Saving money?

Leabyrd · June 2015

Okay ladies! Between baby items, food, classes, maternity clothes- we have many discussions on how to spend money but any tips on what you guys are doing to save money (long term)? My maternity leave is not so great, unpaid, and I am trying my hardest to save,save, save but between preparing for baby girl and the normal living expenses it's seems to be flying by and I don't have as much as I want saved up!

cgummie · June 2015

I can't remember where I saw this suggestion (maybe Pennyhoarder blog?), but we going with it. As we clean out our home to make room for baby, we are downsizing and returning/selling what we don't use or need. I've taken my old clothes that are in good shape to resale, sold larger items on craigslist, returned recently purchased things that never got used, etc. This one is short term obviously, but that blog has some really helpful tips!

I also haven't bought much maternity or baby clothes- nearly all hand-me-downs from a mommy group. It's saved us a lot, too.

Look into budget billing for your utilities. We have Ameren in Missouri and the bill stays the same every month- no surprises! They do a small adjustment every 6 months to keep it fair and ours only went up $7 (its $112 for our whole house!). And I've called our cell phone and cable providers to negotiate plans to save some, too. Sprint took $60 off each month after changing to a different plan that made more sense and we get alerts if we get close to going over for data.

christina4436 · June 2015

Budgeting everything is key. It's alittle crazy but it really works. Before I would always not do think bc wasn't sure if we had the money. Now I know exactly if we do. Mint.com is the best and my hubby and I have been using since we got married. When two people are using all the accounts it makes it very easy to keep track of once going in and out. Regardless of baby coming you should always pay 'you'/your savings first. We have a set amount we want to have by time I go out on leave (6month emergency fund for expenses and then some) so we know how much we have to put in a month to get there. Even though buying baby things the savings is more
Important. If no money left in the monthly Mint expenses budget then can't buy anything extra! I have it really detailed out by category for utilities/bills, car, house, gas, restaurants, groceries, pets, insurance, shopping/entertainment, personal care, and so on. You hook up all your accounts and set a budget for each thing and it categorizes. Weekly go on to make sure it categorizes correctly. It's really fab and would def recommend. Nice seeing all your accounts in one place and knowing exactly what you have to work with! If you go over in one category saying shopping then you know you have to eat out less etc. If you need any other help/advice feel free to ask!

Leabyrd · June 2015

These are all awesome suggestions ladies! Definitely checking out mint.com thank you!

mommy_wife_nurse · June 2015

@christina4436 is that site free?? Sounds like I need to check it out! Thanks @Leabyrd for starting this thread, lots of good advice!

christina4436 · June 2015

@mlobrummond yep it's free! You can use the site or app or both!

millette2015 · June 2015

I agree with @christina4436 - mint.com is great and super easy to use. Knowing where your money is even going is half the battle.

We also have direct deposit into savings by our bank, so that there is no temptation not to save that money and spend it on something else that has come up.

kim1228 · June 2015

@christina4436 I am mint OBSESSED! My husband and I are both CPAs, so we get REALLY detailed with tracking everything, monitoring trends and stuff...its kind of fun

Even my target purchases I split the transactions into like 50 different expense categories. Glad to see other people love the site as much as we do!

christina4436 · June 2015

@kim1228 haha I am slightly obsessed too! I split some things like that. My biggest peeve is when I'm over in one categoryy So towards the end of month I move things into other categories I am under on so everything is pretty yellow or green at least :-p

leighann1 · June 2015

If Mint doesn't work well for you (it never worked well with my brain for some reason), try You Need a Budget. There's a free trial and then it's a one-time fee of $50 or $60. Either way, it's amazing software that has helped me so much. There's an app that syncs to iPhone or Android as well, so you can add transactions as you go. I'm seriously in love with this program.

Oh, and if you are a college student, I believe it's free.

KLHauck12 · June 2015

Once you have established a budget, I have found that it really helps to meal plan & clip coupons. I don't know about you but food & household items are the biggest way I can over spend if I'm not careful. My husband and I don't go out & do expensive activities and I can resist buying clothes & frivolous things for myself. But food is so expensive (especially if you eat out) & it can be hard to resist the temptation for making what I am craving (and I hate eating the same thing over & over!)
So I sit down every Sunday with the store ads and I plan all the meals for the week based on what's on sale. I only stock up if its an amazing deal too good to pass up. Otherwise I don't buy something just because it's on sale. I stick to what we need for our meals & try to use ingredients several ways. I use coupons, cartwheel, and cash back apps (checkout51 & ibotta).

Nicole02683 · June 2015

Dave Ramsey's budgeting plan! That's what we do.... Have 5k for our sons birth saved up so far .....

Sballerina · June 2015

Mint.com sounds really interesting! Like a PP said, one major key to saving and successfully managing money is knowing where it is going. My husband and I just finished taking Dave Ramsey's Financial Peace University. Ramsey went from going bankrupt to building himself into I believe a multimillionaire. He really emphasizes that money will control YOU if you don't TELL it where to go by budgeting every month, by specific categories. At first it can seem overwhelming to plan category by category, but once you get the hang of it it is actually empowering. He tells you to pay yourself (save) before you handle other categories. (As Christians, hubby and I set aside an amount to give back to God through church and ministries we represent. So for us we give back to God in thankfulness for His provision first because we know He knows our needs.)

