What are some ways for a family to save money each month so they can set aside money for other things?

Question

I need to know some different ways of saving money and how much that the strategies could save a family of 3 per month

Answer 1

The phrase "pay yourself first" comes to mind. Any paycheck you get, set aside $50 or some other amount and put it right into another account that you NEVER touch.

Otherwise, eat one less meal per week out of the house, and put the money in savings instead. Get rid of Cable TV. Stop drinking alcohol (it's expensive!). Track your expenses closely for a month to see what they are.

Virtually every budget has fat in it that can be cut out. Cut out that fat, and put it into savings.

Below is a good link on how to cut costs around the house.

Answer 2

With todays prices that is tough but not unmanageable lets look at a few thing to help. In winter keep the thermostat at 68-70 in summer keep the A/c at 72-74 for a start. Plan your trips so you can take care of everything in one trip, check your tire inflation weekly, and make sure your car is in tune. Next time the oil is changed go to a synthetic. If you are only a couple of blocks from your convenience store walk don't drive. In the grocery store buy in bulk, with meat buy what is on sale and freeze. Turn the light out if you are not using and switch to those new energy efficient bulbs. When cooking cook large amounts and freeze or use the leftovers for lunch instead of going out. Why buy coffee at the local mart in the morning when it cost next to nothing to make at home and put in a covered cup? Why subscribe to a newspaper when it is free on the net. If you have a broadband connection and are still paying the high price for a landline, with long distance switch to Vonage $28.58 a month for all calls everywhere. Do you really need to order out for that $10 pizza, or will a frozen one for $3 do the trick. (on sale all the time) Yard sales or freecycle boards for clothes, and furniture. When you write a check or use your debit card round up to the nearest $5 mark in other words if you spend 12.50 write in 15. you would be amazed how fast that adds up. . save your change at the end of the day.

Answer 3

Pay yourself first. Then pay your bills. I know this sounds backwards but it works. My family uses envelopes and we get cash out of the bank on Fridays. We place money in envelopes for each of us individually, then there is a fund for groceries and a misc one also. When your money is gone it is gone. But if there is extra at the time money comes out next week. We can splurge a little. As for what is left in your account. I would try to start with 10% in a account that you agree not to take from ( emergency fund). When this is equal to 3-4 months of income you can start saving for vacation or other bigger purchases. This is something we adopted. We dont use Credit cards any more and this help us stay accountable with the checking account. The other key componant is to communicate. My wife and I pay bills together. She would get panicy when I paid bills and she had no idea how much we were spending. Good luck. Find what works best for you and your family.

Answer 4

In order to save money for your family, you must first start with a plan. You need to write down all your bills for the month; how much you and/or your spouse bring home a month. It may also help to write down when you pay the bills whether it is first paycheck or second paycheck , 15th or 30th of the month, etc. Don't forget to put groceries, nights out, play money, etc in the equation. Once you show how much you bring home and spend out, you can decide what you can cut back on, what can be paid off so that it is not a recurring bill.

Answer 5

most families can't

maybe for the first few years, just get a rent free comfy place to live, even you have to accept some debt to get that

then spend less than you get

I have often found that paying myself some each day, actual cash could make it much easier to stay on budget, maybe $20 cash per day per family member, if there is more, then maybe 5 times that

there are ALWAYS unexpected expenses, health care, teeth, tires, etc,

Answer 6

you can make money online. Just open a paypal account premium/business account [free] go to m yprivatedorm.com and you can get that paypal if you want at the buttom of that page.
I keep telling people this will help you. They have 3020 members making money 200-500 bucks a week. That's secondary income to help you save, have money for bills etc

good luck

Answer 7

Don't carry cash. It's too easily spent.
Don't buy soft drinks, snacks, etc from convenience stores. You can wait til you get to where you're going.
Don't buy bottled water, period. It uses precious resources, generates waste, and uses fuel to haul it around. Drink tap water.
Don't order pizza, buy a frozen one for 1/4 of the price.
Wait for video or go to a matinee - the theater is way too expensive!
Avoid Starbucks! you can make coffee at home for a month for what you spend at Starbucks for one cup.
Avoid fast food and limit your sit down restaurant visits to once a month or so. Let's face it, fast food is unhealthy and Applebee's is just plain nasty. It's just convenient, that's all.

Answer 8

at the end of the day, put all your change in a jar, you'll be surprised how fast it adds up. you can add dollar bills, or 5's or whatever you can spare to it too.
cut out that soft drink and add what the cost is to the jar, but leave it alone!!!!! don't borrow from it!!!! good luck!!!!

Answer 9

OK, let say u make 2000 a month.. Put 10% away each pay check and don't spend it.. Another things don't buy things u don't need..

Answer 10

If you use cash you can put the coin change in a jar. It does add up.