Money Mondays: Saving Money

This week, we are going to take a look at saving money, and some ways that you can go about it. We know how important it is to save money, so we’re going to skip that and go straight to some methods you can use to save money.

Keep the change. Each day, you should empty your pockets full of change into a jar. A bank account will sometimes allow you to round the purchase amount up to the nearest dollar, and transfer the rest into your savings account. You will be surprised how quickly this adds up. Occasionally, throw all your single bills in there, too.

Open a Savings account. Each month, deposit your change savings into your bank account, and/or have a set amount transfer over from checking. Never touch the savings, unless it qualifies as an expense that you need the savings for, such as a vacation, or an emergency.

Re-Evaluate your budget. Take a look at your expenses. See where you can cut them. For instance, if you spend $20 a month on movie rentals at the store, switch to an online store, spend $15. You’ll get more movies each month, and some money to save! Keep the budget the same even though you cut it. Throw the difference in savings.

Check out online programs. Programs like MyPoints, Upromise, and others will have you earning money or points on to use on gift cards or college savings. It will help your budget, and will not take much time each day. There are also coupon websites you can join to get coupons to use at the grocery store.

How do you save money? Share your thoughts below! I’m sure we can learn a lot from each other!

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Our premier edition of the Financial Tips Blog Carnival, with the theme “Ready for Recession” has arrived. If you’re included in this carnival, please provide a timely link back to this post.

The theme “Ready for Recession?” was not meant to merely be a statement of my personal opinion concerning the economic climate; however, it is a popular topic and many in the personal finance blog world have touched on it in some manner over the past few months, some quite regularly.

First up is Michael at Debt Prison’s post, “Why Americans Can’t Afford Credit.” After taxes (including hidden taxes in your phone bill, property taxes and sales tax), inflation and mandatory insurances, there is not much left to spend. Don’t miss this article.

Grandpa and the Great Depression, submitted by Bryce, was one of my personal favorites. It’s a first-person account of a man born in 1915 and gives a glimpse of what life was like during the Depression.

Aaron’s lengthy article on “17 Economists on recessions, stimulation plans, and what they might mean to you” is chock full of links and resources. He contends that many economists don’t think the government interference will be effective, and will likely do more harm than good. I think he’s right.

In case you’re wondering how we got into this mess, Lisa presents an extensive answer in When People Go Bad: A History of the Subprime Mess. Hint: It didn’t happen overnight.

Christine describes in detail Eating in France on 10 Euro per Day for 2 People at her blog. Given the weakness of the dollar against European currencies, this is a timely subject.

Spending less and repaying debt more quickly can help you weather a recession, and to that end Brice shares with us 3 Steps to a Lower Interest Rate on his blog.

Frugal shopping is taken to a new level with Erica’s post on “Secret” eBay and Craigslist Hacks That Will Save You Thousands of Dollars Online. Check it out–I had no idea you could get an RSS feed for Craigslist searches you save. I’m not in the market for $400 purses, but maybe it will help me snag a hard-to-find Ergo baby carrier I want.

FIRE Finance suggests Riding the Recession with Awareness, Planning and Investment.

Michael isn’t investing in Apple anymore, and explains Why I Sold My Apple Shares Today to the curious.

Steve answers What is the Mortgage Foreclosure Process? in a very detailed, informative post on his blog. Unfortunately, this process may become familiar to many in the coming months and years.

With bad credit and tougher lending standards, you might find yourself unable to get a loan. Finance Tips explains The Pros And Cons Of Personal Loans.

But then, asks Sarah, Are you Ready to buy a House? Considering the damage done by banks and borrowers who rushed the process, many would do well to consider her post.

I’ve written about growing a Depression Garden to help save on groceries, but Eric takes it a step further and suggests growing money.

If you couldn’t decide by yourself, you can read about How to Spend Stimulus Checks and Tax Refunds in 2008.

In case things get drastic, check out How to Survive Total Economic Collapse. Yikes.

Not everyone was impressed by my theme. One submitter sent a link to a blog post completely unrelated to the topic at hand, stating “Nope nothing like that! I don’t believe in recessions!”

If only it were so easy.

Preparation is important. And nobody really knows what’s next for our economy. If a recession, or depression, looms, let’s do what we can to minimize its effects on our families. Are you ready for a recession?

Carnival photo by Craig Jewell

This week, we’re looking at tips to stretch the money you do have to make the most of your budget without sacrificing much of anything.

