Challenging Your Money Stories

Have you ever sat back and wondered where time has gone?  It seems to fly, especially after kids, and as I approach my mid-40s, it feels like the last 2 decades have just slipped by.

It makes you think about where you're headed and what it is that you want to still do.  At least, I have been thinking about this lately!  Many things I have done, but there are things I still want to do and I need time for them.

What this also does is it means we can get stuck in a rut of doing what we have always done, financially.  This may be a good thing, but it also may not be.  It's always good to have a look at your finances and check that everything is working for you, so you're headed in the direction you actually want to go.

Challenge your current thinking in terms of how you see money and the ways in which it plays out in your life.

Let’s explore some practical tips to help you break free from a financial rut, including leveraging AI for pantry recipes, saving money, and becoming more organized with meal planning. Let's get started!

1. Leveraging AI for Pantry Recipes

One effective way to save money during a financial rut is by making the most of the ingredients already in your pantry. Artificial intelligence can be a powerful tool to help you come up with creative recipes based on the items you have. Various recipe apps and websites utilise AI algorithms to suggest dishes and combinations based on the ingredients you input. This will help you reduce food waste, save money on groceries, and discover exciting new recipes.

2. Smart Saving Ideas

Start with calculating your essential expenses each month – mortgage or rent, good, petrol, etc. Take this monthly figure and multiply it by 6. This is amount becomes what you’re aiming to have in an Emergency Fund (which sits in a high interest savings account, that is away from your day to day transaction account).

Separate out other buckets for you to save for – such as Fun, Car, Investing, etc.

Figure out what percentage of your income you can add into each of these buckets (including Emergency Fund), and automate deducting this into the accounts each month.
Look at whether the phone and internet contracts you have can be reduced. Look at the streaming services you pay for and bring it back to what you actually watch.

Call your insurance provider(s) and see how you can reduce your premiums.

Shopping through a food coop is also a good idea to look into. I now shop quite a bit at Costco, as the per unit cost of what I buy is about 30% to 35% cheaper than the mainstream supermakets.

3. Organised Meal Planning

The best way to save on groceries is to meal plan and get organised. I wish there was a faster, easier option, but being organised is the best way. Dedicate some time each week to plan your meals in advance. Look for sales and discounts at grocery stores and base your meal choices on what is affordable and readily available.

Create a Grocery List before heading to the supermarket, and stick to it. The only time I deviate from my list is if I see an item I often buy that’s on sale.

Cook in Batches. Prepare meals in larger quantities and freeze leftovers for future consumption. This practice not only saves time but also reduces the temptation to order takeout or dine out when you're tired or busy.

4. Get Creative with Outings

During the pandemic, we got pretty creative with going out and finding ways to still have outings as a family without going to a restaurant, or even going out for takeaway. It’s something we actually enjoyed, so we have continued it. The upside is that it’s also cheaper!

Sometimes we have “fancy” picnics, with olives, artichokes, baguette and imported cheese (all from Costco!). Other times it’s sandwiches or something I’ve baked. We get to go on adventures and eat wherever we want – in a forest, on top of a mountain, by the beach. You name it.

I see these outings as fun, rather than ways to be frugal and save money. This is where the mental shift is important.

Escaping a financial rut needs mindset shifts, planning, and creativity. While not always easy, remind yourself of the lifestyle you want, and to find the joy where you can and band together as a family and enjoy each other.