Personal finance boils down to a couple ratios. Money in versus money out is a big one. Both sides are dynamic, but influencing the money out side is where many struggle. That’s the side of the equation in the spotlight today.

Everyone’s situation is unique. Deciding where to save and where to splurge is no exception. Consider the following as potential avenues to reduce monthly expenses while maintaining the standard of living you desire.

Home Cooking

The benefits of home cooking go far beyond financial. When I meet with coaching clients for the first time, I recommend they have a rough budget. A theme -- almost every client drastically underestimates how much they spend eating out.

Playing chef undoubtedly decreases the amount spent on food. Let’s not overlook the likely benefits of healthier food which translates into improved wellness.  Sure, this depends on your definition of “home cooking.”

You may be a frozen TV dinner chef. You may be a Betty Crocker cookbook chef. Both save money, but only one saves on sodium, fats, and preservatives.

Convenience is a major allure of eating out. Utilizing a meal prep or bulk cooking style might even take less time than stopping for takeout every night.

Mrs. TFC and I started meal prepping long ago. We would hit the grocery store on the weekend to purchase food for the following week. Sunday was prep day. Usually, we cooked two or three meals (each multiple servings) stored in separate containers. Sometimes we would assemble the meals, other times the ingredients would be stored separately and assembled just before eating.

This style of cooking allowed for only one night of dishes, but that night meant hand washing almost every piece of cookware in the kitchen. By the end of the night, the fridge was full. Come home from work and supper is practically ready. At this point, it was more convenient for us to eat the prepped food than go for takeout.

There are plenty of books and websites dedicated to bulk meal preparation. They have recipes that store and reheat well. Often times, meals share ingredients, but use different sauces or toppings to bring a whole new flavor. Ground beef can be a Korean broccoli beef bowl one meal and red sauce enchiladas the next.

I have heard of locum providers making the best of their situation by utilizing meal kits. These are services that deliver boxes of ingredients and a recipe card for you to prepare food without having to shop for ingredients of think about what is for dinner. These are not as affordable as playing Betty Crocker, but something to consider if you are like me and become tired of fast food after just a meal or two.

Shop Sales

 Sale days are basically holidays at this point. We have Black Friday, Cyber Monday, and Prime Day. Then we have pre Christmas, New Years, and Independence Day sales. The list goes on. It’s easy to save a couple bucks if you have time on your side.

I’m one of those people who research a product extensively before I make a purchase. It’s a joke that I won’t buy something for 2 years because I have my process. And that’s mostly true.

But some items just can’t wait. And that’s okay. If a big-ticket item appears on the shopping list, keep the sale days in mind. Save when able.

Coupons are not as common as they once were. There are plenty of manufacturer coupons out there for household goods. Most grocery stores have digital coupons or member discounts. Pretty easy when attaining a membership is simply entering your email address and phone number.

Credit card companies offer discounts at various retailers. If the retailer is one you planned to use, then it’s worth it; however, don’t spend $100 on something you don’t need to save $15.

Buy Second Hand

Facebook Marketplace, garage/estate sales, thrift stores, pawn shops, and Craig’s List. Mrs. TFC says, “No one uses Craig’s List anymore,” but it served me well so it makes the list. The financial impact of secondhand shopping is variable, but universally less expensive than buying new.

I have done more selling than buying on FB Marketplace and Craig’s List. Most people are honest, and the transactions are fairly painless. Good way to buy at a discount or make a couple bucks eliminating excess in your life.

Garage sales can be hit or miss. If you find locations where sellers are genuinely trying to declutter, you are in luck. I have purchased many sporting good items this way. With the simplicity of price comparisons on the internet, many are trying to maximize profit, which often leads to them dragging stuff back inside. Their hassle, their loss.

Thrift shops hold a special place in my heart. Not the thrift shops with massive overhead, but the local ones. I have purchased many articles of clothing and appliances from thrift shops. And donated far more than I have purchased. Eventually, I end up donating back the vary clothing I purchased.

Church rummage sales, big thumbs up. I stocked my first apartment with a single church rummage. Items are typically donated by members of the church and proceeds often times go towards mission trips (at least where I’m from).

Beyond financial savings, there is environmental impact. Production and shipping generates carbon emissions, water, energy, labor…the list goes on. And speaking of labor, the United States imports a great deal of cloths and appliances from abroad. I can’t speak firsthand about the labor conditions in countries like China, but I can’t imagine they are great.

No Spend Month

I unknowingly did this before it became cool. This was first brought to my attention as a social media challenge. The purpose is to go without discretionary spending for 1 month. A cleanse or fast of sorts. The osmotic laxative of the personal finance world.

Pay your bills as normal and cut the excess. Basic, yet effective. Make it a personal challenge, give it a shot, see how it goes.

Curb Impulse Spending

Retailers minimize transactional friction to make buying what you want as seamless as possible. Everything from tap-to-pay, one-click checkout, and payment plans. They all make purchases painless.

Controlling the urge to unnecessarily spend money sounds simple, but is rather difficult in practice. High income earners wear a target on their back. Instantly approved for anything and everything.

Step back, take a breath, and momentarily consider a purchase. Despite a salesperson’s insistence on limited availability, the product will be there tomorrow. Create a spending plan.

Ah, the dreaded budget. Have a discretionary spending category. A line item with an amount you can safely spend each month and not break the bank.

Continue to make minimum payments, pay down debt, or invest with the first dollars out of the paycheck. Then meet basic needs. And lastly, set aside a couple bucks to enjoy your hard work.

If you are looking at a major purchase, roll over surplus discretionary allotment to build up the account. This requires discipline but will keep your spending in check and financial progress unhindered.

As always, thanks for reading!