Use Coupons Sensibly
Coupons and discount codes offer a great way to save money but only if used sensibly. Avoid spending more money than you usually would by asking yourself if you will really save money by using the coupon. Fourformom has a guide to couponing that may help you.
Mange your finances to keep your savings safe. Image by 401(k) 2013 http://www.flickr.com/people/68751915@N05/
Teach Kids About Money
No matter how much you and your partner try to keep the family finances under control, children will throw a wrench into the plans. They always want or need something! I’m lucky in the sense that our daughter is just six months old at the moment, but I know there’ll be a time when she wants more and just does not understand the value of money. It is important to teach children about the value of money and about saving. Give them a piggy bank for their allowance and help them treat that as their wage to spend on their necessities (in their world: pop, candy and video games!).
Start an Emergency Fund
Remember when I said you need to have some money for an emergency? Start your emergency fund today. This should be a separate account to your normal savings account; I suggest titling it “emergency fund” or something similar. Just put a small amount away each month to help you should your car need new tires or the laptop stops working (again!). Just $25 a month will give you $300 over the year, and that doesn’t include any interest that you earn.
Save for the Future
You need a long term savings account, too. This could be for a new car, a new house or your retirement. You’ll also need to consider having separate savings account for your children so they have something for their education or their first home when they are older. It is worth putting a small amount into the long term savings each month, even when clearing debt to start your account, and then add more once the debts are cleared.
Spend Less Than You Earn!
Sounds obvious, right? You’ll be surprised by the amount of people who spend more than they earn and put the rest on credit cards, store cards, overdrafts, etc. This is all about budgeting and tracking your spending to avoid unnecessary and unintended purchases. I was guilty of this for a long time, and now the only time I use my overdraft or credit cards is when there is a genuine emergency, like the car breaking down just before Christmas! If you struggle to lower your spending, try these five ways to earn extra money.
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Excellent post.