I think we do a fairly good job managing our money but we have a long way to go. As we often do, we recently reviewed our finances. Our childrens college funds and my husband and my retirement funds are considerably lower than it should be. Also, we are far below the Suze Orman (suzeorman.com) recommended eight month emergency savings threshold.
Not really sure these facts qualify me for writing a money management blog. Well, we are always careful with our money and often go without or make sure we get the best possible deal when we do spend. But, we have room for improvement.
Firstly, though we don't have many out right luxuries like lots of eating out or high ticket purchases, I think we can trim some of our personal costs. I'm working on a deal with my husband that I'll cut my luxury costs by half if he cuts his as well. More on this as it unfolds, I'll let you know what we work out.
Secondly, I will try to only make purchases that are absolutely necessary. Even if it's a good deal...even if I think the kids will like it...even if I know I will get use out of it...even if it's inexpensive, I won't buy it. Each shopping trip is not much but over time, those $10 and $20 purchases really add up. I will largely be limited to produce buying.
My husband does most of the food shopping since he is near the better and less expensive supermarkets in the burbs as well as Costco. He usually does an awesome job and comparison shops and uses coupons I provide. However, when he impulse buys at the store, I feel like it's throwing money away. He thinks that because its food and he or the kids will enjoy it therefore the purchase is wise. But folks, you and I know that's not really the case and so many items at Costco are pricey.
Challenge: Getting my well meaning and hard working spouse to say no to the nonessential food items, go generic on the kids favorite cereal, and reduce spending.
