How do you start saving money on a low income budget?

Question

We are a one full time source income family, while the other person takes care of the children because can not afford daycare and works part time on the weekend. Where do you cut corners while everything goes up and the pay checks go down because of the crisis with the oil.

Answer 1

--As one answerer already mentioned, stop spending change. Get a piggy bank, put whatever change you get in your purse or pocket, even if you can only start with the pennies or nickels, put whatever change you get in there, and let the change sit in there as you add to it for three to six months. Most folks (myself included) have no problem stashing back $2-3 in pennies and nickels a month, which can add up over a year's time even if you only save your dimes and quarters too a month or two out of that year....

--Find a very inexpensive home-cooked food, something nutritious, and *use that* religiously at your meals. Your kids might hate you for doing oatmeal at breakfast *seven days a week* but it is good for them and really *really* cheap, and can help cut 10-30% out of your meal expenses.

--If at all possible, turn down your hot water heater to 120 degrees or less (my older sister swears by turning it down to 110-100 degrees), and don't use anything brighter than 40 watt bulbs. Eventually the power bills will go down. Likewise, do your lanudry in cold water if you wash clothes at home. Every little bit you can reasonably get away with helps.

--Don't use your telephone at all during the day if it can be helped, even on local calls phone service can be 40-50% more expensive with the daylight calls....if you must use the phone, do it at night, on the weekends, and/or use someone else's phone.

--Use generics whenever and whereever possible. Shop at the local dollar stores *first*. Will some generic things be worse than their name brand counterparts? On occasion, yes, but not usually. In particular you want to spend as little on disposables as possible: toilet paper, paper towels, soaps and cleaners, toiletries like toothpaste and toothbrushes. Also spend as little as possible on items where the generic *has* to be identical to the brand name, namely with perscriptions, but also with over-the-counter medications for headaches, colds and flu, sore throats....Spend on brand names *only* where you know the quality is definitely worse with the generic: razor blades, diapers, some kinds of food.

--If all else fails....remember that piggy bank? Ok, here is what you do...share it with your kids in the following way. *Promise them* that a) for every *penny* they save in a week, you will save a *dollar*, up to at most five cents for them, and *five bucks* for you, and b) promise them that if there is *anything* left in the bank by Christmas time, then it is all theirs. And keep your word, worst thing you want is your own kids reminding you of a broken promise....

Hope at least one of these ideas was helpful....

Answer 2

The easiest answer is to make sure that you have control on your extras. I am thinking hard about losing cable, not because I can not afford it, but because I do not agree with raising the price by 22%. I would sit down with your significant other and budget out the mandatory bills (housing, utilities, insurance) than I would look at the other repeating bills ( car payments, credit cards, other loans and bills). Finally I would track my discretionary spending. I would open up a savings account that is off limits and start putting at least a little money into it on a monthly basis. You can also be like most of the middle class people that I know and shop at thrift stores and second hand stores to get good, used clothes, toys, and household furniture. I would stop trying to keep up with the Joneses and find the most comfortable lifestyle that is below your income level. My parents bought us the Atari game system in the early 80's and we bought our own games for it. That is the only gaming platform they ever bought for us. We had to buy our own computer games also. My siblings and me were taught early on that you had to earn everything that you needed. They would help us out when they could, but not often. I did not get a new set of clothes with the exception of birthdays and Christmas from the time I was in the 8th grade until I went into the Navy.

Answer 3

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Answer 4

We are one income family. My dh works. I homeschool our children. You:
-buy off-brands (as you can handle it)
-you walk more and drive less
-my dh carpools whenever possible
-we do all our errands on one trip (less back and forth with driving)
-use cash-when you see it go---you'll hold tighter to it
-find discount grocers, outlet stores, if possible
-have a yard sale (great way to put it in the bank)
-bake and cook from scratch-you'll save a TON of money this way as well as eat healthier
-plant a garden, even if only from a pot by the window
-go to freecycle.com and freecycle the things you no longer need or freecycle the things you DO need
-sew or knit (getting the material and yarn from freecycle)
-put aside $5 or $10 a week or per paycheck. It may not be much, but it's better than nothing! :)

I hope that helps a bit!
:)

Answer 5

Save all of your change. 50 cents a day can add up. Check for specials at the supermarket and only buy sale items. By store brands and buy cleaning products at the dollar store. See if your neighbors will participate in a children's clothing and toy exchange where you can trade still good clothes for another size. Clean out your place and have a yard sale. Check out www.allthingsfrugal.com for more tips.

Answer 6

Good question. Having the same problem. I've started saving by just working on the habit rather then how much I save. In otherwords, I try to save all my change, any money I find or any money given to me I wasn't planning on getting in a separate jar and I don't touch it. A penny a day! Try the habit, then work on the amounts as you can.

Answer 7

Just start with saving anything even 1 dollar a week. You could try saving on things like electric, gas and only eating home prepared food. Remember from little acorns great oaks grow.

Answer 8

The last word in your question is your answer. Make a budget and stick to it.

Do a Google or Yahoo search for Dave Ramsey. Listen to his radio show and check out his web site.

Answer 9

Work with a tax specialist on how to save money on taxes legally. Specially on how you can shift most of your biggest expenses with before-tax dollars.

Answer 10

Get a job. You can obviously sit on a computer fine with your "disabiliy". Many office/receptionist jobs do just that. Lazy POS