If I had to point to two key ingredients of any successful person, those would be organization and discipline. The former is “used” to come up with a plan, and the latter to follow through.
We can’t help you with discipline — you’ll have to do it yourself — but we can help you with organization. In particular, we want you to use the following 5 lists to better plan (prepare for) your purchases, reduce waste and save money throughout the year. Let’s go!
1. Money Goals List
This list is popular for New Year’s resolutions as it allows folks to quantify their goals for the next 12 months. That, however, doesn’t mean you can’t set monthly goals, as well. The idea is to mix and match, and have all of your money goals on one place so you can access them frequently to get and stay motivated.
Some example money goals include:
- Reduce food spending by 15% (compared to the previous year)
- Contribute at least $10,000 to a 401(k) plan
- Walk 10,000 steps every day or 300,000 steps per month
- Dine out up to 5 times per month
- Increase monthly income by 10%
- Save an additional $200 per month
The idea is keep yourself accountable by putting a number next to each goal. This will also help you measure against your own benchmark, though in some cases (like earning more) — it is not all up to you to reach that goal. Nevertheless, including that item to the list could push you a bit harder.
2. Big Expenses List
Another list that is best made at the beginning of a New Year. Write down all of your upcoming big purchases and plan accordingly. This is somewhat related to the Money Goals list, as the conflict between the two can (and will) appear.
Say you want to increase your monthly savings, but you also have to buy a new car or renovate a bathroom — you will have to juggle between the two (or more) objectives. And, as we’ve already said it, you start by having it all listed in some note-taking app or a piece of paper.
3. Running Low List
It is like a regular shopping list but with no urgent items. You should buy stuff from this list while in store, or while online visiting your favorite e-merchant, only when you notice that a deal is available. Or when you have a coupon. Otherwise, these items would be in your “regular” shopping list, and you would buy them even if there is no deal available.
Personally, I use the Running Low List for things like toilet paper, shampoo and soaps, as well as some other cosmetic products my wife buys. So when a deal is on — I act accordingly.
4. Meal Planning List
The idea of this list is to first think what you are going to eat, and then buy the ingredients you need with no extra stuff (that won’t be used).
So the process looks like this:
- Figure out what you want to eat at home for the entire week
- Find recipes and pull out the ingredients list
- Add those ingredients to your Meal Planning List and take it from there.
At the end, you will buy only the stuff that will actually be used, producing little to no waste at the end (more on waste in a second).
This is not an easy list to make, and you will have to try harder to make it happen. Or you could do what I do — I use Platejoy, and let them create these lists for me. This service lets you pick the kinds of food you love, from where they come up with both recipes and shopping lists. It’s that easy.
Also read: Platejoy Review – The Service That Makes Healthy Eating Easier
5. Waste List
It is estimated that Americans throw away almost as much food as they eat. Of those admitting to this wrongdoing, 51 percent said it would be difficult to stop doing it, and 42 percent said they don’t have enough time to worry about it.
You are reading Wallet Weekly so you’re better than that — and you can stop that. Start with a list and every time you throw away food, write it down. At the end of the month, you will see which produce you either don’t need or don’t need it in such quantities. Then start buying less of it. And that’s it.
You will also have to avoid tempting deals no matter how cool they may sound — cause if you don’t use the food on a deal, that deal doesn’t work for you.
Ready? Start Today!
Pull-up your favorite note-taking app (I prefer Evernote) and create these 5 lists. Take your time to prepare them properly, and do a weekly review. You do want to check back on these lists regularly, and for the Waste list — you’ll have to update it as soon as that makes sense (i.e. whenever you throw away something).
It won’t be easy at start, but you’ll get into it in just a few days. And all the effort put into this is well worth it. Good luck!