Advice and tips on fianances.

Money Monday Posts

• Do I need this to live/survive?
• Do I have something at home that can provide the same function?
• Do I have to have it now or can it wait until later?
• Why am I buying this item?
• If replacing an item, can I fix the item I already have for cheaper than buying a new one?

• Never shop when you are hungry. This leads to impulsive buys which are usually high priced convenience items.
• Shop from a list and stick to the list.
• Avoid shopping when tired because this leads to purchases of food with high sugar content and lots of carbohydrates.
• Foods that are more expensive tend to be at eye/chest level. Look higher or lower on the shelves for the best deal.
• Compare the price per unit (oz, lb, fl.oz) instead of the overall price.
• For meat, compare the price per serving instead of the price per pound.
• When you see the sign that says 5 for $5 do you have to buy all five items to get the discount or is each item priced at just $1? If there is a minimum purchase it will usually say. Many stores advertise this way to get you to buy more. If you don't really need 5 of that item then you can save money just by buying 1 or 2.
• Some grocery stores will price match. Wal-Mart is great at this. If you take in the ad from another store they will honor the lower price.
• Shop at larger stores because you will be able to get a better price than say a convenience store.

These are just a few ideas and I'm sure there are many more. How do you save money at the grocery store?

1. Purchase Amount Limit Without Consultation. This is the amount of money either one of you can spend without discussing the purchase with the other person first. You could create a daily, weekly, or monthly amount.  This does not include necessities like groceries. Obviously, the smaller your overall budget is for your house, the smaller this number will be. We have a really small income to work with so ours is around $20. Anytime there is something that my husband or I want to buy that isn't a necessity and that costs $20 or more we run it past each other.
2. 24-Hour Rule. For purchases requiring a significant amount of money we always wait 24-hours before we make the purchase. During this time we each take a side, one pro and one con (even if we are both for it), and we each lay out our side. We look at all the positives and negatives so we can make a more educated decision. This rule also applies well for any impulse purchases. If there is something you find that you just have to have, wait 24 hours to see if you still "need" it. Most of the time you don't. Beware: Sales people hate this rule, especially those working off commission. I had a telemarketer tell me how stupid a rule that was. It is actually a smart rule if you are trying to stay out of debt.

These are the 2 rules that work for us. You may have more or different versions of ours. The key is to find what works best for you.

Step 1: Create a budget book. Add lined paper, dividers, and a zipper pocket (pens and pencil pouch) to a 3 ring binder. The paper is for taking notes and keeping track of things. The dividers are to separate lists or budget years. The zipper pocket is to hold all of your receipts.

 

Step 2: List Expenses. Make a list of each person you need to buy a gift for. This includes family, friends, teachers, and co-workers. Don't forget to make a list of other holiday expenses like: greeting cards, gift wrap, decorations, baking supplies for cookie trays etc.

 

Step 3: Set Limits. Evaluate what you spent last year or estimate what you spent last year and determine where you need to cut back and where you need a little more. Maybe you went way overboard with the cookie trays but needed a little more money for gifts. Make adjustments where necessary and then place an amount on everything. For example, $5 for teacher gifts, $10 per co-worker, $20 per extended family member, $50 for decorations. Maybe this year you can cut back on the number of cards you send out and send e-cards instead. Many people throw away the cards after the season anyway.

 The most important thing is to do what is best for you. Don't compare your budget to someone else’s because everyone has different ideas and needs. Once you have your budget set make sure you keep track of everything you spend. You may go over on something but under on others. Make adjustments where necessary. Follow through with your budget to make sure there are no surprises come January.

Do you find yourself every Halloween spending oodles of money on your child’s costume or on the goodies to hand out to the trick or treaters? I don't know about you but it really irks me to spend $15 or more (I'm really cheap when it comes to buying something that will only be used for one night or maybe a couple of dress up times) on a costume just to have the price slashed the day after Halloween to 75% off. So, every year I vow to buy the costumes for the next year the day after Halloween. You will also notice the price of the candy slashed the day after Halloween. Candy has so much sugar and preservatives in it that if you buy it when it is on clearance and put it in a cool/dry location it will last until next Halloween.  Doing this you can cut your costs by at least half.

Some other ideas for saving money on Halloween:

• Do a costume swap with friends and neighbors. Trade your previously warn costumes for someone else’s costume.
• Find costumes or items to create costumes at thrift stores. My cousin used a table cloth to sew a costume for her child. The cost of the table cloth as 50 cents compared to the fabric at $2 or more per yard.
• Buy decorations the day after Halloween for the next year. If you buy a little bit at a time, eventually you will have collected quite the display.

What are some ways you save money on Halloween?

