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Ministries Unlimited Thought For The Week (#6)

April 23, 2025

As a pantry Director and someone who loves to eat, I tend to think a lot about food and what it costs and how to budget.  As a kid, I didn't think much about meals, preparation, or cost.  I would just run in the house and ask Mom, "When's lunch or dinner going to be ready?"  When I left home and started to plan my budget, it became an item to be concerned about.  When I was still living at home after college and just starting a full-time career, I purchased my breakfast and lunch from the hospital cafeteria.  Although this was convenient, it was not cost-effective or healthy.  After the first year, I realized pretty quickly that the only way to save money to buy a house was to start taking my own meals.  

What if I want to entertain friends?  How much is that going to cost?  Can I save money faster?  What about "fun" money?  These are all questions that should be considered when planning a weekly or monthly budget.  Just remember, "A penny saved is a penny earned".  When my son was little, he would throw away all of the pennies because they weren't worth anything.  To teach him the meaning of this phrase, I started picking up all those pennies.  At the end of a month, I cashed them in for 3 one-dollar bills.  He quit throwing those pennies on the ground.  It doesn't sound like much, but over the course of a year that $3 a month becomes $36.  Would you throw away $36?  No, you wouldn't.  Plan your budget down to the penny and save as many pennies as you can.  

How do I budget and save?  Although it sounds complicated, it is very easy to budget and save.  I learned that the fun money I budgeted can disappear in a few weeks instead of lasting the whole month.  Although it sounds really cool to go to that concert, eat out every week with friends, or to buy that latest greatest item, it also means I am broke before the end of the month.  Most of us are paid on a two-week, bi-monthly, or monthly cycle.  So, plan your budget to match your paycheck.  Look at your last 3-6 months of spending and determine your budget based on those expenses.  Don't forget about things like home insurance, car insurance, property taxes, and any other periodic bill.  Once you have those amounts, you can plan ways to save.  If you are spending too much on gas, then look into carpooling or public transportation.  For years I was afraid to ride the bus because I thought I would be late.  After commuting for 8 years, it was not only more reliable, but I was actually only late maybe 4 times over the course of those 8 years when I used to average about 3-4 tardies a year.  I went from spending $250 a month to around $100.  Just think of all those years I could have saved at least $150/month or $1,800/year.  Buying your lunch at work can run you around $60 or more a week.  Bringing your lunch is an average of $25 a week.  That is $35/week or $1,820/year in savings.  Already you can see where small changes in your routine can give you money in the bank.  This is where you can save for a house, car, retirement, vacations, or whatever you want.  Don't forget to use your local resources when you are in a bind.  Ministries Unlimited is here to help with grocery costs.  See if you qualify for LIHEAP to help with heating and cooling costs.  

I am not a financial wizard by any means, but I always saved every penny I could.  Set your financial goals and budget to meet them.  My financial goal was to have my house paid off by the time I was 50 and be retired by age 55.  Did I meet these goals?  Sadly, no.  Life happens, so we need to plan for that as well.  Did it stop me from still trying to retire early?  No!  I paid off the house after 30 years and refinancing 4 times at age 58, then retired at age 60.  Goals are targets that you set.  The distance to that target may change over time, but reaching it is the ultimate goal.  Set your goals and timelines, but don't be discouraged if you run a little longer to get there.
 
Submitted 4/23/2025 by Kathy Scheller, Director of Operations