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Money Saving Ideas I have been working on this one for a while just trying to remember everything that helped us save money over the last twenty-two years of family life. Some of these ideas worked for us in the beginning, some worked later. We adapted our saving strategies over the years to suit our family’s needs of the time. Sometimes our saving methods didn’t suit at all, but on looking back, I can see that it was worth the hard times for the long-term gain we achieved. I now love the thrill of saving money, but this has backfired many times. I have learnt that sometimes if you want something to last you have to spend money to save money. Cheap is not always best. Often an expensive item will last longer than a cheap one. I have also learnt that buying in bulk doesn’t always save you money either. It only works if you use all of the bulk product. If it spoils or your family is sick of the same birthday and Christmas present for years on end, then it wasn’t really a good buy. When we first started out we never bought furniture new, only ever at garage sales. At dinnertime, we sat on a tablecloth on the floor. John’s parents gave us a spare table and our midwife gave us a very old fridge that lasted for at least another ten years. We were also given old lounge chairs. They were covered in bright green, but they worked well for a few years until we had the money to buy some more (second hand) aesthetically pleasing ones. When we were in a better financial position many years later, we bought leather. We had no heating in the first house we built until we could save the cash for a wood heater, which we did one month before the start of winter. The following are ideas only; adapt them to suit your family: Consolidate all loans. We didn’t use a credit card for a long time we only used cash. When we opened our Flexi-Plus home loan account, we needed one. With this type of home loan, all of your money goes into one account and you make all purchases using a credit card. At the end of the month, you pay out the credit card so no interest accumulates. Before the credit card is paid each month, the money is working off the interest and eventually the principal on your home loan. We managed to pay off our mortgage using this type of account. It takes a lot of discipline and sacrifice, but the long-term gain is certainly worth it. Don’t buy lunch at work, take it from home. Turn off lights in the house. Don’t use the dryer unless absolutely necessary. In winter when clothes just don’t dry on the line, you can hang them on a clothes airer in front of your wood heater. Put on more clothes in winter instead of turning up the heater. In summer, try the reverse instead of using the air conditioner. We also shut up all windows and curtains on very hot days just to keep excess heat out and in winter to keep excess cold out. John also spent a day air sealing our home. You can buy the special weather strip for doors at a hardware store; it is simply a matter of sealing the areas around the doorframe that let air in. Weather seals are available for the bottom of the door too. John also used No More Gaps to seal all cracks around the house and he installed insulation in the walls and ceiling. All of these measures will save you money over time. We buy wood for our heater in summer because the rates are cheaper than in winter. Write a letter don’t use the phone. Take STD off your phone service. Get rid of internet connection. If you do have internet try a cheaper plan. Cancel magazine and/or newspaper subscriptions. If you love to read, go to second hand bookstores or the Lifeline Book Fair for your book fix. Try the library. Buy at sales. The best sales are twice a year; the end of the financial year and after Christmas. Buy in bulk (see above note). Buy good quality. We changed our fabric lounge to a leather one and it has lasted more than double the time. In fact, it is still going. We viewed such a large expense as an investment. Shop for clothing and other items at second hand stores like St Vinnies, Salvation Army, and Anglicare. Go to garage sales on a weekend. We bought most of our first furniture from garage sales. Try the second hand column in the newspaper. We read most of Larry Burkett’s books and implemented his suggestion of writing down all of the major items we needed to purchase and then wait thirty days before buying one. Sometimes in that time, we would decide we didn’t need it after all. But, it always helped us to not go out and buy a whole heap of expensive things all at once. Other authors we have found helpful: Robert Kyosaki Anita Bell Pay cash for your car; don’t spend beyond your means. If we couldn’t afford a certain make and model, we didn’t buy it. We didn’t borrow to buy a car until quite late into our marriage. We had outgrown our people mover and had no other way to get around. We looked for a second hand car in the newspaper, which saved us a lot of money and then we sold our old car privately, also saving a lot of money. A trade-in at a car dealer never gives you the best value for money. It is always worth trying first to buy and sell a car privately. Whenever we make a purchase whether it is a mower or a home loan, John always asks for a better price on the item. The answer is usually yes and this saves us a lot of money. Repair broken things yourself. If you are not a handy man/woman, it isn’t hard to learn. Cut your family’s hair. Try some cheap entertainment: Go to a park for a picnic or BBQ. Go for a walk. Visit friends or have friends over. No videos No movie theatres When the children were all small we never went out just as a couple. We chose to spend time together. If we went on a holiday to visit relatives, we also stayed with them. We can’t do that now, because our family has grown too large, but when we were still a small family this helped us to save on accommodation costs. Instead of going away for holidays, try staying at home and doing fun holiday things around the house. Save petrol and don’t go out, walk or ride instead. When the children were very small, it was often easier just being at home anyway. We enjoyed each other’s company and saved money at the same time. Plan your weekly or monthly menu. This saves time and keeps food from spoiling. I tried to cook once a month and shop monthly. This helped us not make impulse purchases while grocery shopping, and it helped to know at the end of a challenging day dinner was in the freezer. I recommend the books Miserly Moms and Dinner’s in the Freezer. Go to the bread factory and buy day old bread in bulk for a fraction of the cost you would pay at the shops. If it won’t all fit in your freezer, give some away to friends and neighbours. If you are in the habit of piling the food onto your plate, try eating smaller portions at meal times. In the early years, we never ate junk food or takeaway. Eating out is so expensive. Even on long trips, we took food from home. Over time the no junk food rule has been replaced, but not for our benefit. Junk food is bad for you. I just wish I used more self-control in this area. Try growing your own fruit and vegetables. They usually taste much better and are often more nutritional and cheaper than the shops. With a growing family this can take away precious time from other priorities and you just have to weigh up the pros and cons each year whether it is worth it or not for your family. We try to have a garden each year because we enjoy it so much. Instead of buying seedlings from a nursery, try growing them from seed and transplant to your garden when they are big enough. It is always cheaper to take cuttings from plants and pot them up yourself. I took cuttings one year and by the end of the next year, they were ready for potting. I tied a ribbon around the container and gave them away as Christmas presents. We never plant turf, instead we use grass seed, a much cheaper option. Breastfeed your baby, it is much cheaper than formula. We often didn’t start solids until the baby was close to twelve months. Because baby was healthy, we didn’t have regular trips to the doctor or pharmacy and we almost never used antibiotics. See the book How to Raise a Healthy Child In Spite Of your Doctor, by Dr. Robert Mendelssohn. Make your own baby food or let them eat off your plate until they are older. Most baby equipment is unnecessary. Use your bed for a change table. Let baby sleep with you instead of in a cot. Sew baby’s and your clothing or have a friend sew them for you. I made soap a few times and gave some away for Christmas presents. The first couple of batches worked really well. But, I gave up soap making after I heard my husband screaming from the shower one day. It seems I hadn’t boiled the soap mixture long enough and the caustic soda was still very caustic even after the soap had cured. Thankfully, there was no major or permanent damage done and John has forgiven, but forbidden me to make soap again. For many years our gifts to each other were very simple and inexpensive, we didn’t even celebrate Mother’s or Father’s Day with a gift. Some think frugal people don’t get older they just get cheaper, but in our case after years of frugality, we have softened our approach somewhat. This is mainly because we have done the hard work and are now reaping some of the benefits, but also as our family dynamics have changed over the years we opted for the easier route because sometimes it meant less stress.
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Posted by Cath