Hi all you smart and penny wise IM'S ..... I am giving up work next year to go back to full time studies for 12 months I have worked full time for years and hubby our 2 children 13 and 11 are very comfortable on what we earn we dont go without thats for sure I haven't had to really budget for many years..... ....My question is next year we will be living off hubbys income ..he is still paying child support for 1 child but only till the end of next year ...we will have 2 car repayments a mortgage and school fees plus everyday bills and expenses I already pay fortnightly for the gas and electricity ...my question is how can I make our dollar stretch that little bit further .... What's your budget secrets and tips not only for food and bills but for birthday and special occasions I do the lay by option for Christmas presents ....I dont want to resort to having to buy seconds or op shopping (not that their is anything wrong with that ..its just not for me ..) I know we will have to compromise on the standard of things I buy were prepared for that. I also know their will be no shopping splurges like now also prepared for that but just wondering how you all get by on one wage TIA ...
6 Replies
Food is easy to budget on just think is it something we actually need or if u can make it yourself at home and freeze for later as well as taking advantage of specials on meats and freezing them, butchers can actually have lower prices so shop around and see if u can find a good one. Bills you can pay off fortnightly so it's not such a shock it's easier to budget in $20 a week rather then $80 a month (if that makes sense). Birthdays lay buy things on special and just remember that they don't need the flashiest new things out but only one or two things that are needed. Save something each week even if its just $10 that's $520 in a year. Every cent adds up so just remember to keep your eye out for specials on everything especially things like shampoo and conditioner, toothpaste, cleaning products, and anything that will last in your cupboards and get a couple of them so it will come back on special by the next time u need it. It's easy enough to do when u get the hang of it the first month u will probably find harder but it can work out.
Hi Haylee ..thanks I already do bill smoothing for our gas and electricity ..yes its certainly going to be hard to go from 2 incomes to only 1 .... As I said I haven't had to budget for a very long time if I see something I want or like I get it .... that goes for shopping as well I just get what we all like and want and pay at the end .... Its been over 14 years since I have had to count my penny's so this will be a big learning curve for me no impulse buying or splurging ...I'll defiantly be shopping around for more specials.... and will be doing a meal plan each week and shopping for those items only instead of buying what we need for dinner each afternoon and then some ..thanks for the advice x
Get rid of foxtel, stop buying things like biscuits, chips energy drinks etc. limit non bank atm withdrawals. The biggest saver for me was to stop using the corner store. Seriously, get organized with your woollies/coles/ALDI list, and if you run out, then you just have to make do until the following week.
get a christmas club account! best thing i did last year! :) put things like shampoo conditioner etc into pump bottles that way people use one or two pumps and dont accidentally empty half the bottle into their hand :) esp young kids.. things like fabric softener can be watered down to make more. Shop at aldi if you have one. Have a meat free night a week eg meat free monday. get creative with left overs by turning them into another meal. Eat cheap things sometimes like two minute noodles with vegies mixed into it is an okay meal occasionally. check bargain bins all the time for things like party supplies. get prepaid phones and only put credit on it when you can afford it. Ditch foxtel and expensive internet plans (shop around) , call up about your insurances and check you are getting the best deal . things like yougurt buy 1kg tubs and put into containers for lunches rather than single serve containers.. meats brought at the deli counter work out cheaper than those brought packaged up in the cold meat alise. go to supermarket late in the day when all the fresh breads buns etc are reduced to clear. buy what is in season and base your meals around it ie if pumpkin is really cheap make a big batch of pumpkin soup. hope this helps
oh and shop with a calculator when you reach your budget its either thats it or take some stuff out to make way for stuff you really really need
Its actually not that hard on one income, you can still enjoy most things, maybe not as often, but it makes you think outside the box a bit.
meal plans help alot when it comes to budgeting. Sit down with your recipe book and plan what you are eating that week. Also, budget spending money for you and your hubby. That way you don't feel so limited, and you can still go shopping ect. For birthdays and Christmas, the kids don't need big presents every year, and look at local, small shops, you can be surprised at the well priced interesting things you find. We also doa weekly budget, every week, and things like presents, school stuff, clothes ect go on that. If it ain't in the budget, it doesn't happen that week. Good luck, you will be fine, and enjoy your studies!