My month of taking the Family Financial Challenge has come to a close and I’ve taken away some valuable lessons. Here is a brief summary of the important money saving lessons I’ve learned:
- Setting a monthly budget and living with cash will keep you on track. Gail’s jar method is an easy budget method that gives you a visual as to where you stand financially. When you don’t have the cash in front of you, it’s easy to think you can afford to see a movie or pick up that new dress, but living with your budgeted cash only keeps you on track.
- Your home is full of unclaimed income. Whether it is clothing that you don’t wear anymore or toys that no one plays with, there are things you can sell and earn a little extra cash.
- Extra income is not for spending! Take the extra cash earned from selling items around the house and put it towards your debt or into your savings. It will help you reach your goals more quickly.
- Restaurants are not just bad for the waistline, but also your wallet. Cooking at home is healthier and will save you a lot of money in the long run. It also teaches the children good habits for their future.
- Family time doesn’t have to be expensive! We have the best time playing board games as a family or watching movies. The kids love to play outside or visit friends, and these are all free activities.
The biggest lesson was to be aware of what we are spending. It is easy to lose track of your budget and your finances when you aren’t thinking about it or working together as a family. Using the jars keeps us on track and ensures that my husband and I are on the same page. We will continue to use this method and I’m still reading Money Rules where I’m learning more every day.
Disclosure: I am a P&Gmom/mamanP&G. As part of my affiliation with this group I receive products and special access to P&G events and opportunities. The opinions on this blog are my own.