TradingCradles.com Blog

Posts Tagged ‘family budgets’

Bad economy got you spooked? We know you moms are Secretaries of the Family Treasury. Here’s 102 of our best money saving ideas to help you cut back on spending without scrimping on living. From saving big at the supermarket to answering your kids’ tough money questions, we’re here to bail you out of financial troubles.

1. Leave your money at home.

You can’t spend it if you don’t bring it.

2. Demolish your debt.

They’re living on an annual income of just $27,600, but if Keiko Kasai and Mike Hazekamp can make regular monthly payments of $350 on their $8,000 debt, they’ll be debt free in less than two years.

3. Cancel your gym membership if you’re pregnant.

Because, let’s get real, you’re not going to have time to go to the gym for a while, and if you’re about to become a parent, now’s the perfect time to save. Even if you spend $50 per month and visit twice a week, that’s still more than $6 per workout. Go for a daily walk instead.

4. Pregnant or not, just work out at home.

Nobody has to see how you look in spandex, and you save major cash, it’s a win win!

5. Go generic on diapers and wipes.

The quality of store brand diapers has gotten way better over the years. They’re often made by the same manufacturers as the brand name stuff!

6. Lease a car.

With a lease, you’ll pay less per month than you would repaying a car loan.

7. Buy white eggs instead of brown.

They’re equally nutritious, and they’ll save you about $.40 a dozen. While you’re at it, don’t bother with organic eggs. Egg laying hens aren’t given growth hormones, nor are the eggs likely to be exposed to antibiotics. And the birds stop laying if they’re sick. Who knew?

8. Don’t worry if the neighbors pay your sitter more.

If she didn’t like working for you, she wouldn’t, right? Don’t feel guilty you’ve got a budget to think about, too.

9. Use the web’s best free financial tools.

Use the internet to figure out how to pay down your debt and how much you’ll have to save for college.

10. Stock up on toys and save.

Buy toys on sale and store ‘em til you need ‘em. Bonus benefit: You’ve got instant birthday gifts and no pre-party panic.

11. Or rent toys instead of buying them.

You do it with movies and now you can do it with toys. Clear the clutter (and stave off your kid’s cool toy envy) with this awesome new toy rental service.

12. Send a snail mail complaint when you get a faulty product.

Your letter is more likely to get a response (and maybe a refund).

13. Have a yard sale.

Talk about a twofer you can empty your cluttered garage AND get some cold, hard cash.

14. Get coupons for formula and baby food online.

Sign up on Gerber, Beech Nut, Enfamil, Similac, and other manufacturer’s sites for free coupons that go straight to your inbox.

15. Track where each and every one of your dollars goes for 30 days.

It’s a pain at first, but it’s the best way to figure out what you can do without.

16. Set some financial goals.

After you’ve figured out exactly where every dollar is going, look at your budget and see if anything can be trimmed. Aim to cut back with tricks like brown bagging your lunch, cutting out premium cable and reducing your cell phone service.

17. The early bird gets the deal.

Start buying your holiday presents before Thanksgiving. Everything’s in stock, and you’ll feel less pressure to empty your wallet for what’s left on the shelves.

18. Skip organic bread, cereal and pasta.

Grains tend to have lower pesticide residues than produce does, anyway.

19. Shift your credit card balance.

Moving your balance to a lower rate credit card can slash your interest payments and reduce the amount of time it takes to get out of debt.

20. Teach your child charity

Not only do you counter the “gimme” impulse, you’ll also give them a boost in self esteem when they realize they can help others.

21. Lead by example.

Show your kid how to manage money by explaining which factors go into your decision to purchase. You’ll be surprised at how much they can learn about value and worth.

22. Don’t just tell your kids, “We can’t afford that!”

You don’t want to send the message that you think your kid is greedy. Explain what’s realistic and what’s not. They’ll get it.

23. If your child asks, “Are we poor?” or “Are we rich?”, the answer is always no.

You don’t want your child to think you’ve got bottomless pockets, but you don’t want him to freak out about not having enough money for food.

24. Join the Parenting Privileges cash back rewards program.

CASHIER: That’ll be $226.37 for all the baby stuff you buy every week.

YOU: Hey, can I have some of that money back?

CASHIER: Sure.[CASHIER hands some of your money back to you.]

