Best Budget Tip for 2006?

[Minnie824]

I don't visit the budget board all that often, but with the new year, and of course trying not to spend as much money, I thought maybe it would be helpful if everyone could give me some good budget tips for the new year!

 

[traycie2201]

I think mine would be to borrow dave ramseys total money makeover, it's helped so many people, i'm hoping i'll be helped, oh yeah and i should stop going to wdw that would save a ton !!!!!

 

[minnie1928]

oh yeah and i should stop going to wdw that would save a ton !!!!!

You and I both!!!

 

[Lady Belle]

We've stoped eating out so much, that's saved us a ton. We aren't traveling for our vacations this year, either (except maybe to fly and see our parents, but we'll use frequent flyer miles for that and stay with family). Those are our two biggest cost savers. Oh, and we're fixing my car as it breaks, instead of buying a new one. Since DH can do the work himself, fixing will ALWAYS be cheaper than buying.

 

[ziggystardust]

i need to try the no-eating out thing. all of my "blow" money goes towards eating out. I know its "blow" money but I would like to blow it on something else!

My tip would be using the envelope system. I've found that by paying cash for everything, I'm forced to re evaluate my purchases. I also find that by using envelopes I have more money at the end of the week.

 

[staceyfe]

My tip would be to remind yourself you don't "have to have" everything everyone else has. You can live without a 42" plasma screen TV. Every once in a while the "wants" start to consume my thoughts. I remind myself that I'm out of debt completely (except for mortgage) and it feels too good to go back.

 

[ChristyJ]

One thing we're trying to implement is to make out a menu and buy the food for those meals during one big weekly shopping trip rather than stopping at the grocery store every other night to figure out what sounds good for dinner!

I think it will not only save us money, but also help with the whole weight loss thing!

 

[EthansMom]

My tip would be to shop with a list you make ahead of time, purchasing only items that were on your list. Whether you're shopping at the mall, the grocery store, Costco, or Walmart, impulse purchases add up to a lot of $$$$.

(Personally, I know I can go into Costco for 2 items and end up spending $100 on stuff that I didn't NEED or even WANT when I went in the store.)

 

[C.Ann]

Spend considerably less than what you bring in..

If you are not turned off by the prospects, shop garage sales whenever possible..

Don't eat out - except for the rare treat of a birthday or anniversary..

Try store brand items - many are just as good, if not superior - to the name brands..

Don't purchase a new vehicle every four years..

Buy your books at garage sales, half.com or Amazon..

Most importantly, don't try to keep up with "the Joneses".. Nine times out of ten they're so far in debt they're literally drowning..

Good luck with your new budget!

 

[tarheelmjfan]

I like the idea of making a week's menu & doing all our grocery shopping at once. We always ending up spending more by stopping by the grocery store daily. We finally got both our vehicles paid for & have no intention of getting another one until they completely die. We don't go out to eat (except the occasional take-out), & never go to see a movie. I never use shopping as entertainment. I only go when I need something, & get what I need then leave. For me, browsing means buying. Now, to our downfall. When we go on vacation, we really go on vacation. We do all those things we won't allow ourselves to do at home. We don't scrimp on anything including hotels & food. If only we would vacation in moderation, we would be much better off.

 

[ClarabelleCowFan]

My tip would be to remind yourself you don't "have to have" everything everyone else has. You can live without a 42" plasma screen TV. Every once in a while the "wants" start to consume my thoughts. I remind myself that I'm out of debt completely (except for mortgage) and it feels too good to go back.

AMEN to that! We payed off our debt completely in December and have been living on cash only for over 4 years - no credit cards. We have averaged 2 Disney trips a year on a budget too.

I am trying to help one of my close friends do this as well. The feeling of being out of debt is AMAZING and I have no desire to go back in.

 

[arkansas mom]

Stay out of Wal-Mart or any large "discount" store where you tend to overspend. I'd much rather pay a little more for groceries and toiletries than go to Wal-Mart and end up spending $150 (when all I needed was a gallon of milk and a bottle of shampoo!). Obviously, I have no self control. So, I stay away! If I have a large list of groceries, and I want to take advantage of the Wal-Mart prices, I send my husband. He's a tightwad! He's my budget saver!

 

[disneysteve]

I'm going to offer one simple tip. How much it saves you will vary depending on how you implement it.

Cut out one paid "extra" that you currently have.

It could be a premium channel package for cable TV.
It could be some extra phone service like call waiting or voice messaging.
It could be your membership in the fruit of the month club.
It could be cancelling a magazine subscription that you don't really need.

Just find one thing that you can live without and get rid of it. Maybe you'll free up $5/month, maybe it'll be $50/month. All depends. But you'll see that saving money and simplifying your life is doable. And maybe that will encourage you to go farther.

 

[thelionqueen]

Great advice! I am going to try the grocery list thing and staying away from Wal-Mart & Sam's club. Thanks to all for posting!

 

[KTSMOM]

One thing we're trying to implement is to make out a menu and buy the food for those meals during one big weekly shopping trip rather than stopping at the grocery store every other night to figure out what sounds good for dinner!

I think it will not only save us money, but also help with the whole weight loss thing!

We do the same thing. We started this mid last year and it has really cut down on our grocery expenses.

 

[JessetheCowgirl]

Lots of good tips here!

I will add one:

Set up an automated savings plan if you don't have one. I love knowing that we pay ourselves first!

If you do have one, increase it a little. Every $ counts!

 

[dvcgirl]

Here's one...

Write out a budget! Soooo many people just pay their bills and really have no idea of where the money is going. Write out a very detailed budget that accounts for all of your bills and expenditures. Add in things like retirement savings and even fun things like vacations. Saving for big things is the best way to avoid splurging on something you can't afford. At the very end of the budget is where your "extras" should come from. If your "extras" budget is $500 a month....when that $500 is gone, the "extras" spending for the month is over. This simple system has always worked really well for us and keeps us on track in saving and investing for our future and retirement.

 

[MEM]

My tip would be to shop with a list you make ahead of time, purchasing only items that were on your list. Whether you're shopping at the mall, the grocery store, Costco, or Walmart, impulse purchases add up to a lot of $$$$.

(Personally, I know I can go into Costco for 2 items and end up spending $100 on stuff that I didn't NEED or even WANT when I went in the store.)

Our solution to that and one of my budget tips is only to take $25 in cash with us to Costco. We carefully weigh the merits of each item we consider buying and find we really didn't need so much afterall. Beginning January 1st we went to all cash for groceries and what DH calls "sundries".

 

[grlpwrd]

Along the lines of impulse spending, don't recreationally shop. Make only planned purchases unless you come across a clearanced item and the price is right, you're stockpiling when the price is low, and if you are collecting gifts year-round for marked down prices.

Besides writing your budget, it's extremely eye-opening when you use financial software like Microsoft Money or Quicken.

My rule for life: live below your means. My dh's income has grown throughout the years and we have lived the same way for years. Living below our means has helped us save for what we need, buy the things we want, and invest.

 

[SeansMom]

Don't pay for water. If you're like me and hate the taste of chlorine, buy a water filter. It's still a LOT cheaper than buying individual bottles. I like to carry water with me, but have a really pretty blue glass bottle that I can wash frequently.

I love all the ideas here...thanks for posting!