Weekly and daily expenses can oftentimes go unseen. A dollar here and a couple of dollars there doesn’t seem like much when you spend it, but when you add it up over the course of a year, it’s a large sum. Why not save this money instead for your Year Off? Weekly and daily expenses include food, drink, gas, personal care, and household items. Anything you spend in a store on a week to week or day-to-day basis.
Your first goal is to save $10 per week, then try to increase the savings to $20 per week. Keep track of your spending at the grocery store every week and hold yourself accountable. Try to save $1 per day on any daily expenses you have, things like coffee, drinks, and snacks.
What are some areas to cut back on these weekly and daily expenses?
1. Food and Beverage
Plan on one trip to the grocery store per week to get everything you need. Make this the only time you buy food and drinks to prevent impulse buys, and make sure you aren’t hungry when you go to the store. Pack your lunch every day and make dinner at home using one of the millions of recipes you can find online. Gone are the days of carry out and going out to eat every weekend.
You need to look at everything you are buying at the grocery store. Evaluate everything and ask yourself, can I eliminate this from my grocery list? Can I reduce the amount I use? Can I find a cheaper alternative?
Many grocery stores have a store brand product that tastes just as good and is a dollar or so cheaper. At the very least, try out the store brand product and if you absolutely can’t stand it, then switch back to the name brand product.
Reducing the overall amount of food we eat is also important. I am certainly not advocating starving yourself but practicing portion control will reduce the amount you consume. Over eating is a form of consumerism, so try to avoid it. And keep in mind your goal of being physically healthy for your Year Off. Do not sacrifice the more expensive fruits and vegetables for cheaper foods that are unhealthy. Find other ways to cut back.
Stop buying bottled water and invest in a nice water bottle with your name on it. Fill up your water bottle at work and get the added benefit of your employer paying for your water consumption! You don’t need a Coke or Gatorade everyday. Your budget won’t allow it. Same with Starbucks coffee every day. Invest in a nice coffee maker and save a couple of dollars a day on coffee.
2. Alcohol
Alcohol is also a big weekly expense for young professionals. I remember the days of $50 bar tabs plus $20 for cab rides and another $10 for late night beer munchies. First of all, simply try not drinking so much. Stop buying everyone at the bar a drink. Do most of your drinking before you go out so you don’t have to buy $6 beers and $8 cocktails. Do not bring a credit card to the bar to avoid the dreaded bar tab. Bring only $20 in cash that you’ve allowed yourself to spend on drinks.
Once again, I’m not advocating shutting yourself in your apartment for several years, but try to find cheaper ways of going out on Friday and Saturday nights. And surround yourself with like-minded people who still like to have a good time and party but don’t want to break their banks in doing so.
3. Medications
Over the counter and prescription medications can be pricey but there are usually more cost-effective alternatives or ways to save money. Look for a store brand product that has the same active ingredients. Consult a pharmacist to make sure you are buying the right product to treat your symptoms.
If you take prescription medications, ask your doctor to prescribe a cheaper generic alternative. Check online for discounts to medications. Take care of yourself and keep up with a healthy diet and regular exercise and weight training and you will prevent many conditions that need prescription medications.
4. Personal Care and Household Items
Everyday house hold items are a big area to find cheaper alternatives and reduce the amount you use. There are store brand products for nearly everything you need for your apartment, from hand soap and paper towels to detergent and toilet paper. Buy the store brand products. When you buy the name brand, you are buying the same product but spending more money on it because the company pays much more to advertise their product. Do not pay for this advertising.
There is also ample room to reduce the amount you use in this category. I’m certainly not advocating reducing the amount of toilet paper you use, but try reducing the amount of dishwasher soap you use, for example. That stuff is super concentrated and you do not need a huge amount to get your dishes clean.
Same with laundry detergent and shampoo and hand soap. Be conscious of everything you are consuming, products that you use once and then are gone forever. Be conscious of how much you are using and try to reduce the amount you use.
5. Gas
While the price of gas is out of our control, we do have control over the amount of gas we use. Combine trips and do all your errands on the same day and shop at stores that are close to one another.
Your biggest gas burner is likely your drive to and from work. It is important to consider the driving distance to and from your job when both choosing your job and choosing where you live. Living close to your job may not be the exact location you want to live, but think of the cost and the time savings.
Delayed gratification, eliminate/reduce/find a cheaper alternative, and avoid consumerism!
Do you have some great ideas for saving on your weekly expenses? Please share in the comments below!
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