We’re trying something new with our extra spending money. My husband and I usually transfer $500.00 each pay period into a separate checking account that we use solely for anything that isn’t savings or a fixed expense. For us this means things like groceries, personal care items, entertainment, eating out, etc.
While trying to find creative ways to free up more money to invest, we’ve decided to tighten up the spending money we always seem to burn through completely. Any money leftover in our spending account each pay period will either be transferred to our savings account, or invested.
We’re doing a pretty good job this pay period. So far we’ve spent $100.00 less than usual, although my husband will need gas at some point this week. Since our next pay day is this Friday, I’m pretty excited about our progress.
For the past two weeks we’ve been cooking at home each night, and packing lunches for us to take to work and for our school-aged son to take to school. We’ve also paid close attention to how much we’re spending at the grocery store. By buying non-perishables, coffee, and cereal at Costco, we’ve been able to save some money in that area as well.
It seems like by just being more aware of what we’re spending our money on, we’ve eliminated most of the frivolous purchases that were eating up all of our extra money before. We probably bought take-out for dinner at least two times a week before. And that doesn’t include the number of times I sent my husband on ice cream runs every week.
I guess it should be no surprise that in addition to saving some green, I’ve also lost two pounds in the past two weeks!