Need big help saving!

[tinkb]

Hey guys!

I've been doing a decent job saving - but I sometimes am shocked at the amount some SC's save. We're really trying to pay off our debts this year so we can start a family. What are your best tips for saving? Where are the best places you guys find coupons? I find some coupons, but usually not for products we use.

What's a good way to save on groceries? We're trying not to spend a lot but we will need food.

Any suggestions would be great!

Thanks!

[Lynn49]

This was on TheDoctors today...http://thedoctorstv.com/main/procedure_list/1000....she has a book out (of course), and you can probably find it in your library....
Here's how we dealt with money: one time, my hubby was on strike with his board of ed. We had two pre-schoolers, and I thought, omg...this is going to be impossible! What we did, however, was take a look at his take-home pay (I was a SAHM), calculate our fixed monthly expenses, then DECIDE what we would spend each month on things like groceries, clothing allowance, entertainment, etc. We would literally go to the bank when he got paid, take out in cash what we decided we needed that month and stick them into individual envelopes.
What wasn't used one month, got transferred into next month's envelope WITH the new addition for the next month (so that particular envelope had the monthly amount plus what was left over from the previous month). To this day I can say I've never felt richer in my life!!!! We were doing exceptionally well!! And what that taught us, is that there is a difference between "want" and "need", and one obviously takes precedence over the other.

The other thing my DH did when we got married, was remove, monthly, a certain amount of cash and transferred it into an RRSP that was sacred. Absolutely untouchable. Our DD and her DH are doing that now and will, according to their calculations (she's an investment banker) retire with at least 1M in the bank. And it really doesn't take that much monthly.
I suggest you make an appointment with a financial planner at the bank you deal with and set up a retirement plan. That is numero uno here.
Then set up the budget like I suggested. Try it. I think you'll enjoy it, ultimately. It really takes the pressure of wanting things! I'd see something I'd want, then think: Nope. Can't afford it. Period. No problem!!

As for coupons, I'm with you. I won't use it just to get a discount. It has to be something I use or an equal replacement. I guess it's from our stike days, but I can do with much less these days.....I do enjoy quality, and that's what I purchase, over quantity. We're both retired now, doing some travelling, but basically enjoying our grandson and putting money away already for his education. It'll be paid for by the time he needs it. It's all in the planning!

Well...I do babble on....but I hope some of this has helped...Lynn

[avoncallingu]

My husband takes a trip to Sobey's and RCSS and No Frills on Monday or Tuesday and much of the meat is marked down either 30 % or 50%. That's how we plan our meals. Last night my mom called to say that her water had been turned off at her building. I invited her over for supper on the last minute. We figured when she left that we had fed 3 people on less than $5. Turkey legs on sale for $2.97 - a can of corn - probably .89 and a package of Rice-a-Roni - probably $1.00. We had some Christmas cookies we had received as gifts for dessert and she had some of the famous Nestea left over from the summer deals. Voila!

[Sally888]

Want to save money? Don't ever ever come shopping with me. I can *always* find something to buy. Or that you totally need to buy like you can't breathe.

[Woofy]

One of the most effective ways to save for me... is to not have a TV. And if you already have a TV, cut the cable.

When you watch less cable TV, you are less exposed to all those commercials advertising whatchamacalits and doohickeys.

We are already overexposed to advertisements and temptations in our day to day life, in the malls, when we go to the shops. We do not need additional stimulation from TV advertising.

Hubby and I spent 6 years without a TV, and even now with a TV, we hardly watch any programs. We only use it to watch movies, and play video games.

I will also recommend reading the book, "Your Money or Your Life" by Joe Dominguez and Vicki Robins. That book changed my life. It opened my eyes by equating the earning of money to my life energy (hours). Many of us think we earn a certain hourly wage, but when you start factoring in things like the time required to commute to your work, the cost of commuting, the cost of your work wardrobe, cost of lunches, your REAL hourly wage becomes a lot lower...

And once you figured out your real hourly wage, whenever you want to buy some new shiny widget, you start thinking... "Hmm... I actually have to work 5 hours to get this thing. Is it worth it?"

That really puts things into MAJOR perspective!

[Patty Smyth]

Most financial advisors will tell you the number one rule is pay yourself first. Meaning put aside a certain amount for RRSP or whatever every paycheck and make it untouchable. Even $10 is better than nothing.

[Lynn49]

Most financial advisors will tell you the number one rule is pay yourself first. Meaning put aside a certain amount for RRSP or whatever every paycheck and make it untouchable. Even $10 is better than nothing.

Absolutely true, Patty! Our daughter was a financial advisor, who moved up to a financial planner, but as soon as she started as an FA she saw what a difference putting that money away meant. As I said in my post...thank goodness my DH did that for us! If I lived alone I don't think I'd have two pennies to rub together after all these years! Needless to say our DD and her DH are putting away a lot each month into their RRSP and are hoping to retire millionaires....which IS possible for almost anyone with a steady income who starts paying themselves early. What you don't see in your bank account, you don't miss. And BOY, does it pay!!

