Several coworkers have said that they cannot do $7.50 a day. How much do you spend on lunch? If you work at home taking care of kids or work from home or work at work - how much do you spend a day? Do you know? If not look at your monthly expenses. Most credit cards companies do tell you how you are spending, but I think that is done every year unless you run your own reports. I pay for a lot via credit card, so don't know how much I spend on lunch daily.
I'll be paying cash each day during February while at work.
As part of my budget challenge starting in a few days, I'll be limiting myself to $7.50 a day (for all meals during the day at work - snack, tea, coffee, lunch,etc).
Many have told me that $7.50 is just too little. I selected that amount because I decided to cut my monthly expense by a certain amount. Some of my coworkers are doing $10 a day.
I can get tea at work by brining my own and getting hot water for 11 cents. I think they even hot water from a free dispenser. I bring coffee in the morning from home most days, so I'm fairly good at that. If I feel like being social at work in the afternoon, I do usually get tea, but try to avoid starbucks coffee that is a minimum of 1.94. 11 cents is much better.
Lunch is hard. At my work cafeteria most meals will put you over 7.50 just by themselves. I try to do a half sandwich with chips or even a sandwich is under this amount usually with a drink (tea).
Going out to eat while at work is extremely hard. I used to get iced tea all the time because I live in Texas and even winter is hot. I'm trying to get more waters at restaurants. I ate at Chipoltle one day - before my budget crunch started - and it was 6.75 plus tax I think for a entree. With no water, that is close to my budget crunch.
A lot of people won't sacrifice their lunch and feel that eating something than at a sit down restaurant will add more calories for them. That's ok, I get that. I'm trying to lose weight with my challenge too. Let's say you go somewhere that has an entree for 11.50 and you get a water. You don't have to eat the whole thing and maybe you can split your meal for tomorrow's lunch (or for dinner). In that way, you have met the 7.50 budget per day. You are also saving calories that add up over time if you only eat half your food. Sometimes I have the restaurant give me a to go container before I even start eating, so I can stick to my half amount.
Also try to save on tips by going to counter service restaurants like chipotle, jason's deli, etc.
How much do you think is appropriate for lunch?
Even if you bring your lunch every day, you are spending money buying groceries to make your meal.
Monday, January 28, 2013
Sunday, January 27, 2013
Thinking about Retirement
You may not be in your 50s, but you should start thinking about retirement. There is some good advice in here on how to save. Contribute to your company's 401K or start your own if you don't work. Pay off something. Put $50 away each month.
http://money.msn.com/baby-boomers/c_galleryregular.aspx?cp-documentid=250412236
I definitely didn't start when I was 25 like you should. I did save some, but needed to pay for college, etc. I was also barely able to afford my living and work and go to school.
Save now and enjoy later. I would much rather take vacations when I am retired than take a vacation every month now and spend way too much money. This is one thing that my husband and I are good at. We do vacation, but we don't go as much as some of my friends and we try to do stuff that is cheaper (stay with friends or family to save money, etc).
One of the top items on here is talking about budget. I think I'll take my februrary crunch and budget check beyond the month (of course we haven't started yet). I do think the article makes a point that if you wait to check what you spent at the end of the year - you have spent too much. Do it month by month and be on a budget.
Of course there are times when you need to spend - you need a new car, etc. You should do that, but just keep an eye on what you are spending on. Little things add up over time. If you are like most moms or dads I know, you go to target or other stores and you make many impulse buys. You are not sticking to a list and you buy stuff that is just there or just on sale. I do this a lot and sometimes buy things on sale and only just because they are on sale. It really adds up especially if the sale is 30% of less and you really didn't need the item to begin with.
http://money.msn.com/baby-boomers/c_galleryregular.aspx?cp-documentid=250412236
I definitely didn't start when I was 25 like you should. I did save some, but needed to pay for college, etc. I was also barely able to afford my living and work and go to school.
Save now and enjoy later. I would much rather take vacations when I am retired than take a vacation every month now and spend way too much money. This is one thing that my husband and I are good at. We do vacation, but we don't go as much as some of my friends and we try to do stuff that is cheaper (stay with friends or family to save money, etc).
One of the top items on here is talking about budget. I think I'll take my februrary crunch and budget check beyond the month (of course we haven't started yet). I do think the article makes a point that if you wait to check what you spent at the end of the year - you have spent too much. Do it month by month and be on a budget.
Of course there are times when you need to spend - you need a new car, etc. You should do that, but just keep an eye on what you are spending on. Little things add up over time. If you are like most moms or dads I know, you go to target or other stores and you make many impulse buys. You are not sticking to a list and you buy stuff that is just there or just on sale. I do this a lot and sometimes buy things on sale and only just because they are on sale. It really adds up especially if the sale is 30% of less and you really didn't need the item to begin with.
Wednesday, January 16, 2013
Budget Crunch
Budget crunch for the month of February. February 1st start.
Soft rules:
1) Set your own budget cuts and rules (your plan). You can communicate it or not.
