Does anyone have effective budgeting ideas? I continually fall short of my savings goal, & I don't know why.

Question

According to my calculations, I should be able to save $800 a month! Yet, I continually fall short. I think my biggest money "leak" is dining out. I don't find the time to cook for myself, and I'm a huge eater. I probably end up spending more than I should on food. I generously account for that, however, by budgeting $250 on eating out, and $300 on groceries! Even with that allotment, however, I'm only able to effectively save only about $300. Does anyone have an effective budgeting suggestion? Would it be better to take some cash out of my account each month and only spend that for my food? (I do try to save first--but I end up needing to take that money out of savings by the end of the month!) The other weakness is gas (No...not from eating all that food-ahaha). I like to drive a lot, and with rising prices, I've curtailed driving somewhat. I budget for re-fueling once a week, plus oil chances ($250 a month). Yet, I suspect I end up going over that alottment too.

Answer 1

I have a hard time saving money as well. Lately I've learned to eat out much less or go to less expensive restaurants. It takes just as much time to cook a meal as it does to drive to a restaurant, order food, wait for service and drive home. It also saves on gas if you cook at home - and its much healthier!

Stop eating out - I promise, it saves a load of money!

Answer 2

I agree with Heather.  While I don't use envelopes, I've recently switched to making mostly cash purchases, and by spending the actual cash at the time of purchase, I am much more aware of what is going out and have saved money.

Answer 3

Use the envelope system. On payday put what you have budgeted for those expenses for that pay period in envelopes.  $250 for gas, $250 for eating out, $300 for groceries.  Force yourself to live on cash for those things and don't over spend what is not in the envelope.  If you end up going over $250 in gas, you may have to take some out of your dining envelope.  

Answer 4

It seems like you already know the areas where you are overspending. What you really need to do is stop eating out and driving so much! They kind of go together... if you don't eat out, you don't have to drive to the restaurant! Try to limit your eating out to two or three times a week and make sure that at least one of those times is an inexpensive restaurant.

Answer 5

To save money on dining out, I have what I call my "cook in " day once a month when I cook dishes like  chilli, curry, bolognaise sauce, carbonara etc, but cook enough for 4 people of each dish and split them into containers and freeze them. All I need to cook then is rice or pasta or fries to accompany each dish and I save a lot of money.