I discovered my spending weakness after linking all of my bank accounts in the Mint app. I was really surprised to find that my biggest spending weakness was groceries. I spend way too much on buying food. I would tell myself that since it’s food, I need it. But boy was I going overboard.
I’ve generally been going to the grocery store about 2-3 times a week and spending about $75 per trip. I have no kids and my husband hunts so we have a freezer full of meat. I buy a lot of organic and local foods that are running up my grocery bill. To like around $700-$900 per month.
Once I noticed how much I spent on groceries every month I started really paying attention to how I use the food I buy. I noticed that a lot of my produce goes to waste. And I store a lot of food in my cupboards. So I decided to tackle this spending weakness. No more going to the grocery store 2-3 times per week. And no more buying more food until I’ve already used up what I’ve already bought.
This is new for me, it’s tough to rethink the way you eat, cook, meal plan and shop for groceries. I’m gonna work at it for a few weeks and I’ll let you know how it goes. Do you have any tips for spending less on groceries? If so, please comment below!!
So this is how I found my Spending weakness…
1. Know where your money is being spent
This was easiest for my by using the Mint app. I love it and look at it almost every day. It categorizes all of your expenses and allows you to set monthly budgets for each category.
2. Find your weak spending area
Once you can see where all your money is going each month, it’ll be easy to see where you’re overspending. Pick one area to tackle first.
3. Look at how you’re using the goods or services you’re buying
How much happiness is this expense bringing you? Are you fully using the product or is any of it going to waste? Evaluate how you’re using these products and services and how much joy these expenses bring you.
4. Design a new plan
Brainstorm ways you can reduce waste, enjoy your purchase more or maybe buy less.
If you have multiple areas where you have spending weaknesses, tackle them one at a time. It takes time and effort to form new habits. We’ll see how long it takes me to learn to spend less on groceries.
What’s your biggest spending weakness? How will you tackle your over spending?