It’s kind of like that, only for real. Earn over $1,000 cash back rewards just for buying the stuff you actually need (diapers and burp cloths, anyone?) from tons of stores, like Target.com, Gap.com, BabiesRUs.com, BarnesandNoble.com. If you’re a Parenting magazine subscriber, you’re already eligible. If you’re not a subscriber yet, you can try the program for 90 days for free.

25. Help your child develop a simple plan for her allowance.

A good rule of thumb:

60% of her money goes into a savings jar

30% goes into a “quick cash” (spend freely) jar

10% goes into a giving to charity jar

26. Ask for a moratorium on fund-raising.

Instead of breaking your niece’s heart by refusing to buy peanut brittle from her, talk to the adults about keeping the solicitation to a minimum.

27. Open up the Bank of Mom.

Improve their allowance skills by teaching basic banking. If they have to write a check to Mom to pull money out, they’ll think twice about spending their savings.

28. If your hours at work have been cut, tell your kids the basic facts of your family’s finances but spare them the details.

If you approach the changes in an upbeat manner, your kids will too.

29. Don’t give out monetary rewards for good grades.

You’ll fail to provide the right motivation for working hard in school: the self satisfaction that comes from doing your best.

30. If you lose your job, get a grip on your emotions.

It’s frightening for a child to see a parent upset, so vent privately to other adults.

31. Empower your girls to be good with money.

Nine out of 10 women will be solely responsible for their own finances at some point in their lives, but by their early teens, they’re only half as likely as boys their age to feel confident about their financial skills. Build their financial confidence by getting them involved with their allowances early.

32. Take your kids to work.

Having a hard time explaining the extra hours you’re putting in at work? Show them your office it’ll help them visualize.

33. Leave your kids at home when you shop.

They’ll avoid temptation; you’ll avoid the “But I WANT it!” tantrums.

34. Consider an Education Savings Account.

They’ll help pay for kindergarten through 12th grade expenses, as well as college and graduate school bills.

35. Write wills.

You may not want to think about it (who does?), but it’s the best way to insure your children’s future security. These days, you can even do it online.

36. Spend 15 minutes a week talking with your partner about money.

Money has to be a couple thing, and two heads are always better than one.

37. Get the right life insurance policy for your family.

Both of you should get insured whether you work or not. If the unthinkable happens, your partner would have to pay for childcare, and there would be less money available for the essentials.

38. Learn about 529 plans.

Your money can grow tax free in this state run investment account for college.

39. Buy your baby’s current size and the next size up when clothes are on sale.

You’ll be ready when she grows into the next size.

40. Replace your lightbulbs with compact fluorescent lightbulbs.

They use two thirds less energy and last ten times longer, and they’re only a buck or two more than regular bulbs.

41. Attach lower flow faucet aerators.

They’re cheap (a couple of bucks each) and can save money on your water bill.

42. Seek professional help for compulsive shopping.

Take charge of a destructive shopping habit by its possible causes.

43. Eat in.

You can use paper plates and prepared food so it’s less work, and it’ll still be cheaper than going out.

44. Calculate whether you should work or stay at home.

Tabulate the costs your childcare savings might offset your lost paycheck.

45. Reduce surprise expenses.

Sign up for no cost “even pay” budget plans with your gas and electric companies. Voila: no more surprise $400 heating bills in the middle of the winter.

46. Bank what you resist spending.

Every time you talk yourself out of an impulse buy, like a pricey pair of shoes, transfer that amount into your savings account. You’ll be amazed at how much you’ll have in the bank by the end of the year.

47. Drive down car payments.

Financial planners say that car payments should be less than 5% of a family’s pre tax income. If you’ve got two nice cars, consider selling one and replacing it with an older, used car that you can buy outright.

48. Haggle over a new car.

If you’re trading in your old vehicle, don’t mention it until you’ve already settled on a price. Otherwise, the dealer will take that into account when he makes you his “best” offer. Better yet, use the Parenting.com Cars for Moms website to find a great deal.

49. Find out if your company offers benefits for adoptive parents.

Your company may offer similar benefits to those given for pregnancy, including paid leave, unpaid leave and reimbursement for adoption fees.

