Budget Flies: Keeping Pesky Little Expenses in Check

We've mentioned "Budget Flies" briefly in the past in a post about cutting your monthly bills.  Budget Flies are those tiny little day to day expenses that seem harmless, but can add up quickly and wreak havoc on your bank account. So let's talk more about specific expenses and how to control them. Here are just a few examples of Budget Flies that may be eating holes in your wallet.

Impulse Shopping
This is what happens when you are already in the store for something you need, and you see something else you want. Impulse shopping is the reason stores pack the check-out isles with loads of candy and super cheap items like markers and chapstick.   Most people don't go to the store with "candy bar" written on their list (I do, but I'm probably not the best role model in this particular area). So stores stack the candy bars right by the register so you'll have plenty of time to look at them and decide you want one. And after all, it's only a dollar. Right?
Impulse shopping also happens when you go to the store for a much needed pair of shoes, and you see that they are BOGO, so you grab a second unnecessary pair for half off. It may be a great deal, but no price is too cheap for stuff you don't need.

My boys running wild in "Ye Old Curiosity Shop."

 

 

Boredom Shopping
This is what happens when you have some time to spare and you don't know what to do, so you head to the store (or worse, the MALL!) to window shop.  If you have unparalleled self control or if you go to the store with no money in your pocket (and no credit either) you may be able to escape without actually making a purchase.  But most people never just window shop.  If you spend enough time in a store you will eventually buy something.  And if you went there not needing anything, then you will walk out having purchased something you don't need.  For those of you not familiar with thrifty living, that is what we would call a fail.

Eating our sack lunches at the zoo.

 

Snacking
Most people don't even realize how much money they spend on junk food and quick trips into the convenience store. For the next few weeks save all the receipts for every drink, candy bar, or quick treat you grab while you're out running errands or on your way to work. You may be very surprised to see just how much you're spending on junk. Quit eating your money. Your belly is getting fatter while your wallet is thinning out.

Big sister bought little brother a treat at McD's.

Eating Out
Restaurant food is delicious, and the joy of having someone else do the cooking and cleaning is just bliss...
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OH! I'm sorry, are you still there?  I started writing this section, but then I started thinking about half-priced appetizers at Applebee's (I love fried cheese!), and...
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Sorry, did it again. As I was saying, I'd love to eat out every day of the week, but for those of us who live in the real world, it's just not practical. There is nothing wrong with having dinner at a restaurant if you can afford it, but too often we eat out simply because we are tired and can't think of anything to cook ourselves. So if you are eating at a restaurant every Friday night because it's date night and you can afford it, then great! If you are eating out three or four nights a week because you got home late and the kids are fussy and you don't want to cook, then restaurants may be eating a whole in your budget.

Dinner out for my hubby's birthday!

 

 So what's the cure?
Now that we've identified some possible weaknesses, how do we beat them?  Well, it's not easy. Fighting impulse spending can be a constant battle.  The best way is to try and remove temptation.
Don't go into a store unless you actually need to purchase something, and when you are in a store, stick to your list. If you use cash to buy your groceries (or make other purchases), you'll be less likely to impulsively throw something else in your cart. You'll have to consciously consider whether you have the money on you to make a particular purchase or not. Cash only purchasing is a great strategy for cutting back on all types of spending. Plan ahead. If you eat before you leave home, or pack a lunch or snack using inexpensive food from home, you won't need to waste money on fast food or convenience store junk. Stay away from the drive-thru! Try putting your purse in the trunk.  That way you will actually have to get out of your car to make a purchase. It's not quite as convenient, and you may find your not quite as hungry as you thought you were, if you have to get out of your car to make that quick soda purchase.

No Fun!
Wait a minute! This sounds like no fun at all! I'm a grown up, can't I go out to eat when I want to and buy what I want?
Yes, you can.
The problem is that people often spend money impulsively on things they don't care about, and then don't have enough money left over to buy the things they really want (or even need!). So the goal here is to try and decide what you want to buy and how much money you want to spend on it.  If you like McMuffins (I do!) and you think you should be able to spend $20 a month on them, then stick a twenty dollar bill in an envelope labeled "McMuffin" and put it in your glove box.  When you are out an you get a craving, you can pull out your money and enjoy. But if your envelope is empty before the month is over, then you're just going to have to go without.

So let's sum up.  Stay out of the store, plan ahead, set your own limits, stick to your list, buy with cash, and when all else fails, hide your money from yourself by locking it in your trunk.   Good luck!


Marcia