Pay Yourself

April 24, 2024

I like and subscribe to the savings method of “pay yourself first.”  We “pay” ourselves a set amount before we split our money up to cover other budgetary needs, like mortgage, food, clothing etc. What I mean by subscribing is that it’s a mindset for us. Not only do we pay ourselves first, but any money we can save additionally, we get to “pay” ourselves and achieve our financial goals faster. Some of those goals are big, like retirement funds, new house purchase etc. Other goals are more immediate such as a family vacation or a new set of dishes.

I like to ask myself a set of questions:

Do I really need to spend the money?

Why do I need this item?

Could I get the same thing via another, less costly way?

 

I’m not talking about depriving myself. It’s about priorities. We really want to take a family vacation this year. A vacation can cost a lot, so saving for it is key to really enjoying the experience without the worry about finances. At one point, over a two year period, we consciously saved for a new roof. Whatever your priorities are…saving for a new house…cost of education…painting the outside of the house…hosting a party…saving for a specific goal has helped our family be mindful on what and where we want to spend out money.

It’s also important for us to not repeat-buy. For example, I clean out my closet every season to determine what I already have on hand. I might see in a catalogue a pretty white linen blouse and I know I would wear it all summer long. But because I have assessed my own closet, I know I don’t need to buy another white linen top (I already have 3!). Shopping my own closet saved me money! Money I can use elsewhere. I don’t need multiples of the same shirt just as I don’t need multiples of the same ingredients in my pantry. I update my Pantry Manager to ensure I don’t buy more of a spice when I have plenty already in my cupboard.

Obviously, grocery costs are one of the larger weekly items in our budget. Food costs are often volatile since they’re affected by everything from overseas tariffs, weather, disease like avian flue etc.  But in 2020, when the cost of groceries went up, up, up, we buckled down with our “pay yourself first” mentality. We wanted to be able to enjoy tasty meals and eat higher-end cuts of meat, fresh fish and fresh veggies without overspending. Just like we saw the prices of groceries go up, so did the prices in our favorite restaurants and take-out spots. We made choices that allowed us to feed our family and friends without sacrificing taste and quality and, importantly, not busting our budget.

“Pay Yourself First” Food Budget Strategies

Family on Board:

If your kids are old enough to understand budgeting, it’s helpful to include them in the discussion. If they understand why you want to save money, particularly for more immediate expenditures like a special night at the theater or a new car, they’re more likely to support your efforts.

Cook from Home:

This seems obvious, but there is real math behind how well it “pays” to cook from home. While grocery stores are starting to stabilize and in some categories lower prices, the costs remain high for take-out and eating at restaurants. (and continue to climb at a 5.2% rate.) Historically, eating out is three to five times more expensive than eating at home, but that gap is widening even further. I would rather “pay’ myself for good meals. Plan out your meals with DinnerTime, edit your Grocery List, shop and stick to your list. Having the right ingredients plus a plan of action is invaluable to both my budget goals and my peace of mind.

Buy On-Sale Ingredients:

Lean into your DinnerTime tool. No need to read the sales flyers to find out what’s on sale at your preferred grocery store. DinnerTime has done the work for you and will recommend meals using on-sale ingredients that fit your household profile.

Multi Purpose Ingredients:

Not everyone does this but for our family, I find it a useful strategy. If broccoli is on sale this week, we will eat it several times. If Romaine lettuce is on sale, we’ll enjoy tasty salads all week! I edit my Meal Plan for the different sides and make sure we have the same items for several meals. I find that I have less waste. For example, a head of lettuce might be too much for one meal’s needs but perfect for two nights. The same goes for proteins such as a large package of chicken. One is too much for one night, but great for two.

Meatless Mondays:

We eat a meatless meal once a week. Beans and other forms of non-animal protein is often considerably less expensive than meat or fish. An Oxford University study showed that adopting a vegan, vegetarian, or flexitarian diet could reduce your food bill by up to one-third. With that in mind, maybe two nights a week of a vegetarian meal might be a great way to “pay” myself! Prior to spinning a new Meal Plan, choose “meatless” on a specific day’s dropdown. Create your meal plan and that day will show a recommendation for a tasty meatless meal. Or search in the Recipe Box for “vegetarian” for other options.

Entertain at Home:

We love getting together with friends. I like going out to restaurants together, but it’s so pricey. Fortunately, I love having people over and hanging in the comfort of our home. Entertaining at home can be stressful for some, but it doesn’t have to be.

• Keep on hand at least 8 cloth napkins, 8 napkin rings, 8 placemats and a set of candle sticks. If you keep these ready you can entertain at a moment’s notice! My daughter taught me that I don’t even need to iron the napkins. She noted that when you pull them through the napkin rings you won’t notice if they have been ironed! (She’s pretty smart!) Use a plant or a bowl of fruit as a pretty centerpiece.
• Make sure the entertaining spaces stay clean with a daily straighten up and clean up plan. My bedroom can look like a disaster zone but my living room is straight.
• Do a massive clean up and set up outside at the beginning of the summer ready for outdoor entertaining and stock up on lots of beverages when they are on sale.
• Develop go-to favorite recipes. Get comfortable making a couple go-to recipes. I like to make dishes that I don’t have to stand over when we have guests…like lasagna, kabobs, interesting burgers….Anything I can prep or make ahead is best for me. Pick one or two recipes in each category…appetizer, main dish, vegetables and of course a dessert. Most people are not going to be picky about what is served, they’re just thrilled to be included. So anything from simple burgers to a fancy roast is good. One of my favorite things to make for dessert is brownies, You can make them in advance (even pull them from the freezer), warm them and serve with a scoop of ice-cream. So simple and I’ve never had anyone turn them down.
• Pot Luck: If the house is relatively clean and  you have napkins and plates, you are ready for a pot-luck dinner party. This is how we entertained when we were young and just starting to save money. Life gets busy but we want to socialize without too much effort or too much money. Make chili or another easy main dish and ask your guests to provide the other parts of the meal. The burden of time and energy is shared as well as the cost. Your friends will be thrilled to help out. Bringing a salad to a party is a lot less expensive than everyone meeting up at a restaurant. Everyone gets “paid”.

Do-It-Better Takeout:

“Mom, can we order in pizza?” quickly became, “Mom, can I have some friends over to make our own pizzas?” I want our kids to have lots and lots of pals over for dinners and to hang out. Kids eat a lot and then some more… and that can get pricy. Since we taught our kids how to make their own custom pizzas, they think it’s pretty fun. (yay!) What’s been so great is that their friends want to learn how to cook the foods they love too. Our air-fryer is in constant use on Friday nights with wings, and fries and all things teenagers love! As a family, we decided we would try recipes of our favorite take-out foods. Just search your Recipe Box for specific foods or cuisines. We’ve had a lot of fun together which is a bonus for the grownups… that our kids actually want to cook with us! Priceless 🙂

Recipes for Easy Entertaining

 Search for more delightful recipes in your DinnerTime Recipe Box.

Use the filter function (found on right of your DinnerTime Recipe Box search) to find desserts, main dish, side dishes etc.