I suggest to any young couple starting out to meet with a financial advisor to set up their RRSPs and just take a look at where they can be when they retire!

[Judstir]

I loved reading all the above posts...and what GREAT advice. I will start to use some of these points as well...You guys are so smart. Want and Need....thats the key I think. Control the Want and just get what we need and we'd all have more money. Save for your retirement and pay yourself first. Too bad I already am almost a senior, but I guess its never to late.

[dawn_sweety]

I think I would have a lot more money if I didn't feel that I constantly need to buy clothes, like in the past week I've bought 4 sweater's all from garage so I'm paying anywhere from 25 - 40 $$ for each of them..... (bf doesn't help he buys me stuff all the time) but I really have no place in my dresser or closet for any of my clothes anymore. Could probably save at least $1000 a year if I just thought about it before I bought them and fast food is a huge cost I rarely bring anything to eat to school and then I end up starving and buying something from the cafe or timmies or harvey's (they have too many things for me to buy at school, good marketing aspect for them though)

[Littlemoe0]

Many little ways out there to save money.
- Turn things off your not using, any bit of hydro saved is money saved.
- Make meals that will go further. A roast a bit bigger can be made into two meals, or one roast dinner, one stew and one soup. Or even lunches.
- Try to avoid late charges, or bank charges. Going into your overdraft runs you about $13 extra a month, throughout the year, that's around $175 saved.
- Shop when you need to, not cause you want to. When I run out of odds and ends, I send the hubby to grab them. Saves me going and getting a bunch of stuff not really needed at the time.
- Change jar. It's amazing how much you can save by throwing your change in a jar, even the stuff you pull out of pockets while doing the laundry. Put it aside, and maybe try and use it to pay extra on your debts each month.
These are just a few ways we try to save, but there are alot more ideas out there.

[YesI'mcheap]

My suggestion is have a talk weekly about money, have a monthly budget meeting and have an ideal what your goals are both short and long term. Also open a TFSA in both names. Also find a Bank you like and a bank manager you like and likes you, this goes a long way.

[tinkb]

Wow - you guys are amazing.

I thought I'd respond with a few points:

1) DH and I do have an RRSP that is taken off our checks each pay period.

2) When we went shopping yesterday, we bought meals that could be brought to work as lunch as well and last a few days. (IE: We make a homemade pasta sauce that is amazing and really only costs about $5 to make and lasts both a long time and is delicious!)

3) We have dedicated ourselves to not spending extra on anything in the month. We are guilty of that - we see extra money in the bank and tell ourselves it's okay to buy.

Keep the tips coming! I appreciate them and I check this everyday to keep me motivated!

[frugler]

Send away for free stuff and extra coupons.
Walk places when you can.
Ask others to clip coupons for you,
Do not use overdraft
If you like name brand sometimes its good to buy no name and mix the two. I do this with juice, hot chocolate, nuts. flour, and lots of others.
I also save my change in a jar for my vacations spending money or for Christmas.

[oceanblue]

We had this coin jar that we would always throw loonie here .. quarter there... last summer when we were going to attend DH bro's wedding we were really pinching pennies (DH lost his job & we have a 19 mth DS, I was the only one working) we opened the jar .. we count over $300.00!!!! Basically paid for our wedding gift to DH's bro & his wife and assited with the travel costs to the wedding!

Agree w/ the other PAY YOUR SELF 1st! Set up a RSP and even a education fund if you have kids. Right now we can only afford $25/biweekly for DS education fund.. but that's $50/mth and he's only 19 mths old. I hoping since DS was a baby (just 1 mth old) when we set up the account & by the time he goes to post secndary school he wouldn't be too much student debt.

Plan & make your meals. We don't eat out very often and we can see the $$ we are saving. Just imagine if you purchase $5.00 lunch for every day the wk = $25.00 $25.00 x 4 wk/mth = $100.00!!

Every bit help!

Good Luck!

.... Change jar. It's amazing how much you can save by throwing your change in a jar, even the stuff you pull out of pockets while doing the laundry. Put it aside, and maybe try and use it to pay extra on your debts each month.
These are just a few ways we try to save, but there are alot more ideas out there.

[Angela273]

Try to remember to go shopping on 10% off Tuesdays...I go to Sobey's on the first Tues of the month and then use my club card to collect points towards free groceries. I also find quite a few coupons at Sobey's. Sobey's is not the only place that has the discount day as the first Tuesday of the month.

If you have the room, remember to stock up *some* on items that you will use when it is a really good price. You might be surprised just how far your incomes can be stretched.

Some people use the strategy of putting all change from 1c-$2 into a container to help them save. It will add up quickly...you just have to resist the urge to raid it.

You will also want to consider they type of debt you have and the interest rates that you are being charged. A lot of people do not realize this but...

If you have a provincial/federal student loan you can directly apply any RRSPs that you have directly to your student loan. You will not be taxed on the RRSP money because it is going straight to the government. The Canada part of the student loan is usually the highest interest portion...so apply it to the Canada part. You will have up to 10yrs to pay back your RRSPs with 0% interest.