The difference between this saving money tip & other saving money tips is the power, discipline and decision to make the saving behind it.
If you simply make a saving for savings sake, then proceed to either simply spend the saving, save the saving or treat yourself with something else with the saving you are missing the point of the Pay Off Your Mortgage Challenge.
In week one Thrifty's Tips from the supermarket revealed :
Week : Saturday March 29th 2008;
The Grocery Bill
We will cover this area more than once, as the subject matter is so huge. After most people's mortgage payment, the second highest monthly bill is that of our grocery bill. I have seen people part with £120 at the till every week plus they "top up" midweek, plus the takeaway!
1. Supermarkets sell convenience, not food! They carefully hide the bargains on the bottom right hand side of the shelves which is the last place "we look" naturally.
2. Check out the own brands, low priced basics such as tinned tomatoes, kidney beans, orange juice, bread, cereals and biscuits. They usually taste just as good. This saves at least £ 5 per week.
3. Always make a meal plan for each week & if your locality allows, have a home delivery ( this makes you focus on planning ahead and you can avoid those impulse buys at the till or on the "specials" aisle.) It saves around £20 per week cheaper even if you pay a delivery charge * some days are half price*
4. Never go food shopping when you are hungry. You will reach for a cake "as a special treat". Saving another £ 2 per week
5. Never "have a cup of coffee" whilst you are there ( we all usually shop at our nearest supermarket so a cup of tea at home costs less! ) Saving another £ 2 per week.
6. Buy in bulk items such as pasta and rice, they will always be a good "standby" and are much cheaper when bought in bulk. Saves another £ 1.50 per week.
7. Monitor how much "money" in food you throw away each week uneaten. Visualise this in pounds & see if you feel OK about it then. Saves yourself up to
£ 10 per week in wastage.
Total savings over one week £ 40.50
Over One year £ 1944.00
Over Three Years £ 5832.00
Now you can begin to see why this formula can be so powerful and why I took & executed this challenge in less than 3 years. I did the calculation over 5 years initially & when I understood that the average person earns over £1,000,000 in their lifetime it didn't take to long to focus on short term pain, long term gain.
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