50. Leave the stress of work at the office.

With email, phones, Blackberrys and home computers, it’s becoming harder to separate work and family lives. But unless you set boundaries for yourself, you may risk burning out on stress. Fight the frazzle by setting some ground rules on work and home.

51. Become a Home Based Daycare Provider

With some research and a good business plan, you can be your own boss and care for children from your home.

52. Cultivate a good relationship with your caregiver.

Nurture that relationship and not only will your child be healthy and happy, but you also won’t have to spend time and money finding a new caregiver.

53. Consider job sharing.

You’ll save on childcare costs while you still earn some money. It won’t hurt to ask your employer.

54. Know how to ask for a raise.

Okay, so it’s probably not the best time to ask for a raise, but if you think you deserve one, there’s a right way to do it. Start by questioning any discrepancy between what you’re earning and the norm.

55. Write your childcare off on your taxes.

If your company doesn’t have dependent care assistance, be sure to claim the federal child and dependent care tax credit that the government provides.

56. Find a family friendly boss.

If you’re entering the job market so you can get a little extra income for your family, make sure you find a family friendly workplace.

57. Arrange a meeting to tell your boss you’re pregnant.

Tell your boss before your coworkers have a chance to blab. Before the meeting, familiarize yourself with the company’s family leave policies, and have a plan for what happens when you come back from leave.

58. Be smart about starting a home business.

It may take some time to start making money off of a new business. Don’t count on raking in the dough at first, and consider how much time you can really devote to a full time job (which is what it would be, and then some).

59. If you work from home, get dressed to the nines in the morning.

You’ll really feel like you’re making the transition from mom to business woman.

60. If you get pregnant, start hoarding as many vacation days as you can.

You can use them as part of your leave. Ask if you can also use sick days.

61. If you need help digging out of debt, get it.

If you’ve got collectors on your back, debt management services can help reduce your monthly payments.

62. If you’re a small business owner, get your name out there.

Give a talk at a free seminar or offer your services in a setting with an audience you can distribute business cards and meet new clients.

63. If a friend asks for money, but you’re not confident she’ll pay it back, prepare yourself for the chance that you won’t get it back.

It’s perfectly legitimate to ask for a specific payback plan to reduce awkwardness and mixed messages.

64. Don’t secretly hoard money from your hubby.

Wouldn’t you be mad if he hid money from you? You need to be able to have a candid discussion about the money that belongs to Your Family, Inc., and decide what to do with that money together.

65. Enter our contests and giveaways.

We’re giving away stuff all the time money, gift certificates, cool gear for your home, toys, even family trips. And entering doesn’t cost you a penny.

66. Turn off your computer every time.

Yes, every time. One of the biggest drains of electricity is a computer that’s left on 24/7.

67. Buy gas for less.

Warehouse clubs like Costco sometimes have pumps where members can fill up for about 10 cents less per gallon than at a local station. No club in your area? Check out gasbuddy.com to find the cheapest pumps near you.

68. Make toys for your kids out of stuff you already have around the house.

Hand over your turkey baster as a squirt toy instant bathtime fun.

69. Download a free audiobook.

Keep the kids entertained while you zip around town with our featured free audiobook from AudibleKids. Check back regularly for our latest free download.

70. Keep a list of restaurants where kids eat free on certain nights.

This way, celebration meals don’t break the bank.

71. Sign up for a movie by mail service.

Online DVD rental sites, such as Netflix and Blockbuster, offer several different monthly plans, starting at about $6. The biggest plus: no late fees.

72. Steer clear of convertible cribs.

Those conversion kits can be expensive, and you’ll probably end up spending less money if you buy an ordinary crib now and a twin bed later.

73. If you don’t have health insurance, sign up for a special short term care package for your newborn.

Ask your doctor or the hospital’s patient relations department if they have a program.

74. Outsmart the Mouse.

Those package deals don’t always save you money. On your next Disney World vacation, try booking the trip yourself and save a bundle.

75. Plan to take your next vacation after Labor Day.

Lodging and travel prices can drop 20 to 50% in the fall.

76. Print out coloring pages.

Instead of buying coloring books every time your mini Picasso finishes scribbling on one, print out free coloring pages from the web. We love these Sesame Street games and puzzles.

