I am pretty much jumping on the same boat with this wicked 18 week goal of mine (see sidebar, new coin jar tracking my progress). But, I have not categorized or allotted anything. I am only aware of how much needs to paid each week. And aware that my family cannot eat out anymore, must penny pinch, and can’t want or envy for 18 weeks.
I wanted to step it up and categorize funds where necessary like these wonderful gals did. So, I decided to utilize my Wells Fargo’s Spending Report.
If you haven’t tried this tool (or something like it – Mint.com comes to mind), it will open your eyes!
Ashamed to admit, but here is the monthly averages on particular categories:
- Gas: $378 – That’s not the holy moly. That amount is okay because I drive to/from work alot
- Groceries: $800! – Holy Moly! $200 a week | $26 a day for a family of four.
- Restaurants: $416! – Holy Moly!
I didn’t realize we spent so much at the grocery store/Costco. Although, to me $200 a week for the 4 of us is not terrible (especially now that I am packing my lunches) But when you add up (3 +2 +5 =… counting with fingers) groceries + restaurants, that’s…
$1200 A MONTH ALONE ON FOOD!!!!!!
Restaurants, a main culprit in missing money. And I was right! Since we are not eating out for 18 weeks, this will save us approx. $1800. Cool beans!
But, minus regular CC payments…minus Not Eating out funds…we will still be short $85 a week in meeting our goal (it’s so much easier to see a goal when its broken down into baby steps).
How to fix? I assume we are going to have to cut back on our grocery shopping. I can also analyze other spots, too.
It’s definitely an eye opener. Have you analyzed your finances lately?