Mom Tips On Ways To Save Money in 2010

“Once you take full responsibility for your financial health, money stops being a source of frustration and starts to flow into your life naturally.” ~ Cheryl Richardson

Let’s make 2010 a more frugal and prosperous new year by saving lots of money!

1. First things first.  Know what you have and don’t have.  Use Quicken or some other tool to keep track of what’s going in and what’s going out and UPDATE it regularly.  You’re bound to spend more if you “think” you still have extra money left only to find out that you have already spent it on some other items.  Always keep your monitoring system up to date.  This is your new BFF!
2. Have a budget in place.  Use a spreadsheet to list ALL your bills and regular monthly expenditures.  This way, you have an accurate picture of how much really is your spending money.  Every payday, I enter our paychecks in Quicken AND deduct all our bills from it, so I only have to reconcile it whenever the actual charge happens.
3. Automate your bill payments.  You could save a lot of money from those nasty late fees and interests by signing up on automated bill payments.  All my bill payments are automated.  If it’s not available, I have it setup with my bank so it automatically sends checks to them at a certain date.  Do you still mail your payments?  Ah, hello!  Every bank has bill payment included on their site and it’s for FREE.  Take advantage of this and save your stamps!
4. Review your budget regularly. You know those utility bills like phone, internet, gas, electricity, etc.   Review your current plans against their new plans and downgrade to the cheapest possible plan.  You could even get a better plan with cheaper rate!  I always do that with my phone / internet, and satellite providers.  My gas and electric bills are on budget plans so that I won’t have to freak out during winter or summer, but they update the rates according to your past consumption on a quarterly basis.  That way, it’s more even, and easier to fit on your budget.
5. Buy in bulk.   It’s always cheaper to buy in bulk, not to mention the trips you’ll save (and the gas too) from going to the grocery stores.  If you’re not a Costco or Sams member yet, find a friend who is willing to split the membership cost with you (another savings), since they give out two cards anyway.  In Costco, my friend and I have the Executive membership which pays for the annual membership fee if we reached a certain amount.  So far, our annual membership fees have always been free.  My membership is also tied with my American Express (the only reason I’m keeping this credit card), and I get rewards which I can use to shop at Costco the next year.
6. Review your insurance coverage – home, life, car insurance.  If you’re not the accident prone type, increasing your deductibles lower your premiums significantly.
7. Cancel subscriptions you hardly even use like magazines (I’m sure you can find equally informative articles on the internet for FREE), and gym memberships.  Invest in a good running shoes and start walking and/or climbing the stairs.  I invested in a dog that forces me to walk her at least three times a day even during winter!
8. Use coupons! Clip coupons and don’t forget to use them!  Always check if you have a coupon first before purchasing anything.  If you can wait until you have one, do so.  Search and use coupon codes for all your online purchases as well!
9. Use mail order for your regular prescriptions! We used to pay $50 per month in the local pharmacy for hubby’s medication, but when we switched to mail order, we pay $50 for a three-month supply!  Not to mention that his three months GENERIC cholesterol medication is FREE!  Or better yet, keep yourself healthy and strong so you won’t be on any medication at all like me   That’s what I always tell my stubborn husband.
10. BYOF (Bring Your Own Food).  Cooking and bringing your own food is not only healthier, but saves you a ton of money.  I bring my own breakfast, lunch and snacks to work, not to mention tea, and water.  I RARELY buy anything at work because I prefer to eat organic food.  My kids NEVER eat frozen, sodium-laden “hot lunches” from school.  They always bring snacks and lunch from home which are not only healthier, but cheaper as well!

Interested for more mom tips?  30 Ways To Save Money has more you could take advantage of.

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