Look for sales. Look through local circulars and find the best deals for the things you need to buy. Wherever you see the best sales, is where you need to do your shopping.

Use coupons. Find coupons for the stuff you buy and use them. Remember, coupons only help when use them on things you normally buy! If you use them on things you do not usually purchase, they will only cost you more money in the long run.

Shop at Wholesale Clubs, and stock up! When there is something you use frequently, you save money by purchasing it in larger quantities and storing the extras until you need them.

Cook meals ahead of time and freeze them. You save time and money by doing this. When there are times you do not feel like cooking and you want to go out to eat instead–you can still have a quick dinner if you have frozen something, and you do not spend the money you would have by dining out.

What are some of the ways you stretch your money?

This week, we are going to talk about Financial Responsibility. What does it mean? Different people will have different definitions of what it means, and that’s for sure… but, for our purposes…

Financial responsibility means that you are aware of your budget. You keep track of the money you have coming in, along with the money you have going out. Part of being financially responsible means that you are educated about financial information–you are aware of things like credit. You know how to save your money for emergencies, and you are into investing.

Here are some tips you can use to help teach your kids and teens about money.

Open a Savings Account. From the time your child is very young, you should open some sort of savings account for them. Save some funds they get from Christmas, Birthdays, and chores for them without making it known to them for the first few years.

Contribute a portion of allowance or pay to savings each week. Keep adding to that savings account each week, and do your best to keep from touching it. The longer you do this, the better off they will be!

Start an IRA on 18th Birthday The child who saves 5K a year from 18+ will have twice that of the 40+ adult contributing 20K a year! It will provide some great tax advantages too.

Get a Student Credit Card. Several companies have deals for students, that will have low credit limits and interest rates so that your teen may learn about credit, while building his or her own. Make sure the teen understands the ins and outs, and knows the card is for emergencies only!

Analyze Spending and Track with Financial Software. With a program like Microsoft Money, your teen can track where his or her money goes. When he or she sees it in front of them (they’ve spent $50 on fast food this week and can’t believe it!) they will be able to make changes.

What are some ways you plan on teaching your children financial responsibility?

It’s happening for a number of reasons lately. Either your company is losing so much money they are having to cut their costs by eliminating employees, or you have to quit your job because it costs more in gas to work there than it is worth.

What do you do? You are dependent on that income, and now you do not have it! Crisis! Relax.

Here are some tips to help you move forward through this bump in the road, and keep you moving.

Apply for Unemployment Assistance if you can. Filing for Unemployment gives you information on how to file. Not everyone is eligible, and those who are eligible for different amounts of money, and for different amounts of time. During this time, you must prove that you are searching for employment.

Apply for Food Assistance Food Stamp Assistance Information Visit your local state agency to get some help with your grocery bill.

Cut expenses where you can. Go through the budget with your family, and cut expenses where you can. Instead of going out for hair cuts, cut your hair at home. Put manicures and things like that on hold until a job comes back in. Use coupons, and look for free samples of things online.

Please share your tips for saving money and dealing with losing your job with all of us!

We love butter, and since many Land of Lakes dairies are grass-based operations, I’m happy to buy their butter when I’m out of my Amish butter rounds, as well as for baking and if the budget is tight.

Well, now you can try Land of Lakes Butter for free. Click the link to get to a pdf free butter form you can print. Send it, along with your receipt and UPC code, to the address on the form for a full refund of the purchase price.

If you have a coupon, you can save even more.

I love freebies.

Any Mom, especially those who stay at home with their children and live on one income, is usually interested in finding new, and unique ways to save money. In an effort to help you stretch that dollar even further, here are some money saving tips and tricks that any Mom can use, regardless of the size of her family.

Plan. If you plan out as much as can, from the money you have coming in, to the money you have going out, and what it is being spent on, to how you are going to spend the money you have left after you bills are paid, and what you are spending that on, you will be much more successful in stretching your money than with a series of impulsive purchases.

Use coupons only on products you normally buy. Many times coupons actually cause you to spend more money because you use them to save money on things you may not normally buy. This in turn saves you nothing. It actually costs you more time, too, because you stopped to clip them. If you see something on product you use frequently, then by all means, go ahead. Otherwise, stay away!

Make your own cleaning products. Vinegar is a great cleaning solution, much cheaper than the commercialized products. It is also free from potentially harmful chemicals, and works for nearly any cleaning application you have. So, when you stop and think about how you have separate cleaners for everything in the house, even if you are already saving by using generic options, you would save more by creating your own. Save the bottles from your store bought products, to hold the ones you make.

