Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. have done a fantastic job of researching, analyzing, and presenting the habits of today’s American millionaires in their book “The Millionaire Next Door.” One of the questions they ask the reader is: “Do you know how much your family spends each year for food, clothing, and shelter?”
According to their research, about two-thirds of the millionaires surveyed could answer yes to this question. Some may wonder why anyone with that kind of money would care about how much they spent in any given category. I believe it is because they understood and controlled their spending before they became millionaires.
Tabulating, or adding up all expenses, helps control consumption. Often you will see areas of improvement instantly when it is laid out in front of you. You will make better spending decisions because you know where all your income goes. You will be able to easily see if your financial goals are being met.
If you haven't begun to add up your expenses or need a simple way to start your improved money management skills in 2011 this is the way to go. Right now go get your most recent bank statement and add up all of your grocery visits. Is the number what you thought it would be? Is it too much? Now that you know you can do better. Coupons can greatly reduced your monthly grocery bill. Join me on the coupon savings journey. Post your thoughts, comments, and experiences on my facebook fan page. Each time you do you will be entered to win a gift card to your favority grocery store.
Let's have some fun with savings!