Hey, All! How’s it goin’? Today I want to talk about purchasing things when you are on a small budget that don’t really make the “necessity” list but are still really important to you. When you have a small budget, everything has to be accounted for and sometimes the basics are all we have money for. Once the bills are paid, food is bought and gas tanks are filled, there is no money for extra categories. Or maybe there is extra but that extra is going to debt or a savings goal. Whatever your case may be, here’s a trick to help you afford the “extras” when there is no extra in your budget.
I recently posted an update on our finances and if you’ve read that, you can see that we don’t have many categories. Since our priority is saving right now, we are keeping everything very simple. There are lots of categories I could have that I don’t but one of those categories is a Christmas budget. I’m a huge fan of sinking funds and having money already set aside for clothes when we need them or Christmas or gifts. Right now that is just not where we are at financially and those things are purchased on an as needed basis.
Because I am a planner and because living on less takes planning and preparation, I have already begun to think about how to afford Christmas gifts and what that is going to look like this year. I have no Christmas category in our budget, so where is that money going to come from? Well, it’s coming from small amounts that I can save other places, mostly our grocery/household budget. Any extra that I have leftover after getting what we need is set aside in a Christmas envelope to be saved up for gifts. It may seem insignificant but little amounts of money set aside over time really add up. Any little bit that you can trim can be put aside for something you need but don’t have money for or something that is simply extra that you want. Even just saving $5 a week on gas, or a few dollars a week on groceries can help fund something that is really important to you that you can’t make into a budget category at this time.
I used this method last year to save up to purchase my son a bedspread that he wanted for his bed. We had no wiggle room in our budget and it was not a necessity so there was just no way it was going to happen. I saved change, a dollar here or there or a $5 bill each week. It took me two months to save up the $35 to purchase the bedspread but I was so thrilled and so was he! It feels so amazing to work towards something you want when there is no way to afford it in your budget. These purchases can be big or small and the amount you can afford to set aside depends on your budget and how much you can trim the amount you spend.
I love how this allows me to save and plan for things that otherwise I wouldn’t be able to purchase or do! It is something that everyone can tailor to their needs or priorities and make their money do more for them. If you have a low income or a “just the essentials” budget, don’t worry! It is still possible to work those little extras in that make it feel like you can thrive instead of just get by.
Until next time …
Grace