100 Tips to Help You Save

If you’re like me, then you’re always looking for helpful tips to keep money in your pockets. On September 18, 2009, Bankrate.com shared an article called “100 Tips to Help You Save.” I use several of these tips, which are easy, practical and allow me to save week-to-week.

Click here to read the article.

Do you use any of these tips and do the help you save money?

Annette
-Marketing

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Spending to save

Sometimes you have to spend money in order to save money. On the surface, this statement doesn’t make much sense. However, during the past month I have come to understand what it means. Being involved in the Savings Challenge, we have been trying to save as much money as possible. We’ve set and re-set our budget. We’ve cut back on dining out. We stick to our list at the grocery store and we no longer buy things just because it’s a great bargain. All the while, we put as much as possible into our savings account.

However, one thing I’ve learned is that just because we’re saving money in our account, we’re not necessarily “saving money.” Let me clarify. Like most people, we carry credit card debt. We paid a bit above the minimum payment amount so that we were able to put more money into our savings account. Unfortunately, in the current economy, the interest we earn is substantially less than the interest we pay. Paying $10 a month in credit card interest to allow us to deposit an extra $5 a month in a savings account didn’t make sense to us. We found that putting that money toward the credit card saved us more in interest payments than we would have saved if we had put the money in our savings account. Eventually, with one less bill we were able to put the entire amount we were paying on the credit card into our savings account. Now, we’re saving money!

Another way we were faced with “spending to save” was with our car. We were looking forward to saving the money we were no longer spending on day care, but now it was starting to go toward car repairs. Our car was eight years old with more than 105,000 miles on it. It was beginning to need repairs on a regular basis. It really wasn’t worth the amount of money we were putting into it, so we had to think about replacing the car. We’ve always purchased used cars, but we were able to take part in “Cash for Clunkers” and were able to buy a new car for the amount we were planning to spend on a used car. Yes, we have a car payment now, but it doesn’t affect our budget because it’s the money we were spending on day care and we still meet our monthly savings goal.

So now you know what I mean by “spending to save.” Definitely, make sure you deposit a set amount of money into a savings account every month but take the time to figure out where you should put this money so it’s the most beneficial.

In what ways have you effectively spent money to save more money in the long run?

–Lori

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.

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Nothing but the truth

What has the Connex Savings Challenge done for me so far? Seven months ago I thought, “Wow, 10 grand to help with student loans, taxes and a credit card. Sure, I’m in.” Now, I feel like every dollar decision today uncovers some past financial misstep. OUCH! The past comes into clear focus. “Oh yeah, I did put that on my Visa!” “Why did I put that on my Visa?” “What? I can’t defer my student loans forever?”

Though not intended by the marketing department at Connex Credit Union, who thought of the Saving Challenge, I am sure this challenge has actually been several months of deep psycho-therapy for me. I have been faced to look at the following realizations:

1. Skipping a tax year payment really is a very big deal, and no, it is not easy playing catch-up.
2. Taking out loans for $50,000 (for an unfinished education) with interest, of course, did not mean anything to me 10 years ago.
3. Still having to pay off a credit card at a 15% interest rate for purchases from four, five, six years ago (and sadly, looking back, I can’t recall what I even bought.) Let’s not forget my trip to Mexico in 2006. Ole!
4. Thinking the only way out is to take itty, bitty, tiny, teeny steps, one dollar at a time. The road ahead seems so very long.
5. Knowing I will never ever spend more than what I have is my foundation of faith. It is my financial sobriety.

My fellow bloggers, I don’t see how one could continue getting themselves in deeper debt after looking at the truth of today. What you spend today adds up— err, rather subtracts from your future financial goals. The truth is a pair of shoes does put you in debt. A latte does rob your retirement account. A bargain vacation, even the best deal ever, sets you back for YEARS. (Mucho pesos mi amigos!)

Now, I could go on about my childhood and how poor little Susie learned these careless behaviors or didn’t learn the right behaviors, but that will not change a thing: I am in a hole. I am deep and I don’t want to be here. Truthfully, I have been in denial that I am here. The first step was admitting I am in need of help and I want help. This is hard. This does bite. The truth stinks but ignoring it is not the way out.

I have a long way to go, no doubt, and every little step I’ve made, no matter how small or long ago, is toward progress. I have savings, money allocated to debt that I could not find in my budget last winter and pride that I am creating positive changes. I am excited to plan for the future and am no longer afraid of my debt. I feel a sense of security that things will be okay.

My advice to you non-challenge participants is to:
1. Stop.
2. Write down EVERYTHING including the bills, coffee, gas, the dollar you gave to the homeless guy and even the money you put into saving (which IS a “bill” or debit from your income that you have to budget for.)
3. Before you spend another dime, look at where you spent the last one.
4. Ask yourself if it is a need or want?
5. Is there an interest charge for what I am about to buy?
6. Talk to someone at Connex to help.
7. Ask someone you trust, who is wise with dollars, how they do it.
8. Be curious.
9. You have to DO something to make changes, not just wish that things would be different or tomorrow you will do something, or think your story or things for you are different and these steps won’t apply. I thought the same way.

