MONDAY is MONEY-LESS DAY: We spend absolutely nothing on a Monday. If you run out of bread and milk, too bad – use alternatives in the pantry.
TUESDAY is POWER-LESS DAY: On this day we do not touch a power switch, it is such a fun day! The television doesn’t come on; the stereo, kettle, toaster, oven, cook top and even the lights all stay off on a Tuesday. There is no hot milk for breakfast and we eat sandwiches and salads all day. We either shower early or shower in the dark! Candles in the bathroom can be romantic (this is the only room we use candles in because of the safety issue).
WEDNESDAY is HEATING-LESS DAY: No heaters in the winter on a Wednesday and no fans in the summer. It’s a great opportunity to go for walks together to keep warm! The children snuggle up in bed early, reading books.
THURSDAY is SUGAR AND FAT-LESS DAY: We try to avoid sugary and fatty foods and never buy take out on a Thursday. It’s a lot of fun being creative with food!
FRIDAY is CAR-LESS DAY: We walk everywhere we need to go. It’s great for the body as well as the environment. Be creative – walk to feed the ducks, walk/bike to work.
During the year that is 52 days with no power, no heating/cooling and not using the car! You could save a minimum of $20 per week, varying from family to family. Each week I transfer $20 into a high interest earning account and we watch our savings grow. We have so much fun being creative.
“The Secrets to Saving Money in the U.S.” free newsletter
4,542 easy hints to reduce your living expenses go to http://www.simplesavings.net
good luck..seems like a very good idea!!
Good luck. Wish I could do the same. I AM trying! Working three jobs and eating lots of pasta.
Laurens last blog post..I Don’t Need Any Lecture Or Class, I WAS THERE!
I guess this is on everyone’s mind, I saw this article this morning … http://www.rd.com/advice-and-know-how/hochman-family-cuts-spending/article99718.html
Amys last blog post..Do You Know Where The Hospital Is?
Hi Jane, That’s great! Make a game of it and it always goes much better! Good for you guys! Sacraficing for a short time will benefit you in the long run!
Lauras last blog post..I’m making some Ice Cream!
Good luck! We are budgeted to the max like this as well. When we actually do what we planned all goes…well… as planned.
Very good that you are planning out it will make everything easier in the long run.
Erin(adymommy)s last blog post..The letter P lunch
WOW. You’re inspiring me. I really, really need to cut back.
Tonyas last blog post..GOOD-BYE PRINCESS BELLA
Great idea! You’re inspiring me. I like that link the first poster listed too! Great stuff!
BTW, I added you on twitter – I’m “crazyadventures”
Lisa @ Crazy Adventures in Parentings last blog post..On Borrowed Time
Nice post here Jane. My husband and I were also discussing our plans of getting our own house. And your post gave me bright ideas how we can save…
Jo Anns last blog post..we’re moving!
gee, jane, I’m impressed! and proud of the work you put into this thought process. I realize how much I waste, now…I’m going to sit down with myself and have a talk!!
Thanks everyone, we were amazed at how much we can save too!
I’m going to miss the KFC and peanut m&m’s, not to mention the brie, but I *will* be strong!
It helps that we’ve already started living on the budget before we buy & have to cover the mortgage, too.
And interest rates here have just come down and look like staying down, which is great!
hi im from singapore (: how’s life in australia? nice? would like to migrate there
Good luck! I need to do this after we come back from our vacation. Want to save up a bit for our move int he spring.
Great plan…Every time I try to instill a budget, my dh takes it as a personal mission to find something stupid he “needs” to buy…I sometimes wonder if we’ll ever get out of the whole!!
Hi Jane,
I had forgotten how much I love your blog. I hope your savings plan goes well. We can always cut back as well. Recently we found out that our daughter’s piano lessons would now be covered by her charter school so that saves us $100 a month! Thank you, Lord!! Many blessings to you as well,
Andrea
Andrea Ludwigs last blog post..Weird Things Happenin’