Ideas for saving money on an extremley tight budget?

Question

Me and my husband are on a very tight budget any ideas on how to still save money?

Answer 1

Save as much as you can. Every time you get a raises increase the amount you save.

Answer 2

If you are planning on shopping at sales, make a list of items you actually need before you go.

If you can take cash out when you make an EFTPOS purchase, it will count as only one transaction.

Consolidate accounts - If you have several bank accounts between you, consolidate them to reduce monthly account-keeping fees.  Discuss with the bank your options and find out about a savings account with a higher interest rate to help you save more.

By making electronic transfers into a high-interest savings account, you will be impressed at how fast your savings can build up.

Shop around for food and clothing, insurance, a new car, mobile telephone deals etc.  Check out the following websites:  www.choice.com.au, www.carquote.com, www.termdeposit.com.

Bank online - You can pay your bills, transfer funds between accounts and check your account balance 24 hours a day, seven days a week.

Use your own bank's ATMs - Even if you have to walk a fair distance...rival ATMs attract additional transaction fees.

Be a one-car family - Can you use public transport to get to and from work?  If you have a second car, think how much money you can save on depreciation, insurance, registration, road-service membership, fuel and general maintenance if you don't use it...or even sell it to reduce debts, reduce a mortgage, set up an investment strategy.

Pay bills electronically - BPAY is a simple and efficient way to pay your bills.  Australia Post's POSTbillpay gives people the option of paying bills in person, over the phone (13 18 16) or on the Internet at www.postbillpay.com.au.

Be realistic about how much you can afford when it comes to saving for a home or a car.

Money/Budget Planner - Visit the website at:  http://www.fido.asic.gov.au/fido/fido.ns... headline/money +management?opendocument

You can download or print out the spreadsheet under FIDO's Budget Planner.

Answer 3

Many banks are starting programs that help you save -- Bank of America will round your purchase up to the next dollar and put that change in a savings account for you. Wachovia has a similar program where they will add 1.00 to each purchase and put that in a savings account each time you use your debit card.

Wachovia also has a systematic saver cd. The bank will take a certain amount of money out of each pay check and put it in a cd. You could have them put just 25.00 per paycheck. Eventually it will add up.

Go by your bank and see what they offer.