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.