Managing Money Tips

What are some of your best money managing tips in order to save money, spend less and get out of debt? It always seems like my money disappears...I just added this months debits and holy crap..I almost fainted.

Re: Managing Money Tips

I'm the worst when it comes to "necessities." I go into Target or the grocery store and I pick up all these things that I say I need when I really don't. I've cut back a LOT and we're seeing a big difference in our bank account. Plus I try not to go into those stores unless I absolutely have no choice - like we are out of shampoo or something - because browsing out of boredom really did me in sometimes!

I also buy generic as much as possible, unless we're shopping at BJs and the brand name is cheaper.

I try to use up every single last item in the pantry and freezer before going shopping again.

Re: Managing Money Tips

clearly define wants from needs.
limit impulse purchasing.
put away the credit cards and use cash for purchases.

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We have our paychecks direct deposit split between checking and savings

Any monthly payment (not mortgage) we try and pay a more than the minimum ( 0% financing couch and DH college loan)

Coupons, sales at the supermarket, they make a difference.

We don't go out to eat, go to bars or order take out often. Cheaper to cook (and I love to cook anyway and we have a bar in our basement! haha).

BJ's for laundry detergent, paper good, etc and I try to only buy them with the BJ's coupons too

Message edited 2/10/2012 11:12:52 AM.

Re: Managing Money Tips

well according to my SIL, the best money managing tip was to marry a penny pinching husband..

Re: Managing Money Tips

Don't have kids

Re: Managing Money Tips

I don't know what it is about Target, but this also is my biggest budget buster, even when I don't buy a lot of extras there.

I think avoiding it altogether is key..........often I will just get things like shampoo at the grocery store or even the dollar store.

S&S has VO5 brand which I like and it's cheaper even then Target!

I have started to automatically have 5% of my paycheck deposited into an ING account each week and it is really starting to add up.

A bad habit of mine too, is going to the grocery store or that place I mentioned above every weekend out of routine..........not because we actually NEED more groceries.

I also try to bring my lunch each day to work.

I buy breakfast/coffee in the AM but this is my one major splurge for myself.

Re: Managing Money Tips

I sit with the circulars for the cheapest grocery stores (usually Pathmark and ShopRite for me) and plan every meal for the week based on what's on sale. I never ever spend more than $10 per meal. That's my cutoff amount. And when I go to the store, I ONLY buy what's on my list.

I make "treats" I don't buy them. I will make cookies, brownies, or something like that for the week. When they're gone, they're gone.

DH brings his lunch to work every day, from the night before's leftover dinners.

There are very few things that I won't buy store brand if the store brand is cheaper.

I usually spend about $130-150 a week for all household supplies, that includes food, cleaning supplies, paper goods, diapers and wipes. THat's a family of 5.

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I'm far from great at this but I wait until I have coupons for things I need that I can wait for. I wait for big sales on big ticket items. I look for discounts through orgs I belong to or combine purchases to get multi discounts.

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I think the key is figuring out where you waste money

I know my life is different then most of yours- I am single and I work a lot

so I waste money on take out food- I stopped that in the last couple of weeks and its amazing how much less money I am going thru

I also like to go thru all my bills and see where cut back - I just cut my data plan on my tablet

Re: Managing Money Tips

DH and I have had to do this TWICE during our relationship. Once before and once after kids.

Step 1- Bring a clipboard everywhere you go and write down every.single.penny. that you spend for one month.

Step 2- Vomit over the ridiculousness of spending.

Step 3- Categorize your spending.

Step 4- Create a REALISTIC budget that you really think you can stick to.

Step 5- Put money into designated envelopes every Saturday night (or whatever night you choose).

Step 6- Re-evaluate after 2 weeks, see if there's an area you can make tighter or where you need an extra 10.

Step 7- Learn how to save money, lower cell phone plans, cable packages, etc. and then make more adjustments.

It has done wonders for us!

Re: Managing Money Tips

Make a spending journal and write down every purchase no matter how large or small. See where you are spending your money and find places where you can cut it.

Know what your fixed expenses are:
mortgage/rent
insurance (home, car, health)
car payment (if any)
phone/cell/tv/internet
water
sewer
gas
electric
student loan (if any)
home taxes if it is not escrowed (even if you pay this quarterly divide the quarterly payment by 3 for the monthly amount to set aside.)
credit card payment (if any)

Once you have that number written down, subtract it from your income after taxes and any deductions. That is the number you have for everything else in your life including food and fun.

Once you know your monthly left over amount divide it into 4.2 (weeks) that is the amount you can spend per week on everything including food. How much do you spend per week? Is it more than what you can afford? What can you cut back? Internet speed, phone plan, cable tv, next flix, gym membership?

If you don't have the money for something you can't afford it. So either get another job or save for it a little bit at a time.

If you have cc debt call the cc company and ask them if they can lower your interest rate. If the first person says no, call again. If you get a no again ask for a manager.

Re: Managing Money Tips

don't spend it lol

seriously, I have never been and will never be that "OMG I went to target for toothpaste and spent 4958984 dollars on craft supplies"

I make lists. I stick to them. I make other financial goals really visable and tangible to me...by talking about them, planning them etc.

but mostly I am just not a spender just to spend. my son has lovely clothes, but he doesn't have a lot of clothes. I hardly ever shop for myself.

but mostly it's that I just don't go into stores unless I need to. the only store I see on a very consistent basis is the supermarket or Whole Foods. I can't tell you the last time I was even in a Target. I haven't been to the mall since christmas. I just stay out of stores.

