These last few years have made a drastic impact on everybody's life, not only here in the US, but all over the world.
Covid happened and I'm not sure if we tackled it smartly or not but now we are experiencing the backlash and all the side effects of lockdowns and people getting sick.
The economy is bad, prices are hiking up and it's getting really hard to make both ends meet.
I am noticing it more since it is impacting my family terribly. From the beginning of our married life, I have been making the budget for the whole family and it has come on my shoulders to tackle and get our family out of this situation.
So the first thing is to figure out what are our needs, and wants.
Like eating out...
I noticed when we eat out we spend a lot of money doing it. So we started limiting eating out, I can't thank my mom enough who taught me how to cook amazing food. we were eating out more because I was just being lazy. Quite recently I realized I like cooking and I challenge myself every single day to try a new recipe. I noticed my family is pretty happy coz they get to eat new and different dishes all the time.
The next biggest expenditure was having coffee from a coffee shop, I used to get it for around $4 and now the same coffee is around $7, and if for some reason I drink it 2 times a day, it adds up pretty quick.
So, I bought a really cool coffee machine and the syrup from the same coffee shop we usually buy our coffee, now for a fraction of the money we get the same taste and save so much money.
The biggest expenditure, I had to really cut down on, was Gas.
To control that, we started carpooling and in the future walk more when the weather is decent. I have been implementing these changes in our lives but unfortunately, my family is still not on the same page.
I don't blame my children coz they were never taught about this and have never faced situations like this, so I have been talking more about how we can save money and I include my kids to give suggestions so they also understand what is about to come when inflation hit us in a full swing. To help me keep everything organized, I came across this very beneficent site savings calculator. It is extremely easy to use and since it is my responsibility to teach my boys the hardships of life though they are young, again young minds learn fast, I ask them to add in the savings calculator our savings and the amount we will get/profit after a certain period of time. I am teaching them the biggest life hack that is not taught in school.
Now all the money I am saving, and my actual saved-up money, I want to smartly invest in real estate as that is the most flourishing industry. I am just looking for the right property and soon will make my first big investment and hopefully, it is going to be successful. Fingers crossed!!!The biggest expenditure, I had to really cut down on, was Gas.
To control that, we started carpooling and in the future walk more when the weather is decent. I have been implementing these changes in our lives but unfortunately, my family is still not on the same page.
I don't blame my children coz they were never taught about this and have never faced situations like this, so I have been talking more about how we can save money and I include my kids to give suggestions so they also understand what is about to come when inflation hit us in a full swing. To help me keep everything organized, I came across this very beneficent site savings calculator. It is extremely easy to use and since it is my responsibility to teach my boys the hardships of life though they are young, again young minds learn fast, I ask them to add in the savings calculator our savings and the amount we will get/profit after a certain period of time. I am teaching them the biggest life hack that is not taught in school.
So how are you preparing yourself for what's coming?
Share all the tips and tricks
I totally agree with that train of thought. I’m trying to teach my kid too wants does not equal needs and there’s a lot of cost savings in there.
ReplyDeleteWhat kind of real estate are you interested in? We owned 4 houses that were a total of 20 apartments, and luckily we sold them in 2018 before COVID.
ReplyDeleteI find the state of the world very concerning. I really appreciate your thoughts and perspective on ideas on preparing for the future.
ReplyDeleteDebbie
These lifestyle changes are great. Its good to assess your routine and know which you would like to change and execute the changes.
ReplyDeleteJust some days back I was discussing this with my nieces. And yes we should just reconsider before judging buying any cool stuff we see. Savings for expenditure is also important.
ReplyDeleteWe've started to save and spend our money more wisely than before. As a child-free couple we want to be save to pay off our mortgage before I'm 45 (15 years) and to retire in our early 60's. So we've started budgeting and being smart when it comes to investments. It's a big step as we both work in retail and have a side hustle but we're determined.
ReplyDeleteSuch an important reminder that wants and needs are very different!
ReplyDeleteAaahhhh...well, I am saving up more money from here. Every coin and note will matter, when the time comes!
ReplyDeleteThat's so nice and smart steps by you. We need to analyze what we need and what we want. These little changes will have huge impact in long run.
ReplyDeleteIt sounds like you are doing as much as you can. It's been hard for many but you seem to be turning it around. Property is a great investment but you need to make sure you invest wisely. Do some research into this and don't be too quick to invest in the first property that you think will work well, shop around and haves as big a deposit as you can get. The less you borrow the better.
ReplyDeleteSaving up money definitely requires big lifestyle changes and discipline. All will pay off in the long run.
ReplyDeleteIt's good to have a different lifestyle and covid I honestly see that changed so many lives. That's cool you have awesome coffee machine.
ReplyDelete