How we save big on birthdays

Every May, we find ourselves being tight with money because we celebrate Mothers’ Day and six birthdays, including Junior’s. He decided this year he didn’t want a birthday party but wanted to invite a couple of friends out for a day of fun and sleepover for the weekend.

The cost of a birthday party for roughly 30 guests is more than $500. Considering we needed to purchase large amounts of drinks, food and party goodies for the kids, we were able to keep the cost of Junior’s fun weekend down to about $125 this year! Instead of a store-bought cake, John baked a cake and I decorated it. Instead of having a huge amount of people over for a party, we invited family only and everyone brought something.

This worked out so well! We were looking for extra money and found another opportunity to save toward our goal. I thought changing the party format would be difficult or take away from our son’s 8th birthday celebration but it actually worked out pretty well and Junior had a ball. He was able to hang out with his closest friends and have just as good of a time. We really learned a valuable lesson and will use this method for future birthday celebrations.

What have you done to save money while entertaining for birthday parties or other large gatherings?

–Jasmine

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.

Ah, this is the life…the frugal life

With many people cutting back on unneeded expenses, has this become a way of life we should get used to? Click here to read the Credit Union Times article “Frugal Living Here to Stay for Many.”

I, myself, am a part of each percentage on the first list of results!

What have you been doing to cut back and save?

Take big steps toward a bright financial future by making a few small changes

Since March, I made a few small changes that resulted in big savings like using water filters on my sink instead of paying for water delivery and dismissing my cable company because I don’t watch much if any TV at all. Now, I’m “ahead” enough and have taken a big step by having money transferred to my savings each week. It is a small amount set aside weekly that will be a big deal soon. I knew if I had a larger amount of money transferred all at once, I would feel the squeeze on my budget and spend the money I worked so hard to save. It’s sort of “psych-out” for the psyche, I know, but it works for me. I am so excited to see my money grow.

My student loan lender sent an e-mail to me offering a $30 bonus to open an account with a trading company. I didn’t think I was in any position to invest in stock, but my investigation taught me that I could buy shares in the market for a very small price. Since I journal, listing everything I spend to see where it all goes, I noticed I hadn’t dined out in a while because I didn’t see it on my list. Instantly, I thought about splurging but chose to use the money I normally spend on big dinners to match Sallie Mae’s investment offer. Now, I am an official shareholder! How cool is that?

A few weeks ago, I watched a super program on ABC on the topic of debt. It was so informative and very supportive of this financial journey I am on. It talked about credit card debt, living beyond your means, knowing where and how you spend, and how we should stop spending, start investing and save now. Did you know that 30 % or less of your salary should go to your rent or mortgage? The percentage of my salary that goes toward rent is even larger and this is true for most of my friends too. Since I’ve become so enlightened about my finances, I took a big step and found a more budget-friendly apartment. I’m proud to say, I am moving this month! I’d be renting forever if I continued to spend so much each month to pay someone else’s mortgage. My goal is to clean my credit and save enough to make a down payment next year.

I feel so empowered by saving, investing and being in charge of my dollars. I wouldn’t have recognized my pre-challenge habits were holding me back. My eyes have been opened to so many possibilities. My financial future is exciting and I can see the security I didn’t think possible.

What unnecessary expenses or luxuries can you omit to save more money?

–Susie Piedmont

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.

Having strong family values can teach you important financial values

Recently, I noticed my daughter was not acting like herself. I asked her a few times what was bothering her and of course being a teenager she said “nothing.” Well, after a few days of this she finally told us what was going on. Apparently, during a conversation with a group of her friends at school everyone was discussing their plans for summer vacation. When my daughter was asked about her plans she stated she would be working as many hours as possible. When questioned as to why all the work she replied that she has to pay for her cell phone, her car insurance, gas for her car and then save as much money as possible to carry her through the school year when she doesn’t work as much. The problem occurred when one girl in the group questioned “why don’t your parents pay for all that? Mine do.” My daughter said, “Our family is big and we can’t afford to pay for everything.” Lastly the girl replied, “If your parents can’t afford it, then why did they have so many kids?” This really bothered me.

