Frugal Friday: Taking Inventory

So, how did you do on your homework assignment from last week? Did anything surprise you when you started tracking your spending? I hope that you were able to identify some areas in your budget that can be taken care of with just a few adjustments here and there.

This week we are going to focus on taking inventory of what we have.

Photo credit: Askdeb.com

This Week’s Idea

You may be wondering what taking inventory has to do with saving money. Well, it’s important that we know what we have on hand so that we won’t make any unnecessary purchases. Taking inventory of what you have will be the first step in saving money in any area of your budget.

For example, before you shop for groceries, look t0 see what you already have on hand. Then you can create meals around the food you have so that you keep from spending money on food you won’t eat that week.

When you get ready to buy clothes go through your closet and see what pieces you really need. That way when you are tempted to buy yet another pair of black pants, you’ll remember that you already have plenty.

Taking inventory helps you to avoid duplicate purchases. It makes sense to know what we have in our possession. We will never be able to save money if we keep buying things we just don’t need.

Homework

Take a look at the areas of your budget that you identified as needing help. Begin to take inventory of what you already have in those areas. If necessary, write down items for reference until you become familiar with what you have.

Start thinking of ways to use what you already have instead of purchasing something new.

Question: How can you begin to use what you already have? Leave a comment below and share your thoughts.