5 Simple Saving Money Tips

Ahh – is this scenario all too familiar to you – more month than money? That’s the situation when you’ve spent all of your money – paying bills or buying stuff before the next paycheck comes in. If you have no idea where the money went, then perhaps it’s time to work on your saving money skills.

Saving Money

Saving Money Can Be Easy

See, I found as a single young working woman, that I had plenty of money. I had a decent job and was able to keep most of my spending in check. If I felt I was going overboard, I opted for a night in, watching a chick flick. One or two of these a month and I found my financial life was back on track.

And then I had a family. Turns out managing family finances are a lot more complicated. Are you trying to save money for something big like a vacation – or simply trying to live within (or below) your means? Well then, is it possible for a Rich Mama to start saving money?

Read on, read on…

1. Your Wallet is What You Eat

Eating out depletes your wallet. So does take out. Staying in was a sure fire to repair the monthly budget. Besides sometimes Mac and cheese and Reese on the TV was a pretty awesome night. But when you have a family and you actually have to cook, the temptation to take everyone out or order in is pretty compelling. So how can you avoid the temptation:
If you’re saving for something like vacation, make a pledge not to eat out for the weeks leading up to the vacation. Everytime you’re tempted to order pizza, stick $30 bucks in an envelope and deposit in your savings account or use as the “fun” money on vacation.

To avoid the Wednesday night what’s for dinner blahs, you need to plan. This means that you need to think through a menu for the week, planning “new meals” and ways to turn leftovers into something special. Plan your 7 day meals, make a grocery list, and go shopping. .

2. Track, Track and Track Some More

For two weeks to a month write down everything you buy, whether you pay cash, credit or debit. Keep a little pad in your purse or car and let nothing, not even a pack of gum or a cup of joe go un-noted. Add it all up (use a calculator or a spreadsheet).
Don’t just right down the amounts – right down what is for and why – did you buy coffee because your were bored, or the donut to placate the kids (you know you’ve done it!)

Figure out the dumb stuff you’re spending money on – and set some limits. If you find that you’ve spent a $100 on coffee over the month, consider buying an insulated mug and making your own – and limiting how many times a month you actually buy the real thing.

3. Be On Time
It makes sense for jobs, teacher conferences and weddings. But it also pays to pay your bills on time. A lot of saving money tips will focus on the little things – like cutting out the $5 lattes. But if you regularly rack up late fees on bills (or overdraft fees), well then the lattes the least of your problem. Late fees on bills can also lower your credit rating, which can lead to higher interest rates when you borrow money – for houses, cars or credit cards, causing you to pay THOUSANDS of dollars more than you might if your credit rating was impeccable. So the RichMama will give you the $5 lattes a few times a month if you promise to pay your bills on time.

4. Comb Through Expenses
Do you really watch all 500 TV channels? How many cell phone minutes do you really use? Do you need a landline? Are there any subscriptions for memberships (gyms, ahem) or magazines, makeup, etc that you get charged for every month but rarely use? Go through all your recurring bills and charges and see which ones can be eliminated or reduced. Call the cable, phone and wireless company and ask if you’re on the most effective plan. See what you can cancel and see the money flow back into your account.

5. Reduce Driving

Ok RichMamas – if you’re serious about saving money, here’s a great tip — drive less. I know, I know, this may seem crazy if you’re commuting to work and/or shuttling kids around. We’re not saying you should start walking or biking everywhere – that just isn’t practical. But maybe you can carpool to nursery school. Or ensure that the kids don’t miss the bus. And try planning your errands for maximum efficiency – if you’re doing things like menu planning and creating a shopping list, well then you shouldn’t have to run to the grocery store every other day. Gas looks like it’s going up, so even saving a few miles could really cut down on that mom-mobile gas bills.

* If you can’t use public transportation to get to work, consider carpooling with someone else in your company. This reduces the wear and tear on your car and will save you gas money, especially if three or four people share the ride. Also try grouping your errands all at once so you can get it all done in one trip.

Get The Family Involved in Saving Money

Getting the whole family involved in saving money can work well if you’re saving for a goal – like the family trip to DisneyWorld (it may be a bit harder to get kids motivated about saving money if you’re trying to get rid of the credit card debt, but you can try).

Instead of saying no to eating out – have them come up with a fun meal and family at home night instead – and help them calculate how much money you’re “saving”. If you want you can even up the ante – throw in some incentives (perhaps share some of the “savings” with them) to help them get really creative about the family saving money.

Share some of your favorite quick saving money tips below – and be sure to check out One Rich Mama – the complete system that teaches the C.F.M (Chief Financial Mom) – how to better save, spend and manage the family money…

Saving money and using these money saving tips will be easier if you have your whole family on board, supporting the effort together. After all, these are good money lessons to teach children of all ages.

Don’t be intimidated with the idea of saving money. Just by implementing a few of these tips each month – and sticking with it – will help you keep more money in your bank account!

Want a complete system for better managing, saving and spending your money – and really building your family’s wealth ?  Then check out the RichMama System: http://www.richmamasecrets.com/onerichmama