From Two Incomes to One

But what if nothing is left over? To make sure that doesn’t happen, Prasse also reminds her students to “pay themselves first.” Whatever you earn, she suggests, you take between five and ten percent of that amount and put it away in savings: whether it’s a household plumbing problem or tires that must be replaced, you will always have unexpected expenses for which that extra savings will make a real difference. That added cushion can provide the margin that allows you to enjoy some non-essential items every now and then. 

“Too often we make the mistake in frustration of simply saying ‘We can’t afford this or that,’” explains Prasse. “Envelope budgeting gives you and the kids an important reality check in understanding what you have, and what you need. Resources are limited regardless of your income. Learning to manage the resources you have is the real secret to success.”  

A QUICK GUIDE TO TAMING YOUR BUDGET  

Turning yourself into a smart consumer does not happen overnight. You’ll need to give yourself at least a few weeks — if not a few months — to master a more thoughtful approach to spending. Evelyn Prasse encourages all of her students to use the More For Your Money section of The University of Illinois Extension, which offers a comprehensive online guide to assist you in all areas of your financial planning.  

Here are some easy tips for making every hard-earned dollar work as two:  

1. Clothing.
Don't buy here and there. Don't buy on a whim. Know your clothing needs and look for those specific items. Purge your closet so you truly know what you have and what you need. Be sure to throw out what's no longer needed or practical and to keep what fits and looks good. When you do shop for yourself or your kids know your budget before you look. Buy at the right time, which is the end of the month, end of the season, and during post holiday clearance sales. Buy clothing that is easy to care for. That means reading the label, and recognizing that wash-and-wear clothing is a lot better on your budget than dry cleaning. Finally, remember that the art of sewing a button or mending a tear will help keep your budget from splitting at the seams. Our mothers and grandmothers knew what a needle and thread looked like. We forget these savings shortcuts at our own peril.  

2. Groceries.
Food bills can eat up your budget in a hurry. As with shopping for clothes, the smart buyer is the one who goes to the store prepared with a list, and sticks to it. Don't fall into the trap of going to the store with a raging appetite. Hungry people buy more of what they don't need because they're listening to their stomach rather than their heads. Avoid prepared foods whenever possible. Instead, create meals at home. It's a lot easier than you think. Leftovers, particularly for the divorced parent of one or more kids; is a budget lifesaver. At any of the big box stores, you can buy enough food storage containers for a small army, for the cost of $10 or less. Then, rather than that $20 pizza order when you're too pooped to cook, grab one of those storage containers from the fridge and serve up what's left from the night before. In a couple of minutes you can add a new side dish and make what was old new again. Also, while at your local big box store, check out their prices on everything from dry cereal to pancake syrup. The difference in price can be as much as 50 percent.  Finally, look at the product mix at the store. When Wishbone dressings are off sale, Kraft dressings may be marked down, or visa-versa. By comparison shopping, you’ll stretch your dollar further than you thought possible.  

3. Entertainment.
We all want to live on a budget without feeling the big pinch. This is especially true when it comes to entertainment. So play it smart. For example, if you love romance novels, buy them at a "Friends of the Library" book sale for pennies on the dollar. In most towns you'll be amazed by the selection and delighted by the prices, not to mention that a library card can save you a small fortune. Since many of us enjoy a good book, but don’t want to make room in our homes for them, this is an ideal compromise. When it comes to going to the movies, look for bargain matinees, or go on discount Tuesdays. And don’t forget that many of the online services keep getting more affordable to rent videos on demand. Most communities have free museum days, and discounted theater and symphony tickets. They may not put a big ad in the paper that shouts out "Good Seats at Cheap Prices," but that doesn't mean affordable seats aren’t available—if you know where to look for them. As with most bargains, you have to do a little digging, a little asking, and apply a little patience.  


Josie Brown's articles have appeared in Redbook, AOL's Women Channel, Yahoo.com's Personals Channel and more. She is also the relationship editor at singlemindedwomen.com, and the editor of John Gray's internationally syndicated question-and-answer columns; and co-author, along with her husband, Martin, of "Marriage Confidential: 102 Honest Answers to the Questions Every Husband Wants to Ask, and Every Wife Needs to Know." She can be reached at josiebrownauthor@gmail.com.