• Light bulbs- Replace incandescent light bulbs with compact fluorescent light bulbs (CFL's). CFL's last 10 times longer than incandescent bulbs and can save up to $60 in electricity per light over their lifetime.
• Unplug- Appliances and electronics that have a clock, operate by remote controls, and chargers are vampires sucking energy even when they are turned off. 40% of energy is consumed from these items when they are turned off. Unplug them when they are not in use, like when you are sleeping, or get a Smart Power Strip.
• Water Heater- Insulate your water heater if it was built before 2004. Wrap it in a Thermwell blanket and you'll save 10% annually on your water heating bill.
• Furnace- Service the furnace every 2 years and you'll save 10% on heating bills.
• Turn Down the Heat- According to the Alliance to Save Energy, every degree you turn down the heat in the winter you take 5% off of your bill. Get an Energy Star programmable thermostat (~$70) and it will save more than twice its price in a year by adjusting the temperature automatically for when you are gone or in bed.
• Washer/Dryer- Save 50% of the energy you use on heating water by setting your washing machine to cold. Set your dryer to moisture sensor and cut energy use by 15%.
• Stop Drafts- Don't heat the outside world. Block drafts with weather stripping and save $30 per year.
• Lower water Temperature- Set water heater at 120 degrees Fahrenheit. Before you do this though make sure your dishwasher has a heat boost because the water needs to be 140 degrees to clean properly.
• Timer Lights- Install timer lights or motion lights for exterior lighting and in rooms you use occasionally.
• Full Loads- Make sure to fill your washing machine and dishwasher up before you run them. It takes the same amount of energy to run the wash whether it is full or not. Airdry your dishes and clothes too.

Individually these things might not be a lot of savings but if you do them all the savings really can add up. What are some of the ways your family tries to save on energy?

• You cannot make a living mystery shopping. You can however, make some extra cash and be reimbursed for purchases.
• Some shops require you to purchase something. If this is the case, you will either be reimbursed for the purchase or you will be required to return the item to evaluate the return process.
• When you purchase items, always use a credit card. This will ensure that you can get your money back in a timely manner when you have to make a return.
• Most of the companies will pay/reimburse you via a check or a PayPal account. Some require direct deposit only. I would avoid the direct deposit ones unless you have a completely separate account not tied in with your personal account.
• For most companies the payments/reimbursements are made at the end of the following month of your completed shop. For example, if you complete a shop on Sept 15 you won't get paid for it until the end of October. This is to give both companies involved time to verify your shop.
• Most require you to have a digital camera to take pictures of your receipts or specific things at the location.
• A scanner is definitely helpful for scanning in receipts but isn't always required.
• You are notified of shops that are available via email. Some you can self assign and others you apply for and they let you know if you have been assigned.
• Read all of the information about the company and how the shop is to be performed. Incomplete shops or shops that are incorrect you will not be paid for.

If you live on a tight budget, mystery shopping could be an excellent way to get the "shopping bug" out of your system or to just go out and have a free dinner. Shops include, restaurants, entertainment, retail, banking, apartments, and hotels.  I've been mystery shopping for a couple of months now and am having fun with it. I even get to bring my husband along sometimes. If you have more questions, please feel free to ask.

For some the word “budget” is a dirty word that evokes negative feelings. Those who understand budgeting know that it is a word that can equal financial freedom.  So, if you don’t already have a personal budget, here is what you need to do.

Figure out what your entire monthly income is. Include paychecks, bonus, tips, and any interest you may make. From this figure out what your yearly income is. Now you know what you have to work with.  Creating a budget is much more enjoyable if you have a goal in mind.  Maybe you want to save money for a down payment on a house, or a family vacation, or maybe it is just to eliminate some debt. So, create a goal and think of it as you work through your budget.

Now you need to make a list of all of your fixed expenses, anything that gets paid monthly. These are things like rent/mortgage, car payment, church/charity contributions, medical insurance, dental insurance, garbage, gas, electricity, natural gas, phone, water, etc.  Then you need to make a list of all your occasional expenses. Occasional expenses are the things that come less frequently than monthly but are paid on a regular basis. Examples are: car insurance, car registration, home insurance, life insurance, magazines, property taxes, vehicle inspections, etc. Don’t forget to include money for b-day presents, vacations, and Christmas. Then there are those wonderful variable expenses: Car maintenance/repair, dry cleaning, Home repairs, school fees, pictures, prescriptions, stamps, tires, yard supplies, etc.

 http://www.eversave.com/

At this website you can print grocery coupons, department store coupons, and get coupon codes for discounts at online stores. 

 www.bettycrocker.com

This is a great sight that offers coupons for groceries as well as recipes and how to lessons.

 www.memolink.com

Memolink has tons of codes for great savings when you shop online. Memolink members earn points for visiting Websites, sampling products, playing trivia, completing marketing research surveys and making online purchases. Points can be exchanged for cash or gift cards, or donated to a charitable organization. It is free to join.

 www.couponcabin.com

CouponCabin has printable coupons for non grocery stores like JCPenney, Toys R Us, and Baskin Robbins just to name a few. They also have lots of code for discounts in online shopping.

 If there is a particular grocery store you like to shop at most have a place where you can view their current ads and sign up to have them sent to your email address.

These are a few of my favorites. There are so many out there, please share with us the ones you have found.