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Counting pennies during tough economic times
It is no secret that we are living in tough times. With my husband losing his job 3 months ago, we have really had to pinch pennies and count every dollar we spend.
Whether you have lost a job or looking for ways to budget your spending, here are some tips for your family:
Use coupons
Cut your grocery bill in half or more by using coupons. Watch for your store's weekly sales and stock up on items at their cheapest price. It is amazing how much money you can save by stacking coupons on sale-priced items! There are some wonderful online resources and blogs to help. Here are some of my favorites:
Cut monthly expenses
This seems like a no-brainer, but it is amazing how quick small expenses start to add up. For example, we shaved over $100 off our monthly expenditures by cutting out our monthly lawn service (people that spray fertilizers/weed killer), lawn care (mowing), and pest control. Now we do our own pest control and lawn maintenance. We also have cut our power bill each month by $30 or more by setting the thermostat several degrees higher, opening windows, and running ceiling fans at night. We are also diligent about turning off lights and electronics that aren't being used (like a computer printer or baby monitor). Other cost saving ideas are cutting out cable TV, eliminating your home phone or reducing your bill by eliminating unnecessary services like call waiting, and carpooling or electing not to drive unless absolutely necessary--gas adds up!
Work with creditors
Several of our creditors have also been willing to modify our loans by stretching the loan out over a longer period of time, therefore reducing our monthly payments. If a creditor realizes the loan is in imminent threat of a default, they are much more likely to work with you to lower payments or settle the debt for a reduced amount. On this note, there is also a mortgage modification program under the new stimulus plan. If you have recently lost your job or had a significant decrease in income, check with your mortgage company about a modification of your loan-- a reduction of monthly payments based on your change in income. Once you apply, it can take up to 60 to 90 days, so it is crucial to get the ball rolling as soon as possible if you need assistance.
Sell unused items
We have used our local Birmingham, AL Craigslist to sell many unused items that were just sitting in our basement. We have made hundreds of dollars on an old washer and dryer, beds, old computer accessories, and baby items. Even more astonishing, we bought and sold a car on Craigslist--all in one transaction! The people interested in our SUV happened to have a family minivan that was in our price range. So, we were able to work out a trade and downsize in vehicle without the hassle of dealing with a car dealership. We successfully eliminated a $300 a month car payment and have a minivan that accomodates our family of 5.
Ebay has also been a great source of listing many of my childrens' clothes and other odds and ends that were just sitting around the house.
Another idea is to have a yard sale. The old adage that one person's junk is someone else's treasure is amazingly true! We have been pleasantly surprised to make several hundred dollars off of things that we considered to be junk!
Shop consignment sales and thrift stores
One of my favorite places to shop is our local America's Thrift Store in Alabaster. Some of my boys' favorite super hero shirts have come from the thrift store! I have found practically brand new tennis shoes for as little as $2.00--shoes that I would have paid $40.00 for if we had purchased them brand new. Some of our favorite thrift store finds include my daughter's antique twin bed, a pair of designer Seven for All Mankind jeans that I sold on ebay and profited over $70, and a pair of Nike baseball shoes for my son. Thousands of dollars can be saved by choosing to buy used toys, furniture, and clothing.
Check out these resources for other money-saving tips:
Parenting.com 101 Ways to Bail Out Your Family Budget
Moneysavers.com - ideas for frugal moms
Ourfamilyplace.com - more money-saving tips for families
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