77. Make your kids brown bag lunches they’ll love.

Save money on lunch with fun lunchbox meals like mini pizzas made with English muffins, jarred pasta sauce and melty mozzarella.

78. Open a Flexible Spending Account if your employer offers one.

The pre tax money you set aside can help pay for eligible out of pocket medical, dental and even daycare/nanny expenses. But be sure not to set aside more than you’ll realistically use.

79. Form a babysitting coop

Can’t afford a sitter on the weekends? Offer to do a trade with parents you trust.

80. Or hire a college student to take care of your kids.

Some colleges have babysitting services offering experienced sitters at reasonable rates (plus transportation back to campus).

81. Throw a hand me down party.

Voil you’ve cleared out your closet, freshened your baby’s wardrobe, and caught up with friends!

82. Put together a chic (but cheap!) nursery.

Focus on one fun detail sometimes a single accent is all you need for a perfectly charming room.

83. Breastfeed your baby.

It’s a lot cheaper than buying formula all you need is a nursing bra and, usually, a breast pump.

84. Get a free subscription to Babytalk.

That way, you don’t have to wait until your next pediatrician visit to grab one.

85. Don’t make different dinners for your kids and the adults.

Try two way dinners that can be tweaked for kid and adult palates chicken nuggets for them, chicken croquettes for you.

86. Save your toddler’s shoes if they aren’t too broken in.

His little brother’s feet are safe if the shoes haven’t been used much. And it’s best to buy inexpensive shoes since kids grow out of them so quickly.

87. Skip the crazy expensive stroller.

Our Momtesters loved the UPPAbaby GLiTE a bargain stroller that goes for less than $100.

88. After baby, pair maternity separates with regular-size tops and bottoms.

New post baby body? No need for a new wardrobe. You can transition back into your clothes by mixing and matching.

89. Put earmarks in your own budget for an emergency fund.

Yes, you should have an emergency fund. Squirreling away 10% of your monthly budget is more doable than you might think.

90. Have fun at home.

Instead of taking your kids to a play center, bring the play center to your house. Set up an obstacle course in your living room with pillows and toys.

91. Get organized.

Keep things like hair ties all in the same place that everyone in your family can find. If you always know where they are, you won’t have to keep buying more.

92. Buy cheap bibs in bulk.

Buy inexpensive bibs in bulk and put one on your sweetie before each feeding (and keep it on for up to an hour after!) to protect her cute layette items from stains.

93. Buy cheap (but tasty) wine for your next adult party.

You don’t have to be a moneybags to pull together a chic get together. Budgetvino.com will show you how to get the best bang for your buck.

94. Skip the extended warranty.

Buying a new (bigger) car? Don’t pay extra for the extended warranty, no matter what the dealer tells you. They’re a waste of money, according to Consumer Reports.

95. Forget pricey walltowall carpeting

A throw or an area rug with a nonskid back or secured to the floor with doublesided tape is a cheaper option. FLOR tiles are adhesive backed carpet squares that are beyond easy to install, and if there’s a spill (and there’s always a spill), you only have to replace one.

96. Buy beauty products that multi-task.

Remember when shampoo + conditioner came out and you thought it was the best idea ever? Now there are a bunch of awesome 2 in 1 products that can save you money, like all in one manicure cream, or eyeshadow/liner combos. While you’re at it, skip the spa with our fave at home spa treatments.

97. Check out auctions for the best rental car deal.

Go to an auction site like priceline.com. You could save $15 to $20 a day.

98. When eating out, create your own kids’ meals.

Split the portions yourself. For example, get one order of mac ‘n’ cheese and split it between two or three kids, add some sides, and you’re all set.

99. Pay with cash at the pump.

Some stations have gotten clever with how they price gas. They post a cash price but sometimes charge up to six cents a gallon more if you’re paying with a credit card. They call this a “cash discount” and it’s becoming more common.

100. Share tasks with neighbors and friends.

When you cook one dinner for your family, make enough food to invite a friend and her kids over, too. Next time, your friend can host you and your kids.

101. Keep in touch with faraway relatives for free with Skype.

Skype to skype calling on your computer is free, and if you’ve got a web cam, you can video chat so Grammy can see how much Junior has grown.

102. Sign up on TradingCradles.com

Be notified when TradingCradles.com launches and start saving in a whole new way.