What money-saving tips do you use?

Question

My fiance is about to start a new job with a friend that started his own company under a year ago. I'm worried that he may not be making as much money if business is slow, and want suggestions on little things that can save money. I'm only 20 so I'm sure many of you older Moms have some great tips. Thanks!

Answer 1

Get an interest-earning checking account. You can compare rates at http://www.bankrate.com/.

An online-only bank that I like is http://home.ingdirect.com/. But you can't write paper checks off their checking account; you only have the ability to transfer money online or pay some one using a debit card.

A great Christian money management book I recommend is "Debt-Proof Your Marriage" by Mary Hunt. Even if you aren't Christian, there is a lot of good advice for everyone in here. The author's website is http://www.debtproofliving.com/.

Some good books are "Miserly Moms," "Miserly Meals," and "Frugal Families," all by Jonni McCoy, whose website is http://www.miserlymoms.com/.

Another good book is "The Complete Tightwad Gazette" by Amy Dacyczyn.

Get in the habit of using libraries and used bookstores instead of always purchasing new books. Libraries also have movies and music; if you're patient enough to wait on a list to see the new stuff, you can see it for free! If a library doesn't have an item you want, you can put in a request for them to purchase that item (which they frequently will if it's a newer item) or ask about the possibility of an inter-library loan.

Plan your meals around a combination of what you have already at home and what's on sale this week at the local stores. Some stores will honor other stores' fliers if you bring the ads in, so you can use the sales ads as a big coupon list for one-stop shopping. See if any store near you does this.

Also look for local dollar stores (where everything is $1.00 or less), day-old bread stores (such as Wonder or Hostess), and discount grocery stores that may have a limited supply of items and not honor coupons, but still have some very good deals.

When you're grocery shopping, take a calculator with you and figure out how much an item is per unit (such as ounces). In some stores, the math is done for you and the answer is on the shelf tag. Cost of item divided by number of units=cost per unit. This tells you which size of something is a better deal: whichever one has the lowest price per unit. It isn't always the largest item and it isn't always what's on sale, so this is a handy thing to check to get the best value for your money.

A couple other useful sites are:
Oprah's info on budgeting
http://www.oprah.com/money/debtdiet/experts/qa/debtdiet_qa_budgets.jhtml

A t.v. reality show about couples in debt
http://www.slice.ca/Shows/ShowsPage.aspx?Title_ID=93097

Freecycle, a group in which people give away stuff for free that they no longer want to some one who is willing to pick it up:
http://www.freecycle.org/

My final tip is to make a habit of writing down all your income and expenditures to make your money visible to you. This really helps!

Answer 2

You need to keep a journal- 2 weeks is good- a whole month is preferred. Write down every single thing you spend your money on. Only by having it on black and white will you be able to see where things can be cut. Like $3-4 for a cup of coffee or $6-10 for lunch may not seem like much- but they do add up. Also, find out how you can save when you guys get married- you can consolidate your auto insurance- and you'll get a lower rate because you're married. And all moms know how to save at the grocery store- buy in bulk when it's on sale and use coupons!

Answer 3

1. Always put at least $20 away in an account.....somewhere without ATM access!! No matter what the amount of your check.
2. If taxes aren't taken out of his check....put away at least 30% of the check to pay taxes QUARTERLY!!!!
3. Take breakfast/lunch/drinks to work unless company pays for it. $10.00 in home purchased groceries go ALOT farther than $10.00 at the local fast food restaurant. Not to mention the weight he will keep off.
4. Anything that is not necessary....don't buy. Yes it is nice to want the best but usually the off-brand will be cheaper and just as nice.
5. Any loose change at the end of the day? Put it in a jar or container of some kind. I used to wait tables and I would take the loose change (coins) I had left over at the end of the day and put them in an empty coffee can. when I REALLY needed money....that can would save me. After a few months of saving ALL of my loose change, I was laid off and I had a better job offer out of state. That $700 (in about 9 mos of saving) got my son and I through the usual 2-3 weeks before your first check period!!!

Answer 4

Older moms? The last thing you want to do is to rely on females to talk to you about saving money! I'm kidding, I'm kidding!!! Many people waste huge money and don't even think of it as waste. Probably the biggest thing you can do is not go out to eat and don't order food in. That's rediculously expensive. Cancel magazine subscriptions. Cancel land line phones if you have a cell phone. And if you have high speed internet you don't need AOL or MSN or anything to connect to the internet. Total waste. Don't do impulsive buying at all, buy what you need, not stuff you just happen to see in a store.

Answer 5

Well, the reception is the biggest cost of a wedding.. Have an earlier, think early afternoon (2:00), Saturday wedding at a beautiful park or botanical garden. That way there are already plenty of flower & gorgeous scenery! At the reception nobody will want heavy food or drink much at that time of the day so serve horsdevores and just a single signature cocktail or just champagne & sodas. You can't scratch the dj and opt for a string trio which would could much less, especially this early in the day. It would be very elegant alternative!

Answer 6

As a mother of three-I love to shop!!!!This is just a little something that has helped me control some of my spending habits in the past.
*Have your payroll check deposited into a savings account.
(at the time I did not have a checking account or atm card)
I did have two savings-one for saving and one for withdrawing for bills and spending.
*or like now- have a certain amount directly deposited into a checking account, and the other amount deposited into a savings account.
My explanation is that if you don't have the cash or check in your hand, you will be less likely to spend it on things that are unnecessary.If you have that certain small amount deposited into a savings account every paycheck, your not really going to miss it as long as all of your needed bills are paid for. You can always make adjustments as to how much is going into checking or savings if needed.(Think about it -even if its just $25/week-that's $1300/yr that your really not going to miss, not including the interest paid
Remember that you can open as many saving accounts as you like and they draw interest. You can also ask your bank about what they can offer. If at any time you can get into a 401k plan-Go for it.
And always ask yourself if you really need it or just want it before you buy it !!!!!!
Not a quick fix-but does help save

Answer 7

The most important thing he can do is WRITE a budget at the beginning of every month. He can't spend a penny unless it is on the budget. This forces him to pay attention to his money. He will know where he can save as soon as he knows how he is actually spending money.

Answer 8

my biggest money saver has been coupons, and the saving of loose change.

some coupons aren't worth the paper they're printed on, so i stay away from those. i especially use coupons on items that are on sale for the additional savings, and i have my club card savings too. i also try to shop at markets that give double savings on my coupons. plus, don't buy anything that you wouldn't ordinarily buy just because its on sale, with/without the coupon, and do not shop for groceries when you have not eaten....shopping after satisfying your hunger keeps you focused on your grocery list (make one of those too).