1: Plan your household budget.
There are plenty of people out there (myself included) who can’t be bothered with the drudgery of preparing a household budget. Taking the time to figure out what I spend where is not high on my things-I-love-to-do list. And, honestly, it’s not something that I think of very often. Here’s the thing, though: The more that I save on the things that I need, the more I can spend on the things that I want. This mantra has motivated me to start tracking my expenses and then making the necessary changes in spending.
Here are two easy ways I’ve started to tackle the family budget one receipt at a time:
Toss all food receipts in an empty coffee can, categorize each into food, household items, impulse buys, etc., then sketch out the spending patters on a piece of paper….or give the numbers to your computer-whiz kid to make charts on the computer.
I don’t really use coupons, (I prefer the smart convenience of online discount code sites like uDealium.com), but if you do, reward your shopping savvy by and placing the money you saved in your savings…or spend it on something you’ve been craving, like a trip to that new restaurant in town!
2: Avoid credit if you can.
Let’s face it. Few of us have the cash ready to make large purchases like homes, cars or furniture. A little bit of credit helps us get things that we need and build our credit score for future life purchases. The trick is to determine what is necessary in assisting you with your life goals, and what is – or will be – dragging you down.
Here are some easy tips to staying out of the vicious credit card cycle.
Compute how much credit purchases will cost you over the long run and keep those figures in plain sight.
Leave the credit cards at home during high-risk shopping at convenience stores, clothes retailers and home entertainment stores.
Place a chunk of each paycheck away as if it never existed (pre-tax deductions for health care or day care are a great way to save if you have that option), then use the money to pay off credit or take that vacation without using credit.
3: Save, save, save
While saving for savings’ sake is a nice idea, it doesn’t always work. Believe me, my savings account has always been in flux, depending on where I’m shopping that month. When you start your savings plan, you must have a goal. That way, it’s not so tempting to transfer your savings into your checking account when tempting moments arrive. Name your objective – college, retirement, vacations, a new home, then keep your eyes on the prize! Savings is a lifelong commitment; don’t let yourself get derailed by short-term buys.
I use these rules to help add some bulk to my savings account:
Pay yourself before anyone else. Whether it’s through automatic deductions or a visit to the bank every payday, move a few dollars into savings before you pay your bills. This way, you won’t even miss it.
Transform savings into savings. As I mentioned, I track all my deal finding savings (last week I saved $52 on clothes purchases I found on uDealium.com alone!) and put that money into my savings account.
Author –
A mom who loves saving money and sharing tips and advice with other mothers out there interested in shopping more while spending less. My first tip, visit uDealium.com, a money saving search engine, to quickly find the best daily deals, promo codes, discounts, coupons and special offers before shopping online.
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Author: kim
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