How to save money

[wincrasher]

The key to saving money is knowing where it is going. How many times have you tried to balance you checkbook and found all kinds of things that were not entered/you forgot about? So knowing what you are spending - down to the penny - is key.

Yes you can clip coupons, turn off lights, etc, and you can save pennies. They do add up.

But I'd suggest going after the big bucks first. When was the last time you shopped your car and homeowner's insurance? Are you paying too much? Do you have too high of deductables or limits? Do you combine discounts going with the same company for both?

What kind of shape is your car in? Are the tires aired up, has the oil been changed? How aggressively do you drive and what highway speed? Changing your driving habits will save big money on fuel and maintenance.

When was the last time you had your furnace or air conditioning tuned up?

When was the last time you caulked your windows and doors and checked the weather stripping? Do you have storm windows? They are cheap and easy to install yourself.

How much do you spend on lunches and dinners out? Do your kids buy lunch or do you pack a sandwich?

There are many, many ways to wring out the bucks. But it takes effort.

Good luck!

[GREENBACK]

I try to think of my finances as a buisness and I'm the CEO and CFO. I must keep an eye on my bottom line or my buisness will fail. Expenses should be carefully considered and finishing in the red every month will never make my buisness profitable. I'm not hardcore in this thinking but it is a good analogy to how buisness and personal finance are somewhat similar.

It's also important to know when to spend money to keep your "buisness" going strong. Best part of this strategy is that I'm not in competition with other "buisnesses" so I determine what to spend and when to spend.

[segmond]

Love Money, Love Holding Onto It, Hate Spending It.

[snafu]

We take 10% off the top of all monies and pay ourselves 1st. We do most of the items already mentioned, plan maintenance and purchases around sales and coupons. We found serious savings with banking plans that served our needs rather than create profit for banks. We don't pay interest & once I realized my mortgage had the potential to cost 3 times it's original value, we paid it off.

Several years ago, we developed what we call a Family Trust. Both DH & my siblings have contributed a sum to 'family trust.' When someone needs a significant sum to buy a car, pay tuition, relocation costs etc. they get the money from Family Trust and pay it back at the official rate as quickly as possible. Thus far it's worked well, no disputes and no defaults. We're hopeful it might extend to the next generation.