Budgeting

Hit the Refresh Button on Your Finances

If you are one of the many bloggers that worked to pay off your debt, then you know the sweet feeling that debt freedom can bring. Congrats by the way, for accomplishing an awesome life changing goal.

However, you might also realize that if you are not careful, old habits start creeping back. It might be using the credit card and not paying off the balance in full, not making monthly payments towards your savings (this is why pre-authorize monthly contributions are so important), tracking your spending or sticking to your budget. Whatever it may be, we all have our achilles.

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Grocery Challenge: Week 4 final update

This week marks the final week for my grocery challenge. As mentioned in my previous post, I decided to do something different for the final week of my grocery challenge. I would purchase at least 90% of my groceries online and document my experience.

Although I buy a lot of things online, groceries were not one of them, so I wanted to get a feel for the experience doing this and see if I should do this on a regular basis. Before I get to my finding, my grand total shopping bill for this week was $117.29. I managed to stay below the $140/week mark but not quite get to the $100/week goal without needing to reduce our food and nutritional choices.

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Grocery Challenge- Week 3 Update

This week’s grocery challenge was a bust. I went well over budget mostly due to the fact that my husband and I hosted the weekend that past. We also replenished our household cleaning supplies, hygiene products and vitamin supplements that costed us a bit of money but these items usually last us anywhere from 2-6 months.

Our total grocery costs for week 3 of the challenge was $246.92. This amount was well over our $140/week challenge for the reasons I mentioned above. From this amount I think the cost associated with groceries is about $123.75. Here is the breakdown:

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Budgeting and Spending Guidelines

Budgeting is the first step to managing your money. Followed by tracking your expenses and readjusting your budget until it fits your needs and wants. It took about 6 months before I was able to feel comfortable with my budget allocations for each of the line items on my budget.

The short answer is it’s based on your financial goals, needs and wants. There is no right allocation as much as there is no right way to save and spend your money. There are only suggested guidelines based on statistical data and empirical research.

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Grocery Challenge- Week 2 Update

Since starting this grocery challenge, I managed to save money in week 1 (which I put towards my TFSA) but week 2 not so much. The whole point on this exercise for me is to see whether our grocery budget is too high, low or just right. My current grocery budget is $140/week for my husband and I. After completing this exercise for the month of April, I will come to a decision whether I want to leave it at $140/week, increase or decrease the amount.

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