Tracking How Much You’re Not Spending

Budgeting is all about recording what you spent your money on.

It can be pretty depressing when you get to the end of the month and think, “If only I didn’t buy all that KFC!”

So for a bit of motivation, try writing down for a month all the things that you didn’t buy and add it up. If you were tempted and had the resolve to say no, then jot it down.

The money you didn’t spend is where your savings come from. It is where the extra debt repayments come from.

So far this month I’ve not bought:

Coffee: $7.40

Magazine: $7.50

Magnum ice creams: $8.00

Pizza: $6.00

Chips: 2.80 (I’ve had a few cravings lately)

Total: $31.70 saved

I also like to note down on our budget the date we buy takeaway. Then it’s a competition to see how many days we can go without buying more. (Takeaway is definitely our downfall! 5 weeks without has been our record.)

Sometimes when I really want something (like Magnum ice creams), I just don’t think about the cost or how much it will affect our budget. I kind of just black that information out for a while. Writing it down is a reminder.

Keeping a record of savings is a great motivator. If the tempting item is something that I think I really want (like new jeans) then I keep a record of it on my wish list and save for it or ask for it for Christmas.

This is just one of the little tricks we use to save money. Do you have any little tricks to save money?

Have you read these posts?

1. the time cost of spending
2. tutorial: tracking your savings goals using excel
3. create a wish list to curb impulse spending
4. frugal footwear – another case of spending more equals saving more?