We did an accounting of where every penny of our money was going every month. Then we brainstormed ideas to see how much we could save. We promised ourselves that we would take the monthly savings spread out over three months and use it for a nice family vacation. We were going anyway, but would use the extra to make it even more special. We had all kinds of feedback with where our money was going. Then we made changes to save it. I was tasked with looking at a website on how to save money on our monthly utility bills. Everyone else had their own assignments.
The amount we were spending on takeout coffee and beverages was ridiculous. We switched to only taking coffee from home for our commutes to school and work. That was a huge savings. We also were able to save a significant amount off of each month’s electricity bill by switching to an electricity provider that has a much lower per kilowatt hour rate. We cut out some monthly streaming services we barely used, and we were able to cut back on a whole lot of other things. None of us was doing without either.
The savings added up to a whole lot, especially three months combined. We had a great vacation and did not even really spend any of the extra. We carried that initial three months extra over to the holidays for gift buying. We had a great Christmas because we used the extra to buy stuff for kids and adults who do not have much. Now we are putting the saved amount into savings to benefit the whole family. It is our rainy day fund. We use it no matter who might be having the rainy day whether it is us, a neighbor, family member or poor family. All of that money we were spending before was just blown on unnecessary conveniences or wasted by paying too much for electricity. No sense in that. We needed to take back control of our finances.