This blog is about how anyone can manage their finances. Paige and Steven are accountants in their early twenties. Paige will specialize in taxes and how to save money that way. Steven will specialize in how to reduce expenses by finding free or cheap stuff. We hope this blog helps, and we welcome comments, suggestions, and requests.

Wednesday, March 10, 2010

The way to a man's wallet is through his belly


It's shocking how much of our income disappears through the black hole on the lower half of our faces. Since eating is one of the basic necessities of life, you shouldn't cut back too much, but there are a few things you can do to spend less on food without sacrificing on what goes into your belly.

Planning

This conversation is far too common:

"What do you want to eat tonight?"

"I don't know. What looks good to you?"

"I don't know, but it's already 7:30 and I'm starving. Let's just go get McDonalds."

or (slightly less [evil/fattening])

"I don't know... let's just have cereal."

It's okay that this happens sometimes, but no one few people actually want McDonalds or cereal for every meal, and the former will end up costing you a lot of money. I suggest getting at least 10 recipes that you really like, planning which days in the next two weeks you will be eating these meals, then making a shopping list to get the ingredients you will need to make these meals. Then in two weeks, repeat - but maybe mix in some new meals (go here for ideas). This way, you eat food you like, you pay less to eat it, and you don't waste time trying to figure out what to eat. Admittedly, however, making the list is a huge pain.

The grocery store is a daunting, frustrating place even if you know exactly what you need. If you try planning your meals on the fly while you are there, you will end up buying things you don't need and won't eat, and not buying things you do need (which may be worse, because you'll have to go back to the store to get them).

Shopping Frequency

Every time you go shopping, you buy things you don't need and won't use before they go bad. Often these things are on your list (my most recent mistake was an avocado planned for last week. We got invited to a family dinner on the day we planned to use it, and the avocado was forgotten). Regardless, every time you go, you buy too much. The more often you go, the more you spend money on stuff you don't need. So, the better you plan your shopping trips, the less often you have to go, and the less money you will waste. We do our grocery shopping about once every two weeks - we plan to eat fresh produce in the first week, and canned and frozen produce in the second week.

Eating out

Eating out is awesome, especially when it's an event. If it happens too often, it loses its magic, and you lose your figure. For those of us who are trying not to spend too much money, it's best to avoid restaurants where a tip is expected, for obvious reasons. On the other hand, if you're going to tip, may as well tip generously - if you've ever worked for tips, you understand.

So, if you can stomach it, make a list of meals and ingredients before your next shopping. Both belly and wallet will be grateful.