Do you also struggle with budgeting food and spend hundreds of dollars by just clicking few buttons on amazon? Don’t worry; we have a method for you that will always remind you to slow down. Budgeting is not about reaching the extremes of spending and saving, it’s about having a balance between the two. Let’s be honest. We all suck at budgeting. Let’s face it, budgeting can be dull and boring, and who has time to indulge in the complexities of technology and calculations. But with the kakeibo method, budgeting has never been so easy. With the kakeibo method, the emphasis is definitely on saving maximum. No doubt making sure that you don’t spend your hard-earned money on frivolous things is about making sure that you don’t spend your hard-earned money. But first, let’s understand what kakeibo is?
What is Kakeibo Method?
Combination of journaling your finances along with a solid structure for assessing what you can control, the kakeibo method is a perfect way to save your money through effective budgeting of food.
Different Perspectives of Food Budgeting
People with a caveman approach are so frugal that they save pennies and live with just the bare minimum. They don’t spend any of them on luxuries. Frugality can’t make anyone rich. Try to include a personal budget for affordable luxuries. Although budgeting and eliminating wasteful spending have a positive impact on building your capability to build wealth, but in this way, you are being too strict with yourself. Don’t tighten the belt so much that you start to feel like you can’t breathe any further.
Nomads try to get the most out of life. They have a balanced approach towards food budgeting. They eat out twice a month but cooks most of the time. They mostly cook at home, and whenever they eat out, they go for quality over quantity. In this way, they enjoy life and also saves money for rainy days. This approach helps you to manage your expenses effectively. Having a financially stable life is all about spending less than you make in a month.
Cyborg makes enough to eat outside all the time but never saves anything. This approach has many harmful consequences as these spending habits can get people into trouble at any time because they have no savings in case of tragedy. If you live your life with this attitude, you need to push yourself to start saving money or you could be heading towards the crash. It will only make things worse in the long run. If you have a tight budget, don’t spend your entire spending on food instead limit your expenses according to your earnings.
Being Nomad-Balanced Approach
So, which of the perspective mentioned above can pave the way for content and successful life? If you are a foodie, you can treat yourself twice a month with your favorite cheesecake. The possibilities are endless. Remember, it’s all about finding the perfect balance in life!
Getting Started with Kakeibo Method
It’s easy to get started with Kakeibo.
Besides the cost of mere pen and paper, this magical method to save money is absolutely free.
- Get a ledger, no fancy tools, and applications. All you need is just a pen and paper.
- Subtract your expenses from your monthly income.
- Categorize everything you buy; set your desired saving goal for a month
- Set aside a fixed amount of cash you need for food in a month
- Take a balanced approach by separating money for a savings account and affordable luxuries just like nomads.
- Make a list of all the food items you need in a month.
- Hold yourself accountable at the end of the month by assessing your food spending habits.
- Ask yourself how I can improve next month?
- Repeat the process.
For all the inconsistent, fearful, reluctant, and first-time budgeters struggling with budgeting food, with the Kakeibo method and nomad approach, you can break the debt cycle and can gain financial freedom. Stop wasting money and start saving today.
If you haven’t started saving yet, it’s never too late!