How do you scrimp and save

Question

i am obsessed with saving money....yet am i yet to see the benifits 4 weeks after pay day

but at the moment we are in the process of changing the things we take for granted and cost cutting every which way

i waht extra way do u go that extra mile to save???

b x

Answer 1

scrimp and save

If you scrimp and save, you manage to live on very little money in order to pay for something:

I've been scrimping and saving all year to pay for our holiday.

Cut back on junk food, sweets, cola etc these things add up alot. Its hard for us in the richer countries to think frugally, when all around you are ads trying to entice you to spend. Don't go to the shops too often, cos you are bound to be tempted into something. Convenience stores are not their for your covenience, they are there to entice you to spend on things you wouldn't normally buy.

Stick to your shopping list, even if the kids are sceaming the shop down. It takes time and strngth to do it, but you'll get there. If I don't want to spend, I don't go out every day!

Answer 2

I've started using tenners to light my cigars, instead of fifties.

Answer 3

I have a coffee can that I put all my change in. You would be surprised how quickly $40 or $50 dollars accumulates in there.  

Answer 4

Look THis is the most awesome sight ever! http://www.AWSurveys.com/HomeMain.cfm?Re...

I made 30 dollars in less than 10 mins!!

ANd make about $1300 a month!

Answer 5

Just open a savings account and treat it like a bill and pay it every month or whenever you get paid. Even if you can only start with $15. just do it and get into the habit. Then add a couple more dollars about every 2 or 3 months. I've been doing it for 35 years.

Answer 6

When I buy food items that have been reduced (near end of day) I freeze what I can, otherwise it could be in the fridge too long and end up thrown out, which is not a good savings habit!!

Use up everything you have.  Use what is in the freezer before buying more.  My children like the soft middle slices of bread, but would leave the end crusts behind.  Spread with tomato sauce, top with any leftover vegetables, grated cheese on top and grill until cheese is melted  -  they are now mini pizzas.

Once in a while I go through my food cupboards and keep out all items whose expiry date is coming up within the next month, to use them first.  You can be very inventive with meals, using what you have already.

I empty my pockets at night, and put all the small change into a jam jar.  From time to time I bank it into a savings account.  When I had a loan, I put all that spare change there, to bring down the balance more quickly and end up paying less interest.  I was obsessive about that, and got the loan paid off years ahead.

Keep a track of where your money is going.  Make a note of purchases each day so you will see more clearly where unnecessary spending has been.  Use your library, have your hair cut less frequently; instead of going out with friends, have an evening in your house or theirs, everyone bring a plate of food to share the costs; text instead of  using your mobile phone; going to bed a little earlier will save heating and lighting costs  and also prevent late night snacks  .....   there are lots of ways of making little differences, and eventually they all add up.

If you have a loan you pay back monthly, arrange to pay weekly instead.  That way, you are 4 weeks ahead by the end of 12 months.

Look in charity shops instead of buying new.  Find ways of reducing water consumption (and bills)

And don't use a credit card.  Far too tempting.

Answer 7

in this economy it is tough....i used to be a spending machine.

now i dont spend a dime, this is my awakening..

Answer 8

I bake everything I can.  Lunch snacks for the kids to bring to school, bread, muffins for breakfast...etc

We only eat meat 3-4 times a week and always cheap cuts of steak & pork, ground beef I buy lean and only when on sale, chicken we always buy breast (my family won't eat dark meat), but I buy it frozen and on sale.  We eat chicken only 2x a month.  It's expensive, lol.

Buy in bulk when ever I can. For pasta, rice, & canned goods.   I shop at Costco 3X a year with a membership that was paid for 1/2 by me and 1/2 by my mother who also likes to shop there.  

Instead of spending change on coffee whenever I go out, once a month, I top up my Tim Horton's Card with $20 and I have to make it last (I figure I save at least $50 doing this).  

One thing I've discovered by accident.  I was sent a $50 gift card for a grocery store because I earned enough points on my credit card for it (earned by paying everything with the card, and then paying if off the same day, no interest...but FREE food with enough points).  With the gift card, we don't spend as much when in the grocery store.  Works the same way the Tim Card.  If I have $50, I'll go in and buy what a I need, not wanting to go over.  I had $38 balance on the card, next time I went and bought only what I needed, wanting to make the card last as long as I could...I spent $4 on some lettuce, cucumber and ginger ale, exactly what was on my list.  If I had went in with cash, I probably would have bought ice cream, bananas, a box of Tricuits...you get the idea.  lol.  

Some people insist that when trying to save you should shop less often, but I've found that when I do that I end up throwing stuff away because I buy it think we'll feel like eating that on Thursday, and then we don't.  SO we order in and that food ends up getting thrown away.  I've started shopping MORE often, for what we feel like eating, when we feel like it and I'm throwing less out, saving money in the process.  

I also walk to shop, and I go alone.  It saves gas, is good exercise (store is a 1 hour round trip) and not bringing my husband or kids saves a lot too.

Answer 9

The surest way to save is to get on a budget so you know where your income is going.  Once you know that you will know how much you can save each month.

You can download a free budget workbook from:  http://www.bills.com/guide/

or use an on-line tool at: http://www.kiplinger.com/tools/budget/

Here are the steps to establishing a budget, in general you will be comparing your monthly income with your monthly expenses;

1. Determine your monthly take home income.  If you work in sales or on some type of commission make a conservative (low) estimate of your average income.  Then remember to save during the high income months for the low income months.

2. List your monthly expenses; Essentials first such as housing (rent or mortgage), groceries, utilities, car insurance, car payment, car gasoline.

3. Utilities and groceries will vary from month to month so determine a conservative (high) average amount.  I include anything bought at a grocery store in my grocery budget; food, cleaning supplies, kitchen and bathroom supplies.

4. Amortize your car insurance over the period of coverage, for example if you pay $600 for 6 months coverage the monthly expense is $100.  So put $100 each month in savings so you are ready for the next payment when it comes due.  A budget will help you begin to save for future purchases rather than paying for past purchases.

5. Include money in the budget for car maintenance, home repairs and medical needs, these expenses come along and will ruin a budget if you don't have something saved up.  I save $50 per month per vehicle for maintenance.  After some months go by and you have savings in the bank for car maintenance, home repair and medical needs it may be tempting to spend it, but don't.  Eventually you will need the money to repair your car or for some other unexpected expense.

6. Now that you have income budgeted for monthly essentials and debt payment the remainder of your monthly income can be budgeted for clothing, activities, gifts and holidays and savings.  Your first savings should be for a 3 - 6 month income emergency fund.  After 3 - 6 months income is saved you can start or increase savings for your retirement.  You might also start saving some amount each month for your next car so that you have at least a down payment.

One other important step to take is to record your spending for a month or two.  Most people are surprised by how much they are spending for some items; eating out, groceries, snacks and treats are typical.  Controlling your spending is the other side the budget balancing equation.

Finally, don't use credit cards unless you spend only what you have in your budget and pay the entire balance each month.  Interest payments are a big waste of money.  The same goes for any other debts you may have, if you have money to save each month  consider paying off your debt quicker.

A budget takes 3 - 6 months to take effect, some expenses may come along before you have money saved, but stick with it.  Your budget will catch up with any unexpected bills and you will have savings to cover the expenses the next time.

God bless!