Re: Managing Money Tips

Re: Managing Money Tips

Analyze where you spend the most and try to tackle that.

For example, we spend way too much on food. Particularly take-out. DH and I both work and when we get home we get lazy.

So we told ourselves that the limit is takeout once a week.

I can't tell you how much of a difference that has made for us!

The other thing is I walk into Target or Walmart and spend more than I went in for. So I signed up for Amazon Prime so I can have almost everything shipped to me. I am hoping that helps control the impulse buying.

Re: Managing Money Tips

Posted by MrsS1976

well according to my SIL, the best money managing tip was to marry a penny pinching husband..

Re: Managing Money Tips

I would also add to keep a realistic list of your annual or quarterly expenses.

I think its easy to underestimate your true expenses this way. For example, if you know you will spend XX on Holiday Gifts, XX on annual insurance, etc. factor that in to your expenses list. You can set aside money each month in a separate account for these things and then transfer to checking when paying the bill. This will help you stick to your monthly goal over the course of the year.

You may also have to cut back on what you are spending and change your lifestyle.

I make coffee everyday at home and bring my lunch. It's annoying to have to do that and then clean up the dishes/coffee maker everyday. But I do it because I know that we are able to take a vacation every year by setting aside a little each month.

Re: Managing Money Tips

Re: Managing Money Tips

Pay yourself first! Make sure you put a certain amount of money from your paycheck put into a savings account. I get paid weekly, and put 20% of my take home pay into savings. That does not get touched to pay everyday bills. That money is our emergency fund/home improvement fund. We do not let that account get below a certain level. SlurpeeMom also puts money into that account from her check.
I try to capitalize on the points of my credit card to get free flights, this helps save money as well. I have all my monthly bills go through my credit card (the one's that allow it). I usually earn 2-3 free roundtrip flights a year, this cuts down on travel costs. Some cards allow you to get gift cards and other things, use them as presents around Christmas. Just pay off your credit card in full every month, otherwise it isn't worth it.
We do go out to eat or get take out, but we don't spend a ton doing it. We aren't big drinkers, so that keeps dinner costs down. If you do like a glass of wine, have it at home before you go out, much cheaper that way.
Everyone else's suggestions have been great as well.

Re: Managing Money Tips

Thanks everyone.

Thank God we do pay ourselves first but I would like to pay myself more It's just crazy how fast money goes and adding up everything was an eye opener. Definitely a lot of cutting back for us.

Re: Managing Money Tips

I have so many tips I could write a book! And most of my tips are just subconscious stuff that my parents taught and I've learned over the years...

- marry a penny pincher like yourself
- max out 401k/roth every year
- create a spreadsheet of expenses/income
- if you really wanna buy something, sit on the idea first, you most likely don't need it
- if both work, buy a home relying on solely one salary
- use a credit that pays you points/miles/$$
- shop around for big budget items
- don't buy on impulse
- plan trips ahead of time and shop for discounts
- don't rack up more than 20k in school loans; if you can't afford it, go to a cheaper college
- don't be more generous than you can afford to be (300 wedding gift here, 100 bday gift there adds up..)

Biggest lesson learned is not to be a penny wise and pound foolish...

Re: Managing Money Tips

Go through all the store e-mails in your in-box and hit unsubscribe...definitely helped me. Just because it is 80% off, doesn't mean you actually need it.

Re: Managing Money Tips

I shop around online for most purchases before buying & always google for coupon codes. DH & I recently just needed new sneakers...I went on shoe buy.com (through ebates), found the cons we both wanted...found a coupn code for 15% off and saved even more for signing up on the website. I got 2 pairs of 45$ cons for 75$ shipped plus 8.5% cash back from ebates. Much better deal than zappos or if I would have gone to the mall!

I only shop for DD online and wait for sales, coupon codes, and free shipping.

I also like thrifty & thriving and penny pinching mom on FB and they do weekly match ups for coupons & sales for all the major chains each week.

Re: Managing Money Tips

I have a budget book where i list categories of what we need $ for. Even though all our $$ is in accounts, its allotted for certain things and not touched otherwise. I budget for EVERYTHING. Not just regular bills but Xmas presents, bday and other gift buying, hair appts, car maintenence, vet, gardening - name it. So if we put X amount per check allotted for xmas presents say, when the time comes and i need $ for it, its there. Im not scrounging for $. I spent a long time figuring out how much we spend on things through the year and i generally dont come up short.
we dont use an atm card. Ever. Dh and i each get X amount each paycheck, cash, as our personal spending $ and when its gone its gone.
i stopped buying food at work. I bring my bfast & lunch now and easily save $50/week.
gas purchases are big for us bc we both commute. We got a discover card that has cash back bonus on gas purchases so we charge ALL our gas purchases. But its budgeted for in my handy dandy book so it gets paid off in full at the end of the month.
i really feel like the only way to get out of debt is with paying no interest and simultaneously not accruing any more debt. Finance charges are our worst enemy. When we had about 12k of debt i opened a 0% finance credit card, rolled all my other debt onto it and started paying it down. When the year of 0% was winding down, i opened another 0% card, rolled my remaining debt onto it and continued. I did this 3x, paid down my debt completely and have stayed out since.
now i make sure not to charge ANYTHING that im not going to have the $ to pay it off completely at the end of the month. And big purchases that we've made - cars, appliances for the kitchen, dining room furniture - i ONLY finance with 0% offers and make sure i pay things off before finance charges kick in.

Re: Managing Money Tips