Many times I have asked myself the same thing, “Were we wrong to have a large family because we’re not able to give them all the things they desire?” The answer every time is a resounding “NO!” We love our children. We can give them everything they want: cars, video game systems, exotic vacations, designer clothes and private educations. However, the price for all of that is not just monetary (though we would be in huge debt.) The price for that would be losing everything we value. Our philosophy is to provide our children with a great foundation of life long values. Love of family, faith, moral convictions and monetary responsibility are just a few. If we bought our kids everything they wanted or just tried to “keep up with the Jones,” we wouldn’t be teaching our children the values of accomplishment and self-worth. My daughter takes pride in the fact that she pays her own bills. She has a sense of accomplishment and sometimes, yes, she gets frustrated because she can’t always do or get what she wants. But in time, she usually gets what she wants with a deeper appreciation because of all the effort she put into achieving her goal. For big stuff, we will usually meet her half way. She saves half and we put in the rest. In doing this we get the satisfaction of being able to help our daughter and she knows she’s done her part as well.

Being in the Savings Challenge has opened the door to many discussions about money, goals and values with people we wouldn’t normally discuss these things with. People that have seen our commercial, co-workers and neighbors, have all shared their tools, tips, opinions, and even, their pitfalls. It’s difficult living within your means. It doesn’t matter how large or small your family is. There will always be times when we wish it was easier financially. We all should do our best whatever our values or incomes are. I’m not saying our way is the only way, or the right way. But, it’s our way.

In what ways do you teach children important financial values?

–Lori Roche

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.

The $4,100 T-shirt

In 1998, when I went away to college, I remembered being unleashed on a huge campus in Missouri. I was excited about this new place I’d be in for the next four years and knew I had a lot to take in and explore. When I stumbled upon the student union, I saw people coming and going with t-shirts in their hands and uttering the word “free.” After filling out a quick application, I received my free tee and a credit card along with it. I was excited because I felt like a grown-up since I had my own credit card and I expected the application process to be more difficult. And so the spending began. Now, here I am, nearly 30 years old, and I just dug myself out of a huge hole of debt (yes, it took that long.) In hindsight, maybe receiving a free tee wasn’t the best way to obtain my first credit card.

The president was recently presented with a bill to pass a law that prohibits credit card companies from extending credit to people under age 21 unless they can prove they have the means to repay the debt or have a parent or guardian co-sign for it. The goal is that college students will spend under better terms than they have before and not be presented with opportunities to borrow money they can’t repay.

Click here to read the Yahoo! Article to learn more details and how it could affect the economy.

What’s the best offer or gift you received for opening a credit card? Do you think the “gift” was worth opening a new line of credit?

Annette
-Marketing

Track EVERY dollar to budget effectively

So, we’re three months into the Connex Savings Challenge and what I am most aware of is how habitual spending money has been for me. My routine of hitting the market on any random day, without thought, has stopped. I would go to the market and see what I needed rather than taking inventory of my cupboards and making a list beforehand.

Last month, I started limiting my trips to the grocery store to see how I could get by with what I already had in my cupboard. I had guests over for dinner, which was made with food I already had at home. It was more than enough and, of course, DE-lish!

Now, I make a weekly trip to the market to pick up fresh fruit and veggies. (I still have more than enough food in the cupboards.) My “veggie need” will also cease soon, due to using my budding garden. I hope to yield enough produce to freeze for use in the fall and winter. I closed my garden way too early last year and will not make that error this year.

Also, I canceled my home water delivery and installed a purifier on my tap. Another choice was to shut the cable off and cut my land phone service back to the minimum plan, which sliced my bill in half!

Tracking every dollar has been an eye-opener! I utilize different accounts for different spending: one for business use only, for bill pay, and for food/household expenses only. This has been great and SO easy. Budgeting is really a cinch now.

Are there things that you have to buy frequently like food or gas? What are some ways you could save on your frequent expenses?

–Susie Piedmont

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.

I never knew the Internet could help us save so much money!

This month our goal was finding extra money for savings. In an effort to cut back our expenses and save extra money to put into our money market account, we unplugged all appliances when we weren’t using them and cut our trips to the grocery store down to save on gas. I now try to go once a week and buy what I think will last us the entire week, instead of making multiple trips back and forth. No more running to the store last minute to buy more food for meals. I use what I have on hand, which save us lots of money. I also take advantage of weekly sales and compare prices at different stores.

