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Money Tip: How to Cut Your Biggest Budget Drain

If transferring money to savings every time you say no to spending is too broad and out of reach, I have a better idea that may help conquer your biggest spending weakness. I've been throwing away too much money on weeknight delivery and am using my new strategy to cut down on my expensive habit.

Every time I make the decision to say no to eating out or ordering in, I'm using a designated notebook to write down the amount I would have spent. At the end of each month I calculate a total and transfer that money to savings, but those transfers could be made on a more frequent weekly or biweekly basis instead.

When I see my savings grow with the money I would have spent, it motivates me to continue the process and drastically cut the amount I usually spend on my biggest budget drain. Do you think this tactic would help you overcome any spending weaknesses?


Join The Conversation
LoveSarah LoveSarah 8 years
I'm with Lovely_1 on this! $860 for rent, $300 for gas, $100 for electric, $300 in credit card bills.... Ugh the list is never ending. I go under by a lot each month. I'm still not sure how I manage, to be honest. So, it sucks but every last bit I have goes to bills. No real way to save, I just can not afford it.
SomethingWicked SomethingWicked 8 years
This is a good idea...I get lazy with lunch at work and end up eating out more then I like, when I could just brown Bag it and not let food go to waste. I am trying on just let myself eat out twice a week (Date night, and out with the girls night) more money in my savings would be great!
Da-Ly Da-Ly 8 years
I have a spread sheet that designates weekly and monthly spending amounts for certain things. Like ballroom dancing or gym pass is a monthly fund, whereas entertainment/eating out is a weekly fund to help control that sorta thing. Anything leftover gets thrown into savings on top of what's already been set aside.
shanimalcracker shanimalcracker 8 years
This would be AWESOME for me. I'm starting law school and I KNOW that I need to live a thrifty life for a while so anything tangible to remind me of saving helps. :)
Jude-C Jude-C 8 years
I'm going to try this. My biggest budget drain is also take-out, so I guess that's what I'll be targeting... ...which is sad, because today I feel a bit too tired to cook, and was just thinking how much I'm craving a couple of rolls from the sushi place down the street!
bellaressa bellaressa 8 years
This is a great idea to track your spendings. Good Luck darkangeldaria!
jen1975 jen1975 8 years
I can see this up to a point, but if I don't order a delivery of pizza, I still have to buy the food that I made for myself at home. Though cooking at home is cheaper, you still have to eat that night and spend some amount of money on food.
ilanac13 ilanac13 8 years
i don't know if i would be successful at doing that - journaling what i would have spent on ordering food. i think that for myself - it would be too much of an effort (i know - i'm really not that lazy) to write it all down and then transfer the money. for myself - i just try to not spend money period on anything. i go to the supermarket with a list and i only buy those things - and otherwise i really just try to pay off bills and the sort. i'm sure that it's a good suggestion for someone though - so i appreciate the post :)
Lovely_1 Lovely_1 8 years
haha i can't even afford a daily luxery right now :(
Smart-Living Smart-Living 8 years
Good luck darkangel! Sounds like a great, motivational plan.
darkangeldaria darkangeldaria 8 years
It's helping me quit smoking!!! My plan is to put the $$ I would spend smoking into my high interest savings account instead. Every month I go smoke-free I'm going to let myself splurge on something or keep saving to splurge on a big something. I've only made it 12 days so far so we'll see but it really has been an awesome motivator, plus knowing that little bit of extra $ will be there if I need it helps a ton!!
Lovely_1 Lovely_1 8 years
ummm welllll my biggest chunck of money going out monthly is rent (700) then gas (350) then food (250)then insurance (200)...then i have a lot of other little bills and by the end the leftover money is split into my MC payments and some extra for me! shitty I know...
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