How to Reduce Spending and Tighten the Budget

When you see your bank statement and realize how much money you spent, it can be earth shattering. Learning how to reduce spending and tighten that budget is possible, if you have the right tips. Slowing down your spending is a matter of determination and finding a formula that works for you.

Learning how to reduce spending and tighten that budget is possible, if you have the right tips and find a formula that works for you.

Get everyone on the same page

The first step to reduce family spending is to get everyone on the same page. Also known as having that awkward money conversation with your spouse (and with older kids in the house, if they are aware of what’s going on). By getting the whole family on board, you are going to see success sooner.

Cut out extracurricular activities

This one is going to be painful, but it is worth it. If you can’t afford to pay your bills at the moment, then something has got to go. Usually the first thing to go are extracurricular activities. If your kids are old enough to pitch in and help pay, great. If not, it might hurt a little bit, but you have to get that budget under control. You can’t get it under control if spending is over the top.

Know what you are spending

Most people don’t keep track of their spending because they don’t want to know. The only way you will ever reduce spending in your family and tighten the budget is if you know what is going out. You can easily reduce spending by keeping track of your bad spending habits. Buying coffee, going out to eat, trips to Target – it all needs to be documented. It is going to hurt knowing the truth, but it will be worth it.

Work on getting rid of debt

I have noticed in our family that debt really hurts our overall budget. When I take time to look at our debt and figure out a way to reduce it, things look better. Credit card debt, medical debt, and vehicle debt can weigh your family down financially. Working on getting rid of debt can help you reduce spending and tighten the budget.

Stay organized in your finances

Last, but not least, you need to stay organized when it comes to your finances. Organization is the key to reducing family spending. Keeping track of finances, keeping track of the budget, and executing your financial plan are all parts of staying organized in the finance department.

How do you plan on reducing family spending this year? How do you plan on tightening your budget? Share your tips below!

More budgeting tips

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6 Ways Penny Pinchers Make Toiletries Last

Penny Pinchers don’t waste a single drop of their toiletries, and they implement simple tips and tricks to make them last. You don’t need to go to extreme measures to make the most out of your toiletries, you just need to try these few tweaks. Take a look below at 6 ways penny pinchers make toiletries last so you too can get every last drop out!

 You don’t need to go to extreme measures to make the most out of your toiletries. Learn these six ways penny pinchers make toiletries last so you too can get every last drop out!

1. Follow the usage instructions

How often do you pour yourself a handful of shampoo, not even looking at the instructions on the bottle? Chances are you only need a nickel sized amount, but we typically use much more. Before using any toiletries, read the usage directions to make sure you aren’t over using. Using more than recommended is wasteful and may not give you the intended results.

2. Use the rinse out method

Before tossing any shampoo or conditioner bottles (or soap or detergent bottles for that matter), try the rinse out method. Pour some warm water into the bottle and give it a good shake. Let the bottle sit upside down for a few minutes and then you should be able to get a few more uses out of it. Using warm water is important, as it can help loosen the product and get it moving easily.

3. Store bottles upside down

Penny pinchers store toiletry bottles upside down. This keeps the product from getting caught in the corners of the bottle where it gets stuck and wasted. It also makes pouring product out much easier on you. Store your products upside down, if possible, to keep the product flowing and out of those tricky corners.

4. Keep scissors in the bathroom

Penny pinchers keep a pair of scissors in the bathroom to cut open stubborn tubes. If you think your tube of toothpaste is out, just cut it open down the center and see how much more you can squeeze out. Chances are, there is a ton hiding in there. You can also use this trick when dealing with tubes of hair product, lotions, skin products, and other tube toiletries.

5. Model moderation to your children

Many times children aren’t shown how to use toiletries, and so they waste them during use. Show children how much product they should use so that when they wash their hair or face or brush their teeth, they are using the appropriate amount and not over doing it.

6. Don’t open a new product until the old one is empty

Many times we reach for a new product when the old one is only 80% empty. Be sure you aren’t opening a new product until the previous one is 100% gone using the methods mentioned above. This way you are getting every single bit out before moving on.

Penny pinchers use these tricks for making the most of their toiletries. Give them a try and see if they help you stretch your products and your budget.

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7 Items Penny Pinchers NEVER Spend Money On

Penny pinchers make thoughtful purchases and think out every dollar they spend. The truth is, there are certain items that penny pinchers refuse to spend money on. They can save the money they don’t spend on these items or use it for more important needs. Take a look below at 7 items penny pinchers never spend money on, so you can pinch and save as they do. Here is what you need to know!

Penny pinchers make thoughtful purchases and think out every dollar they spend. And there are certain items that penny pinchers refuse to spend money on.

1. Condiments

Penny pinchers love hanging on to their carryout and restaurant condiments. The small packets work great when tossed into lunches or meals on the go. And they prevent the need for having to buy regular sized bottles. Penny pinchers save ketchup, mayo, and salt packets, knowing they will always come in handy. While they are at it, they hang on to those carryout utensils and napkins too!

2. Reading materials

A penny pincher knows that their library is an excellent source for free reading materials. They also know that Amazon offers hundreds of free eBooks for the taking. These are two wonderful sources for all the reading materials one could want!

3. Music

Just as a penny pincher goes to the library for books, they go there for music as well. Libraries have huge selections of current music free for the borrowing. Penny pinchers also take advantage of free music streaming from stations and apps such as Pandora. By listening to just a few commercials you can get all the free music you want.

4. Housekeeping

A penny pincher would never pay for something they can do themselves. This includes housekeeping and cleaning. Penny pinchers do these household tasks themselves as opposed to hiring someone else to do it. In turn, they save big. They also take care of  laundry, lawn care, and other household jobs themselves.

5. Premade cleaning products

Why pay for store bought cleaning products when vinegar and baking soda clean just about everything? Vinegar makes counter tops and floors sparkling clean, makes glass shine, and can make your sink as clean as ever. Baking soda cleans out disposals, absorbs drain odors, and can scrub away grime. Penny pinchers use these products to clean instead of buying premade products.

6. Paper products

A penny pincher never buys paper products. Instead, they use cloth napkins, tablecloths, and towels. They also use organizational apps instead of pen and paper. Penny pinchers don’t waste money on disposable paper products but instead use cloth whenever possible.

7. Prepackaged snacks

A penny pincher knows that when they buy prepackaged and snack-sized food items, they are paying for convenience. Instead, they buy their favorite snacks in bulk and divide the servings up if need be. There is no point in paying for easier packaging or convenience.

Are you ready to implement the practices of a penny pincher? Consider these 7 items penny pinchers never spend money on and see if they make a difference in your life.

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Grocery Budget Makeover: Registration is Open!

Grocery Budget Makeover is a 10-week course where Erin Chase from $5 Dinners teaches you her system for making budget-friendly meals and keeping her grocery budget in check.

Grocery Budget Makeover is a 10-week course where Erin Chase from $5 Dinners teaches you her system for making budget-friendly meals and keeping her grocery budget in check.

The next course begins next Tuesday, May 17, 2016. Registration is open through Monday.

Does 10 weeks sound too long to you? Erin has a new 4-week version of the course. The “Express” version of the makeover is all the same great content bundled up and sent to you over 4 weeks instead of spread out over 10 weeks.

The course includes videos (plus worksheets and more), but there is also an audio edition if you have time for listening but not watching!

Register for Grocery Budget Makeover today!

 

 

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