Not making a lot of money I have to really watch out for money leaks. A blown $100 can put me into a bind for a month. So as hard as it is for me I have to really watch. A big thing is that I no longer like to go out much. Eating out or bars. This is a major money leak for most of us. If you make enough money to cover the necessities and have money left this is not as much of an issue. But as a low wage earner it matters.
Clothing shopping can be a big expense. I have enough clothes to last the rest of my life. Except for things that wear out quickly such as work shoes, pants, (the shirts are provided) and underwear. Most of this I can get from gifts. If anyone asks me what I want for a birthday or Christmas I just say one of these items. So I may not be up to date on some of the current styles. But that is OK. Most of the classic stuff doesn't really go out of style anyway. Do a closet search and you will be amazed as to what you find. A wash and ironing may make something come back to life.
Electronic gadgets can be a big money leak. The latest computing tools. Televisions. Phones. I just seen some new kind of TV that costs $9000. How much better can it be? Can you make do with a modest TV? A less than state of the art phone or computer.
OK you have decided to not eat out that much anymore. So you are going to be cooking at home now. I have found a pretty good swing in prices. The store that has the best prices is ten miles away. So you average a fifty cent saving per item. If you buy twenty items you save ten dollars. So then you take out three dollars for gas and save seven dollars. So unless you get several items you won't save much or anything at all. So you need to make a list and allow some time to make a saving. A lot of cleaning supplies, detergent, stationary, home items, food basics etc. can be purchased at dollar stores. Some stores have better meat than others. The choice of meat you pick can greatly affect your food bill. All meats have pretty much the same nutritional values. Some just take more work to taste the best.
Transportation weighs heavily on your budget. Your car being the second most expensive item you have. Not having a car payment for years was nice. But I felt that I needed to get another car before the other one died and would not any trade in value. Just because you have a car you don't have to use it if you can walk or ride a bike. The last few weeks I have had to make several one hundred mile round trips. I have bought much more gas than usual. Regularly getting by on twenty dollars of gas a month or less. As I can get by with a bicycle.
Hobbies or sports can be a big leak too. Golf can cost a lot of money. So can most any hobby or leisure activity you participate in. Try to find something less expensive to do with your free time. Notice I said free time not leisure time. Leisure costs money, free time is free.
Habits and vices can cost money. $5 a day adds up to to $1825 over a year. Take two $5 habits and that comes to $3650 a year. I need to stop the smoking. That'll save me $1825 per year. Maybe I will feel better too.
You can also save money on your energy bills. Unplug or put appliances on strips and shut them off when they are not in use. Use modern efficient lights. Turn them off when not needed. Use less lights at night. Sometimes a night light will do just fine when just watching TV.
These little things can save you some money. The less you have to spend the less you have to make. Or the more you can save. Another thing I need to work on.
Electronic gadgets can be a big money leak. The latest computing tools. Televisions. Phones. I just seen some new kind of TV that costs $9000. How much better can it be? Can you make do with a modest TV? A less than state of the art phone or computer.
OK you have decided to not eat out that much anymore. So you are going to be cooking at home now. I have found a pretty good swing in prices. The store that has the best prices is ten miles away. So you average a fifty cent saving per item. If you buy twenty items you save ten dollars. So then you take out three dollars for gas and save seven dollars. So unless you get several items you won't save much or anything at all. So you need to make a list and allow some time to make a saving. A lot of cleaning supplies, detergent, stationary, home items, food basics etc. can be purchased at dollar stores. Some stores have better meat than others. The choice of meat you pick can greatly affect your food bill. All meats have pretty much the same nutritional values. Some just take more work to taste the best.
Transportation weighs heavily on your budget. Your car being the second most expensive item you have. Not having a car payment for years was nice. But I felt that I needed to get another car before the other one died and would not any trade in value. Just because you have a car you don't have to use it if you can walk or ride a bike. The last few weeks I have had to make several one hundred mile round trips. I have bought much more gas than usual. Regularly getting by on twenty dollars of gas a month or less. As I can get by with a bicycle.
Hobbies or sports can be a big leak too. Golf can cost a lot of money. So can most any hobby or leisure activity you participate in. Try to find something less expensive to do with your free time. Notice I said free time not leisure time. Leisure costs money, free time is free.
Habits and vices can cost money. $5 a day adds up to to $1825 over a year. Take two $5 habits and that comes to $3650 a year. I need to stop the smoking. That'll save me $1825 per year. Maybe I will feel better too.
You can also save money on your energy bills. Unplug or put appliances on strips and shut them off when they are not in use. Use modern efficient lights. Turn them off when not needed. Use less lights at night. Sometimes a night light will do just fine when just watching TV.
These little things can save you some money. The less you have to spend the less you have to make. Or the more you can save. Another thing I need to work on.
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