Dave's plan can be a bit of a shock to the system at first, but it has worked for SO many families. It's based on baby steps (save $500-1000 for emergency savings, then pay off all debt, then build a 3-6 month emergency savings fund, start retirement, etc.) as well as principles like not having a credit card and taking out cash to use for many categories rather than using a debit card. (Spending cash activates the pain center of the brain in a way that useing a debit card doesn't. The result? Since parting with Uncle Benjamin hurts more than swiping even a debit card, you decide to keep more in your pocket and save!)

Many people get out of debt and begin seriously funding retirement and kids' college all within a few years on his program. Talking about paying down thousands in debt so you don't give the creditors and banks your money, but keep it and make it WORK for you. Dave advises expecting couples to save as much as possible before baby rather than pay off debt, that way you have money to cover any unexpected medical biils, then he would say attack the debt, starting with the smallest one.

That's a lot...look him up online or PM me if you want more details!

baconlady · June 2015

Great post and suggestions ladies ! Lord knows I need all the help I can get in this "saving" department .

Sballerina · June 2015

Ok just one more concept: as far as maternity clothes and a lot of stuff for baby, I have decided to be content with what I am given, so that I don't spend on additional items. Early on my mom bought me a bunch of maternity clothes. About enough to get me through ten days without washing things, haha. It would be cool to have a bit more, but I have what I need and the simplicity is nice...easier to decide what to wear lol!

For baby, I recognize I will probably buy most of the bigger ticket items like the travel system, but beyond that I will wait to buy much of anything until after my shower. I have already gotten a bunch of clothes. Not even registering for blankets or clothes really because they come out the woodwork! After the shower if I need remaining items I may look into secondhand.

dchiapella · June 2015

I know it's only a small amount but it makes me feel better having an automatic transfer of $25 or $50 into my savings every week.

christina4436 · June 2015

Sballerina said:
Mint.com sounds really interesting! Like a PP said, one major key to saving and successfully managing money is knowing where it is going. My husband and I just finished taking Dave Ramsey's Financial Peace University. Ramsey went from going bankrupt to building himself into I believe a multimillionaire. He really emphasizes that money will control YOU if you don't TELL it where to go by budgeting every month, by specific categories. At first it can seem overwhelming to plan category by category, but once you get the hang of it it is actually empowering. He tells you to pay yourself (save) before you handle other categories. (As Christians, hubby and I set aside an amount to give back to God through church and ministries we represent. So for us we give back to God in thankfulness for His provision first because we know He knows our needs.)

Dave's plan can be a bit of a shock to the system at first, but it has worked for SO many families. It's based on baby steps (save $500-1000 for emergency savings, then pay off all debt, then build a 3-6 month emergency savings fund, start retirement, etc.) as well as principles like not having a credit card and taking out cash to use for many categories rather than using a debit card. (Spending cash activates the pain center of the brain in a way that useing a debit card doesn't. The result? Since parting with Uncle Benjamin hurts more than swiping even a debit card, you decide to keep more in your pocket and save!)

Many people get out of debt and begin seriously funding retirement and kids' college all within a few years on his program. Talking about paying down thousands in debt so you don't give the creditors and banks your money, but keep it and make it WORK for you. Dave advises expecting couples to save as much as possible before baby rather than pay off debt, that way you have money to cover any unexpected medical biils, then he would say attack the debt, starting with the smallest one.

That's a lot...look him up online or PM me if you want more details!

I second that! We used some of his principles, paid off our timeshare and student loans end of last year and our on our way to 6 month emergency fund + extra slush fund before baby gets here. Category budgeting is key.
I don't use cash a lot bc categorizing expenses is easier with using card though.

MirandaC1984 · June 2015

Like others have said, we use Mint to pinpoint exactly where our discretionary spending dollars are going. For us, we were spending entirely TOO much money on eating out. So we are focusing on cooking at home to get that piece under control. We've scheduled an automatic transfer each time one of us gets paid into our savings. We sold every piece of furniture that was in our guest room (now nursery) on Craigslist or OfferUp. We switched our cable/internet provider to one that actually provides more services for less each month. I've gotten back into couponing and have started stockpiling household necessities like deodorant, toothpaste, laundry detergent, toilet paper, paper towels, razors, etc. We're using the snowball method to pay off our revolving debts and should be in a really good place once LO arrives. You'll be really surprised where you can save money once you really analyze where it's going in the first place. Good luck!

kindlycrystal · June 2015

Budgeting is key. We have a set amount we spend each month, anything extra that is left over gets socked away into savings. I also have an amount that is automatically deducted from our account and put into savings. Have never heard of Mint.com, but I will definitely check it out!

Sounds weird, but we don't have cable television. Instead we get a good internet package and use less expensive services like Netflix for entertainment. I'm a big reader and most of the time would rather read a book than watch TV, anyway. You can also check out DVDs from most public libraries.

We also are happy to take any kind of hand-me-downs or gently used items from friends and family. I have three young nephews and my parents are giving us all of the things they have out grown (bassinet, car seat, bouncer, all gently used), so most of our big ticket items are covered. Even kept some of the more gently used baby clothes. I also sew, so I will likely be raiding my fabric stash to make some baby clothes. My mom gave me a bunch of tops that she never wore, but work really well as maternity tops.

Sites that have services like Amazon Mom and provide coupons and a discount for diaper subscription service seems like a good idea. We already have Amazon Prime, so we'll definitely be giving it a try.

Want a personalized experience?

Saving money?

Re: Saving money?

Choose Another Board

Search Boards