The Internet has been a great source to my family and has allowed us to save in various ways. By visiting websites like couponbug.com, I am able to download coupons that are not available otherwise, which helps us save on products we use a lot. We also save on the cost of stamps by using online bill payment to pay bills directly from our checking account. This move has made my husband a little disturbed since he works for the post office, but hey we have to cut and save where we can!

What is your favorite website that allows you save by accessing coupons, Internet sales, etc?

–Jasmine Rivera-McNeill

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.

How to Save with the Birth of a New Baby and New Expenses

In the past three months of the Savings Challenge, we came up with several ways to save money that work for us. For instance, we reduced the number of times we dine out or get take out from 2-3 times a week to 1-2 times a month. With just a bit of meal planning the previous weekend, we plan out our meals for the upcoming week and save money on expensive meals because we are not tempted to get a pizza for dinner on the way home from work. We also check grocery and drug store circulars regularly every Thursday for sales on the things we need. By keeping track of prices for certain items, we can tell if it really is a discount for us. Most importantly, before purchasing an item, I ask myself, “Do I really need this?” If so, I purchase the item. If not, I put the item back on the shelf and walk quickly away from it.

Also, with the birth of our new baby, Aurora, came many new expenses, such as baby food, diapers, clothing, etc. We came up with ways to save and offset these expenses like purchasing quality diapers only when they are on sale, using washcloths primarily when we are at home instead of disposable wipes and by making baby food from fruits and veggies at home, which we make once every two weeks and freeze. Since Aurora grows out of her clothes so quickly, we shop at consignment shops and second hand stores, as well as receive hand-me-downs that friends pass on. If we can’t find what we need for her through these avenues then we go to the clearance rack at regular department stores or baby stores.

After looking these and other ways we can save and then reviewing our budget, we were able to set an amount that we could save safely each month. And to make sure we are not tempted to spend it we have our savings deducted from our paycheck and put directly into our savings account.

What are some other ways that new parents can save on items needed for their little ones?

–Nicole Chevalier

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.

When Did Having Money Go Away (And Will It Come Back)?

I was always a really good saver…or maybe I just wasn’t a big spender. I remember working part time at the grocery store during high school. I had money for lunch at school, the movies, ice-skating and gas for my car. I was so self-sufficient. I even had a savings account…a growing one at that. Every week, I would deposit my check minus my “spending money.” That, in itself, is no big deal; commendable maybe, but no big deal.

The point is I had “extra money”…money I didn’t even need! I kept five dollars in the glove compartment of my car for emergency money. The ashtray in my car accumulated with the change from purchases. I had a basket on my bureau filled with coins. It seemed about every few months I would gather the coins, roll them and deposit them into my savings account. Today however, I’m scrambling to find two quarters for the kids milk money every morning. When did this happen? Why don’t I ever seem to have spare change (let alone extra money)?

I started pondering this because last week my oldest son left for the Air Force and I was left with the chore of cleaning his room. After the initial clean up of unmatched socks, old school papers, and guitar picks etc., I came across a small cloth bag. I thought it was filled with marbles from when he was a little boy. It was filled with coins. Then I found another one also filled with coins. On his shelf was a container overflowing with coins. They were everywhere! When all was said and done, I deposited $164 in his savings account. All from extra change. I, on the other hand, never have extra change to save.

Participating in the Savings Challenge has made me aware of where our money goes. We have an allowance. We set aside a certain amount of money each week for upcoming bills. I think twice before I make a purchase and now I have my own spare change basket. After a purchase, I take the change and put it in the basket. It’s amazing how quickly my collection is growing. Every little bit does make a difference!

How do you save your spare change? What is the most you ever saved?

–Lori Roche

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.

Prickly times for porcupines and other Bronx Zoo residents

When I think of ways current economic times could affect animals, the first thing I think about is how it may be harder for Fee-Fee the Cat’s owner to afford Fancy Feast for her cat diet. Well, hard times have hit Bronx Zoo residents, according to the MSN Money article “Bronx Zoo Starts Laying Off Animals.” Click here to read more.

Honestly, who would want to see a German engineered robotic penguin (who doesn’t even eat) over the real thing? I know I wouldn’t!

Do you think the government will bail out the zoos like they helped banks?

Annette
-Marketing