LANSING, Mich. (WLNS) – Are you struggling to pay for things like food, paper products and more?
In this weeks Money Monday ABC’s Rebecca Jarvis introduces us to a mother of three who found a way to save so much on groceries that she paid off her mortgage in less than two years.
When mom of three Kim Anderson and her husband bought their first home, the milestone was exciting but their goal of being debt-free was seemingly out of reach now with a $93,000 dollar mortgage, but then the pair discovered cash budgeting.
“You know, I couldn’t just swipe and swipe and swipe. Like, I had to be accountable,” said Anderson.
Each month, Kim would allocate a specific amount to each expense from groceries to kids activities to clothing and any leftovers would go straight to paying down that mortgage.
Surplus cash like tax refunds or bonus money also went towards paying down the principle. Within just two years, Kim and her family were debt free and she discovered some of her biggest savings came from groceries
Kim’s first tip: avoid impulse purchases.
“I got very intentional about making a shopping list and forcing myself to stick with that list.”
Next: food shop online.
“Instead of having three kids in the grocery store, like, begging, you know, every aisle. We’re able to just go in and put in what we actually feed our family on a regular basis.”
Finally, take stock of your fridge
“If you’re going to the store and you buy duplicates, you’re gonna spend more money than you really needed to.”