2) It is ok to mess up.
3) If someone gives you money, you can add that to your budget. EX: Your mom gives your $20 for your anniversary or birthday - spend it!
4) If you happen to sell something (and get income besides work income), you can add that to your budget. EX: If someone buys something from you on etsy or something that you have (old golf clubs, etc), you can add that to your spending cash.
5) If your car breaks down, fix it no matter what.
6) If you have a health issue, fix it. (go to doctor).
7) Please do not put specifics, if you don’t feel comfortable.
8) Try to categorize where you spend and where you need to focus. I took an extract from my accounts for one month and then categorized my spending. Do this before 2/1.
9) If you want to buy something online, save it in a cart for later (and think about it). For amazon, you can add to your wish list. (it may even go down).
10) You can buy stuff, but try buying stuff in March – especially something you don’t need now (golf clubs, crafts, etc).
11) Gifts like for valentines or birthdays – buy them if you wish.
12) You can go out to lunch – just do what you feel is right for your budget cuts.
13) You can drop out at any time.
14) Starts on February 1st – mainly for 20 work days (plus how much you can do on your own).
15) Gas and groceries are fine – unless you spend way too much on groceries and that is where you want to cut.
16) Try not to cheat – no your friends can’t pay for your lunch every day.
17) If you feel like you might cheat, ask the group for motivation. (maybe you need a website for cheaper homemade meals and someone has that info).
18) If you have a child's birthday or you are having a party, do another month.
19) Keep track of what you are spending.
My plan:
I’m going to:
Put myself on a daily lunch budget and use cash. I am going to try to spend less than $7.50 a day (including coffee/morning snack/lunch, anything at work, etc). If I spend nothing one day, I can spend more on another day as long as my 20 day budget is met. Others may do $10/day.
Try not to buy stuff on amazon or target or really anything besides groceries. This is my focus area.
I can go out to lunch but cannot over my daily budget. (or not eat much the next day).
Afternoon coffee will be tea mostly for me as hot water is 11 cents as opposed to several dollars for a coffee. I bring my own tea.
Grocery budget stays the same or may go up slightly due to eating at my desk more.
Make a valentine card and no gift for husband.
Any travel plans – will be made after February.
I am still able to eat out on the weekends with family as this is not my focus area and I don’t mind spending here. My focus is work eating and frivolous spending online.
What is your plan?
This is extreme, but use it for guideline:
http://smallnotebook.org/2010/07/01/the-no-spend-month/
Soft rules:
1) Set your own budget cuts and rules (your plan). You can communicate it or not.
2) It is ok to mess up.
3) If someone gives you money, you can add that to your budget. EX: Your mom gives your $20 for your anniversary or birthday - spend it!
4) If you happen to sell something (and get income besides work income), you can add that to your budget. EX: If someone buys something from you on etsy or something that you have (old golf clubs, etc), you can add that to your spending cash.
5) If your car breaks down, fix it no matter what.
6) If you have a health issue, fix it. (go to doctor).
7) Please do not put specifics, if you don’t feel comfortable.
8) Try to categorize where you spend and where you need to focus. I took an extract from my accounts for one month and then categorized my spending. Do this before 2/1.
9) If you want to buy something online, save it in a cart for later (and think about it). For amazon, you can add to your wish list. (it may even go down).
10) You can buy stuff, but try buying stuff in March – especially something you don’t need now (golf clubs, crafts, etc).
11) Gifts like for valentines or birthdays – buy them if you wish.
12) You can go out to lunch – just do what you feel is right for your budget cuts.
13) You can drop out at any time.
14) Starts on February 1st – mainly for 20 work days (plus how much you can do on your own).
15) Gas and groceries are fine – unless you spend way too much on groceries and that is where you want to cut.
16) Try not to cheat – no your friends can’t pay for your lunch every day.
17) If you feel like you might cheat, ask the group for motivation. (maybe you need a website for cheaper homemade meals and someone has that info).
18) If you have a child's birthday or you are having a party, do another month.
19) Keep track of what you are spending.
My plan:
I’m going to:
Put myself on a daily lunch budget and use cash. I am going to try to spend less than $7.50 a day (including coffee/morning snack/lunch, anything at work, etc). If I spend nothing one day, I can spend more on another day as long as my 20 day budget is met. Others may do $10/day.
Try not to buy stuff on amazon or target or really anything besides groceries. This is my focus area.
I can go out to lunch but cannot over my daily budget. (or not eat much the next day).
Afternoon coffee will be tea mostly for me as hot water is 11 cents as opposed to several dollars for a coffee. I bring my own tea.
Grocery budget stays the same or may go up slightly due to eating at my desk more.
Make a valentine card and no gift for husband.
Any travel plans – will be made after February.
I am still able to eat out on the weekends with family as this is not my focus area and I don’t mind spending here. My focus is work eating and frivolous spending online.
What is your plan?
This is extreme, but use it for guideline:
http://smallnotebook.org/2010/07/01/the-no-spend-month/
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