I was hemorrhaging my hard earned dollars to the past. I had to stop the bleeding to heal, for my future. Good luck.

Was it difficult for you to realize your spending behaviors before committing to a new saving goal?

–Susie

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.

Flourishing Through Changes

Although we’ve gotten tons of advice and have tried to prepare accordingly, the financial costs of a growing toddler have been astounding. During the second half of this year, we’ve been faced with many costs for our growing one-year-old; from a new car seat to added day care costs due to her big appetite (she’s no longer satisfied with homemade baby food but wants the food she sees us eat for dinner!) As costs arise for things we thought we adequately saved for, it is very tempting to fall back into our old habits and suspend saving in order to meet the (perceived) needs of the moment.

Now, when we are tempted we must remember to set an example for Aurora that will be a foundation for her financial education as she grows. Sam and I will teach her to make a plan to deal with the unexpected, not grow discouraged and continue saving. We continue to evaluate where we can cut costs or pay reduced prices so that we are able to pay for the things that she needs without sacrificing our savings. We reduced our food consumption by getting quality food and portioning it out for the week (and limiting seconds.) Instead of purchasing pre-packaged foods, we buy fresh foods that are in-season in New England and freeze the extras for the winter months. We still seek out coupons and discounts for our toddler’s supplies and visit consignment shops and shop the clearance racks for her clothes and shoes.

What are some ways parents can save money on the costs of a growing toddler?

–Nicole

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit www.connexcu.org.

Back to school. Back to shopping!

This is back to school time and that also means back to school shopping. This Savings Challenge has really made us look at where we shop, what necessities we buy and where to get the best deals. Consignment shops have really been our biggest money saver. Now that all three kids are in school, having to buy three sets of school clothes on a budget has not been easy. Watching for sales and checking clearance racks has really helped during this time. It is easy to get caught up in shopping and buy too many clothes for the kids but we have been utilizing FinanceWorks to manage our spending and keep track of where our money is going. We always know how much money we can spend when we go shopping.

Being able to see our money and what it is being spent on has really helped us. FinanceWorks not only shows us how much money we have spent on bills, entertainment, and groceries but it also allows us to see how much money we have left to spend until our next paychecks. A couple of weeks ago, I logged on and was able to see that we had $115.00 to spend on clothes for the kids before our next paychecks. It was so great to be able to see that without having to physically balance my check book.

When shopping, do you set a limit on the amount you can spend? Does this make shopping easier or harder for you?

–Jasmine

To access FinanceWorks, login to your Connex account in Online Banking at www.connexcu.org.

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit www.connexcu.org.

Boring Can Be Good

Have you ever noticed within a couple there are always two distinct personalities? Think Abbot and Costello, Lucy and Ricky Ricardo, Fred and Wilma Flintstone and Felix Unger and Oscar Madison. If those names don’t ring a bell, how about Bert and Ernie from Sesame Street? Everyone knows those guys. Bert is very neat, organized and has a certain routine he follows everyday day (boring.) Ernie on the other hand is a bit messy and never knows what he’ll be doing at any given time. A live-in-the-moment (fun) kind of guy. Enter the Roche family. My husband is so Bert (but not quite as neat) and I’m definitely Ernie (but not quite as messy.)

For years, my husband has told me “we need to have a routine for everything and stick to it everyday.” BORING! I like spontaneity. I like variety. I like new things. However, I have learned that routine can be good. It brings order to our lives and household. Everyone knows what’s happening and when.

The school year brings routine and order to our lives—backpacks, folders and lunchboxes all in their place ready to go. Lunches are made the night before. Dinners are planned for the week so I know exactly what to get from the grocery store. Homework, bath time and nightly reading are penciled in to our schedule. School clothes are ready at night for the next morning. We know where everything is and when something is going to happen. No questions asked—it’s the same thing everyday. Everything works well on a routine.

Budgeting is like a routine. After you do it for a while it becomes second nature…no questions asked. I have accounts for all of our bills. I know how much to deposit each week so at the end of the month I just pay the bill. I don’t have to worry about finding money to pay a bill. The money is already there. The same applies for our savings. Every week the same amount gets deposited. Now, I know where our money is going.

I have learned that having a routine does not mean boring. Being able to pay our bills and save money—now that’s exciting! One of our goals while participating in this challenge was to stop living paycheck to paycheck. Mission accomplished! Our income didn’t change, but our routine did.

Does the “routine” of budgeting get to you at times? If so, what do you do to stay on track and stay motivated to attain your financial goals?

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit www.connexcu.org.

20 Lazy Ways to Save Money

A great Yahoo.com article, “20 Lazy Ways to Save Money,” lists using credit union privileges to save money. Well, this isn’t the only saving tip credit unions can help you with. They can help you with several of these saving tips. Click here to read the entire article to learn how you can save money without much effort.

I use about nine out of the 20 money saving tips.

How many of these money saving tips do you use and are they helping you achieve your savings goals?

Save on Child Care Costs

Is the cost of your three-year-old’s daycare comparable to college tuition? Here are ways to save on daycare expenses and relieve the crunch that they have on your wallet.

Click here to read the Yahoo.com article “Five Ways to Save on Child Care Costs.”

Which of these five ways help you save on child care costs?