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.
As part of my goals in 2017, I decided that I needed to change certain behaviors in my life if I was going to achieve the goals that I set out for myself this year and moving forward. Better time management and minimizing procrastination are two areas that I started working on in the first 3 months of 2017. Even though I had a few hiccups along the way, I think I am better today than I was at the beginning of the year.
Each month I go through different ‘life challenges’. This month it is trimming the grocery budget. Learn helpful tips and trick on how to trim your grocery budget and save some money.
I am focused on trimming my grocery budget from $140/week to $100/week.
Before I get to how I did this week, I want to highlight what I learned first, then the details. Here were the behavioural changes I started to notice:
Receiving windfall income and deciding what to do with the money can reveal a bit about our money personality, financial savviness and priorities in life. It can also address whether we are living within or beyond our means. If you are expecting a tax refund this year, here are a few questions that you can ask yourself:
How do I plan on using my tax refund this year?
Will what I decide to do with my tax refund increase my net worth, either by paying off debts or increasing my assets by saving/investing the money?
Will I use my tax refund to cover an immediate expense? How can I cover this expense another way in future years?
Do I have a fully funded emergency fund? If not, how do I plan to fund an unexpected expense?
Each month I will focus on improving one area of my life. The focus may be working to improve my spending habits, improving productivity and time management or decluttering my life. Whatever the challenge, the objective is to always be improving my life, learn new things, have something of value to share with you and grow in the process. To track and document my progress, I will be providing my updates every Thursday. This will ensure I am accountable to my readers and force me to complete the challenge.
As we became more intentional about how we spent our money, we came up with some financial guidelines this year that will ensure that we don’t find ourselves in a similar financial mess as in the past. These principles provide us with some framework when making family decisions about saving, spending and debt. As our family and income situation changes, we will develop a new set of guidelines to follow that help create healthy boundaries in our savings and spending habits.