9 Ways to Keep More Money in Your Family's Pocket
It’s past time families begin to fight back when it comes to squeezing more out of their finances. Families are facing an ever increasing battle of shrinking finances and must find creative ways of keeping more money in their pockets, and starve avenues that crave and devour their finances. Taxes and rising costs of other items should push families into a mode of savings and cutting expenses. Starting small is a start and will make a big difference. Choose a money saving and/or money making method, and as it works for you and your family, choose another method that will work for your family and keep adding several ways and/or methods that will help to keep more money in your family’s pocket.
1. Stop buying these items.
Make a list of your family’s necessities and stick to that list as much as possible. Begin with your cleaning supplies and what you can do without or make from scratch. Stop purchasing air fresheners, dryer sheets, and expensive laundry detergents. Cancel unnecessary magazine subscriptions. Peel yourself and your family away from name brand items and comparative shop. Look for dollar items that are comparable to name brand items. Shop at dollar stores in which you can still get some name brand items. Don’t run out and buy something every time you need something. Set your goal on shopping for the family to two days a week which will help cut down on gasoline costs and/or other transportation costs, i.e., bus, taxi, or train.
2. Shop at places that have what you and your family need.
List stores that carry the items your family needs. Avoid stores in which you and your family rarely shop. Shop close to home, if possible. Also, don't go shopping without a shopping list.
3. Put your savings on automatic.
Sure you’ve heard this before, but it really works and can be done. Have a small amount taken out of your paycheck automatically. You will be pleasantly surprised with the amount of money you can save doing this. A great way to accomplish this is to, if your job has a credit union, join the credit union and put money in a vacation account or Christmas club account, but don’t use the money for vacation or Christmas – this is a great way to save.
4. It's time to cut coupons.
Learn how to coupon, it is cost effective. Join a couponing Meet-Up Group and bring the kids with you so they can learn how to coupon too. You don’t have to become an extreme couponer, but couponing does help within your finances.
5. Start saving your pocket change.
When you come home and have change in your purse and/or pockets, empty the change in a great piggy bank. You will be amazed at how much money you will have by the end of the year in pocket change alone. Get a piggy bank that counts your money as you put your change in it – this will give you encouragement as you see your pocket change grow. Have a “Roll Our Pocket Change” night. Get free coin rollers from the bank. When you get used to saving your pocket change then try saving your dollar bills. If you find that saving your pocket change is difficult to do because of your little crumb snatchers, i.e., the kids, then get a piggy bank that locks. If your children want to purchase an item in the future have them begin saving their pocket change so they may contribute to the purchase, and set a contribution amount for them.
6. Create multiple streams of income.
Many people want more money but don’t make the effort to pursue different avenues of making more money. Writing for money, selling online, providing a service, or even looking for a higher paying job are several ways to get some more money in your pocket. Making more money takes work and persistence.
7. Prune resource sucking relationships.
Yes, it is difficult to get rid of friends that borrow, but there is a way to curb their borrowing by keeping your business to yourself. How? Have extra money, keep that information to yourself. Made any new purchases, don’t tell it. Be mindful of bringing any new friends into your life. Just stop loaning money to deadbeat friends and let them know that you are trying to get out of debt. If they are real friends they will understand. Got friends that don’t borrow money, but every time you go out with them you find yourself paying for yours and your friends’ meals, movies, and other items, even groceries. Stop volunteering to pay for things if that’s what you’re doing. If you are single, learn to enjoy shopping by yourself because it’s better shopping by yourself than shopping with someone who can’t afford to be your equal when spending money.
8. Pantry Pick-up!
If it’s fattening, get rid of it, well not all of it – a little indulgence can’t hurt too much (just kidding). Sugary cereals, traditional potato chips, cookies, cakes, etc. are luxuries, and not conducive for good health or for your pocketbook or wallet, but if you and your family enjoy snacks, learn how to make your own healthy snacks without breaking the bank. Here’s a great list to begin building and maintaining a healthy pantry:
- Extra Virgin Olive Oil
- Whole wheat pasta
- Basmati rice
- White vinegar
- Dry lentils, not canned
- Nuts, i.e. walnuts, almonds, Brazil Nuts, Cashews
- Prunes, Raisins
- Herb Teas
- Dried Cranberries
- Canola Oil
- Dry Milk
- Sea Salt
- Steel Cut Oats
- Flaxseeds or Flaxseed Oil
- Pumpkin Seeds
- Sunflower Seeds
- Rice Flower
Trading or going cashless has returned. Cash-free transactions are more common than you think. Mow someone’s lawn for getting a repair done in your home. Make a list of services you offer along with services and/or items you are willing to accept as payment for your services and/or items. Learn more about bartering and trading – visit these websites:
Are you doing any of these tips to save money?
What other money saving tips can you think of?
Share your money saving tips.