Thursday, February 22, 2018

Financial Preparedness: Week #8

Before I continue with where I left you last week, let me share with that I earned $36.54 worth of Amazon gift cards.  That’s $36.54 I won’t have to spend out of my pocket for pantry items and that $36.54 can go toward our emergency fund or debt snowball or maybe I’ll split it and do both.

Last week I shared with you two of the three areas that were part of our financial preparedness plan and promised you that I would share the third part this week.  I also told you that it was something that everyone could do.  Are you ready?  Here it is …

The third part of our financial preparedness plan is to distinguish the needs from the wants!  It’s that simple, we’ll be scrutinizing our purchases (this does not include our own personal allowances) to determine if the purchase is a need or a want.  Do we really need it or do we just really want it?  Needs will be taken care of if at all possible and wants will have to be saved up for out of our own personal allowances.

You see, I was right … everyone can do this, if they so desire!

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patsi
She looketh well to the ways of her household … Proverbs 31:27


Thank you for using my Amazon affiliate link when placing your Amazon orders.  I earn a small percentage that doesn't increase what you pay and it helps me keep my pantry well-stocked!



10 comments:

  1. This year I'm making myself write down every single purchase I make. It's really helped me cut down on my spending, since I don't want to have to do a lot of record keeping or look back and see all the ways I've wasted money. I've really noticed my expenses have lowered since doing this!

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    1. That's a good tip, A Housewife Writes! I agree record keeping is a necessity and is really an eye opener as to where our money goes.

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  2. Hi Patsy and I am really happy you earned some extra income as any extra comes in handy in most households.

    I also earned an extra $37.25 during the month for handmade items/ saved garden seeds on the internet. I spent some on items we usually spend on from our budget and some electronic ignition windproof butane lighters for emergency and general use around the home. The rest I have left in my PayPal account to build up.

    I think this is also very important to really examine what is needed and what is not in all our households. With the recent purchase of our mattress and a big pantry stock up on groceries we are somewhat behind where we would like to be on our savings so like yourself we are examining any expenditure and paring back to basics until we make the emergency kitty back up.

    We decided to pare back paying our emergency fund to $20 per fortnight rather than $50 as it would cause us to be short in other areas. Pleased to say however that we did put $60 back into our emergency kitty for our 6 weekly grocery/budget cycle.

    DH also needed yoghurt with live cultures as he is taking antibiotics at the moment and we found some plain yoghurt on special and purchased 2 x 1kg ones for $2.10ea saving $9.80 on usual prices. Now this doesn't sound astounding but DH usually insists on flavoured yoghurt but instead decided to flavour his yoghurt with some of our homemade strawberry jam instead and loves it. He made this choice as he knew that our budget was tight and it turned out well.

    Sometimes it is a matter of as in the above case of making small changes that enable you to save just that bit extra in your budget and all of the small changes do add up to large savings over the course of a year.

    Sewingcreations15.

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    1. Sewingcreations15, it is indeed the small changes that make the big changes possible! Good for your husband and for you in selling some of our handmade items! Hopefully, before much longer I will be launching my online shop and can start to bring in a little extra from that. Every little bit does help and secondary sources of income, not matter the size, are helpful!

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    2. How exciting Patsy and cheering you on at setting up and being successful with your new online shop. You shall have to keep us updated on your progress :).

      Sewingcreations15.

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    3. I will sewingcreations15, I got a major step accomplished today!

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  3. We have gotten much better with the wants after cleaning out our house for 2 and a half years. Hauling load after load to the thrift store to donate it really changed our perspective.

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    1. Lana, that would definitely do it!

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