Shop alone as much as possible. Shopping with kids is a pain. Shopping with your husband may end up creating more items that you do not need, as they tend to be impulsive and sneak things in, too. If you shop alone, you can make your list, stick to it, and comparison shop, in peace. This may be the only alone time you get, but it is still worth it.

Use and re-use as much as you can. Buy something, and re-use the containers if possible. This saves you money on Tupperware like storage containers. Find as many uses for items as possible. Save your grocery store bags to use as garbage bags in the small trash cans in your bathroom and in your children’s bedrooms (if they have them). This prevents having to purchase an extra set of garbage bags, at the special small size.

Go to the grocery store full. Shopping hungry leads to impulsive unnecessary junk, which adds up quickly. Going full, will ward off cravings and keep food that you don’t need from looking good, thus saving you money!

Shop at many different stores, instead of limiting yourself to one. Shopping at different stores means you have access to different sales. For instance, I shop at three different stores. The first two, are the generic grocery stores. The last one is the commercialized store, and that is only for the items that are out of stock, or unavailable from either of the previous stores.

Consider once-a-month cooking. While it is time consuming for a day or two, it makes for a large monthly trip to the store, rather than several small ones. It will save you a considerable amount of money over the course of the month. If you don’t believe me, try it, and compare it to your spending in the previous month. I save $50-$100 this way, which covers another utility!

Save water. You know the water that goes down the drain as you wait for it to heat up to fill the sink for dishes? Save it in a bowl. Use it for the dog, cat, or your house plants. Less water waste maximizes your consumption, and reduces your bill.

Reduce power consumption. Besides turning the light off when you leave a room, switch to lower wattage bulbs, everywhere. Turn your water heater down (unless it’s already set at the standard 120 degrees), and use your dryer less. This will reduce your bill in no time.

Following any one or combination of all of these money saving tips, will certainly help you add a little more money to your savings account, for the unexpected, or the family vacation. Each one of these small steps will certainly make a big difference in your finances.

What else can you think of to help fellow moms save money? Share some of your favorite frugal tendencies with all of us!

Submitted by: Cindy

With all the recent news about the dangers of BPA in plastics, many moms are turning to glass bottles and BPA-free plastics to keep their babies safe.

Frugal moms like saving money whenever possible, and here’s another way to save:

Sign up on this page for a free BPA-free Playtex nurser system sample. Enjoy!

Enjoy an organic, probiotic yogurt just for moms from Stonyfield Farm.

Click this link: YoMommy Free Trial and sign up; you’ll receive your coupon in the mail. Enjoy!

(After reading this article on soaring grocery prices, I’m happy to present the following guest post by Robin. As a mom, I know how difficult it can be to balance the budget and keep a good menu going for your family. Here are some ideas to help. ~Maria)

Planning Your Menu Will Save You Money

When I was first married I had no idea how to cook anything, much less how to plan a menu. We ended up eating out frequently and soon realized we didn’t have the money to continue an unplanned life. That’s when I learned to cook.

Along with my new cooking skill came the need to plan out a menu so I’d be able to get all of the ingredients in one shopping trip. It wasn’t for several more years that I discovered planning for two weeks at a time was even more convenient and economical.

When I plan my menus in advance, I’m less likely to make impulse buys. Also, only going to the store a few times a month meant I could plan to go instead of having to go when I was tired or hungry or both. I always buy more when I go to the store hungry or tired. In addition to being mindful of how I’m feeling when I shop I’ve also picked up a few other tricks.

These are some of my favorite tips to help save money by planning your menu:

• Plan for leftovers – it’s the buy-one-get-one-free of food preparation.
• Always have ingredients ready for a quickie meal in case you don’t have time to cook what you’ve planned.
• Have frozen leftovers for emergency meals – my favorite is lasagna because you can cut it into single servings and it freezes very well.
• Take recipe or index cards and write out a full dinner on one side and the ingredients needed on the other side.
• Plan your menu around the sales for that week
• Use coupons, but only on products you need. I keep an envelope of coupons next to my menu planning station and after I’ve planned it out I go through my coupons for extra savings.

Do you plan out your menu? What tips and tricks have you picked up that help you save money on your grocery bill? I’m always eager to save more money and look forward to hearing from you!

Guest post submitted by Robin.