Eight Ways to Get on Track and Save Money
Posted on December 11, 2012 by Kathi Bridge, One of Thousands of Money and Finance Coaches on Noomii.
Learn how to make little changes in your habits that add up to a lot of money saved.
1. Meal Plan
Planning ahead keeps you focused at the grocery store – only buying what you need. I have heard that many of us throw out up to 1/3 of the food we buy.
Keep a list of the family’s favourite meals on the fridge – each week pick 7 for the week and make a shopping list.
2. Review Your Banking Fees
Many people spend $30 – $40 per month on unnecessary bank fees. Review your banking fees and see if you have the right package for you. Stop using other bank machines ABMs – can cost up to $3 per transaction!
3. Review your Cellular and Cable Packages
Are you paying more than you need for your cell and cable? Review your needs and call your service provider to see if there is a way to reduce your monthly fees.
4. Stop Eating Out so Much!
Most of us spend way too much on meals out. Decide how much you want (and can afford) to allocate each pay period for dining out and take out food – and take this amount in cash each pay. Spend it how you like, but spend no more. When the cash is gone, stop spending.
5. Bring your Lunch to Work
Now that you are meal planning, plan on leftovers for lunch as well
If not lunch money comes out of your “Eating out” or Spending money as above.
6. Bring Coffee and Snacks from Home
Instead of going out to a coffee shop for a treat – bring a thermos with your favourite hot drink and a snack from home. Pick a great location such as the beach, a park bench, your back porch and enjoy. Cheaper, faster, easier and no Styrofoam waste!
Teaching your kids this valuable lesson may save them thousands in the future!
7. Reduce your Interest Costs
Don’t carry a balance on your high interest credit cars.
Either pay them in full or:
Call your bank to see if they can lower the fee.
Transfer the balance to a lower interest line of credit (and keep the CC paid off!).
8. Give Your Kids and Allowance
If your children are old enough give them allowance.
Instead of giving your kids money for this, that and the other thing, give them a weekly allowance that is appropriate for their age.
Tell them this money is to cover all their ‘financial needs’ for the week
ie if they are 6 yrs old – this money can be used for candies or a small toy
if they are 13 – perhaps it covers school lunches and a movie.
The rule is the money has to last the week, they can‘t keep coming back and asking for more (or borrow against next week’s allowance)
Overall you will probably save money & teach your kids the value of budgeting as well.
Stick to your guns, they will probably blow the first couple of allowances before they learn to manage it better.
