Ditch the Takeout-Step 3
#DitchTheTakeout Step #3 - Setting a Budget, Tracking and Sticking to it
When setting a budget I suggest sticking to $100 per person/week. Adjust that amount based on your own personal income and goal. The envelope tracking is the easiest way to make sure you are staying on track. Take an envelope and on the back draw a line longways down the center. On one side of the line you will track your grocery spending and on the other we can call that your fun money. Next you’ll want to place cash in the envelope or just use it as a tracker. If you’re using cash you would put $300 for a family of 3 for groceries and then the amount you decide for your fun money. Every time you go to the grocery store add that amount to the grocery side of the envelope. If you go over for that week, it gets subtracted from your fun money.
Be sure that your spouse, significant other, room mate or whomever knows that you are serious and make a deal to hold each other accountable. So when one of you hints that you’d really like to go for pizza, you can remind each other of your new system. Having a goal is always extremely helpful. What would you like to accomplish by saving all this money? Pay off debt? A new house? Vacation? If you have something to work towards it will be easier to stay on track.
I can’t wait to hear how you did your first week. Think about how exciting it will be to not only save money and watch your bank account grow, but to feel better from not dining out and spending more quality time with your loved ones.