It’s time for our No-spend Challenge check-in and a helpful concept to ponder through the weekend!
As I (Jill) participate in this No-spend January, I continue to realize how much money I typically spend on food.
It’s a necessary purchase category, but sometimes I spend more than I need to! 😳
One of the culprits for my overspending is a lack of meal planning.
When this happens I end up making multiple trips to the store, eating out more often, and not optimizing the ingredients I have on hand.
To exercise my future thinking muscle and reign in my food spending, I am embracing the concept of the vital few and useful many.
It’s another way of phrasing the 80/20 rule (aka The Pareto Principle).
When looked at through a personal finance lens, it’s this aim of 20% of our efforts leading to 80% of our results. 💸
Rather than dividing our attention on many less consequential things, we can focus on a few heavy hitters that yield the best results.
For me, this means meal planning at home every 2 weeks.
If I can spend 1 hour doing this, it makes a BIG difference in mental strain throughout the week when hunger pangs strike and people are asking what’s for dinner?!
AND it’s helpful for my spending plan because I am able to incorporate food I already have in my pantry and plan for repurposing ingredients throughout the week.
I need the useful many, but I’m focusing on the vital few.
And so much of my daily life is benefitting!
Whether or not you’re doing this No-spend Challenge with us, I encourage you to think through:
What are the vital few for you?
What efforts could make the biggest impact on your finances?
HINT: Start with your largest spending categories and consider what small steps would make meaningful results for your wellbeing and finances.
Catch ya later,
⭐️⭐️ P.S. Want to share all this goodness with your friends AND earn cool Frugal Friends merch?
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