Five financial mini goals that could potentially save us £175 a month

Our plan to get serious with our mortgage attack starts with our budget. We’re not looking to cut out everything – staying is our digital TV package (NFL is my husband’s love outside of me and the rest of the family lol), and travel. Also staying is the current round of house renovations as we really need to finish this house! However, there are a few changes we can start making over the next few months, which if accomplished, could lead to budget savings in 2014.

Five Financial Mini Goals:

1. Gas and electricity costs. You may remember this cost going up to a whopping £171 a month earlier in the year. We’re nearly back up to date with this account, and the power company estimate we will spend £1,200 on gas and electricity over the next 12 months – potential saving £71 a month.

2. Phone costs. My iPhone contract is due to end in December and I’m not interest in upgrading. I plan to go onto a SIM only deal – potential saving £18 a month.

3. Gift Spending. This is just my personal battle not to overspend at Christmas – potential saving £16 a month.

4. Personal Spending. Again this is just my personal battle. I have ‘Enough’ – potential saving £20 a month.

5. Grocery Spending. I left this one until last because it’s such a biggy for me. I know I can reduce our grocery costs even further. I’m lazy in the kitchen and still buy far too much processed rubbish. If I can really get to grips with this over the next few months, it’ll help our budget…..and my diet! German supermarkets and stockpiling are definitely the way to go – potential saving £50 a month.

So that’s it! For the next 4+ months I’ll be working on reducing these five areas of spending as well as trying to achieve our year end goals.

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18 Responses to Five financial mini goals that could potentially save us £175 a month

  1. Sue says:

    It all sounds good, and more important really achievable. Good luck, you do know of course that we’ll all be watching your progress so you have to be good :-)

  2. Econowiser says:

    Go, go, go! Sounds like an achievable plan. You can do this!

  3. Very focused. I agree with the German supermarket loyalty – I’m spending more and more there and a lot less elsewhere! Good luck with the personal spending :)

  4. savingfortravel says:

    Great financial mini-goals Laura!

    I think I might join you with these!

    Sft x

  5. I could give up the digital TV and cell phone but I find cutting back on gifts and personal spending really hard (esp. music from iTunes, concert tix, etc.)

  6. I have the exact same problem in our budget: the NFL package, and the DirecTV service that necessarily comes with it. It is my addiction and my love…I have a very hard time even thinking of getting rid of it.

    But with your other reductions I think you can easily shave off that amount per month, and that’s going to add up very quickly!

    • Things would have to get really bad for us to even think of cancelling the sports package too – we both get a lot of enjoyment from it…..and it’s still cheaper than going out all the time :)
      That said there’s also Game Pass and the regular games in the UK (2 this year!)that my husband pays for from his personal spending.

  7. SarahN says:

    Agree with Dar – I hate to seem stingy with gifts – especially for my nearest and dearest (brothers, mother, father and BF). I’ve never really tried to lessen grocery shopping, i suppose because I know it’s a drop in the ocean to all the eating out expenses :p I reckon alcohol spending (nowdays) would be a good way for me to cut costs, I’ve started having more glasses of wine now that I have a partner than ever before.

    I’ll be interested to see how your trimming goes.

    • Gift buying is a really hard one! We’re still quite generous, but I need to set a budget and stick to it.
      I remember when we first moved in together how much wine we used to buy…it would knock me out these days lol!

      • SarahN says:

        Ah good to know we might ‘settle down’ into less wine! Admittedly we’re not drinking it fast, as in the dozen bottle we bought Sat have not been touched, so that’s alright…

  8. Laura, I think you’ve done really good on food shopping this year. Come up with a few really cheap meals that you and hubby love and have them each week. (Soup anyone?!) That will help. You can do it!!! ~Pru

  9. Fiona says:

    I love “bootcamps” like this…it’s amazing how much tou can save on recurring expenses. We gave up the cable tv subscription, but now (not kidding) my husband goes out to pubs, friends houses, relatives…anywhere he can see the game!! Lots of compensatory car, food and alcohol spending!!

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