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September 13, 2006
Simple Strategies To Save Money
Here are a number of money-saving ideas that my family and I have collected over the years.You may already be using many of these in your own home, but at least a few may be new to you.
Parents should shop alone
Don't take the kids to the grocery store.You will be pestered to buy cookies, candy, cakes, soft drinks, snack foods, ice cream, and just about anything else that catches a child's eye. Unless you can say no to everything and don't mind risking a temper tantrum on the supermarket floor, you'll probably give in to at least some of the requests. Result:You'll spend more than you would have otherwise and your healthy eating plans will go right out the window. Obvious exception to this rule: babies who are too young to be interested in anything except another baby in a passing cart.
Buy in bulk
If you have a large family, bulk buying can save a lot of money. That's why stores like Costco have become so popular: they offer bulk food and household products at bargain prices. But if you buy in bulk, you must plan carefully. If you're purchasing perishable food, be sure your family can finish it off before it goes bad. Spoiled food that has to be thrown into the garbage is no bargain. If you are buying packaged or canned goods, see if there is an expiration date on the container before you lay in a large quantity.
Get a chest freezer
If you have the space, consider buying a chest freezer to store bulk purchases of meat, frozen foods, etc. Many families put it in the garage or the basement. A second-hand freezer will probably work just fine; these appliances tend to have a long lifespan. Danger: You'll eat the food at the top of the chest and never get to the stuff stored at the bottom. By the time you do, it will be ruined by freezer burn. Solution: When you add to the chest, take a few minutes to lift out food already there and put the new purchases underneath. The rule should be first in, first out. That means the food that went in first should be eaten before the food you just bought.
Swap kids' clothes with friends, family members
Children usually outgrow their clothes long before they wear out, especially while they're young. Many people routinely give away outgrown clothes and buy new as the child gets bigger. Instead, talk to neighbours and family members about setting up a swap arrangement. This will work as long as the participants have children of different ages. Example: Your baby can no longer wear her newborn outfits. Give them to an expectant mother in your group. She may have an older child whose outgrown clothes will be perfect for your baby's next growth spurt.
Buy children's clothes out of season
You'll get the best prices on winter clothes when the stores are clearing them out to make room for the spring lines. Caution: Make sure that you buy a size or two larger than the child currently needs so that the clothes will fit in the fall.
Don't spend a lot of money on new books
Children's books are expensive and voracious readers can devour several of them in a week. To nurture their expanding minds, make maximum use of the school library and your local library. However, keep careful track of the books your child is taking out. They have a way of getting lost and you could end up paying a small fortune in fines. Watch your library for old book sales. You can often pick up some great bargains. Another option: Arrange for a book-swapping club with other parents with children of a similar age.
Plan carefully for Christmas and holidays
It's easy to overspend for special occasions and end up paying for the extravagance for the rest of the year. Allocate a budget for each family member and stick to it. For the children, you'll need to do a balancing act between things they want and things they need. Very few youngsters get a big thrill out of opening a package and finding a new sweater inside, desperately needed though it may be. But if the next present is that special doll or game they've been wanting, the look of disappointment will quickly disappear. Special tip: If you take your family on a lot of outings, buy a membership to some of their favourite places. A year-long family pass to the local zoo, aquarium, or science centre might be a big hit, especially if it's accompanied by a little gift from the attraction's store.
Conserve energy
We all know it's good for the environment. But it's also good for your budget. Turn down the heat an extra degree at night. Turn down the water heater when you go out of town for the weekend. Turn off lights that aren't in use. Turn off the TV when you leave the room for dinner. Disconnect unused major appliances—we saved several dollars a month by turning off the freezer after the children left home and it was no longer needed. Add to your insulation to reduce heating bills. There are dozens of possibilities for savings here.
Ask for a reduced price
Of course, you're not going to haggle with the clerk at the supermarket check-out counter. But there are times when asking for a price reduction makes sense, especially in smaller stores. As I mentioned in Chapter 1, some merchants will give you a discount if you pay cash instead of using a credit card. You should also ask for a price break if you are buying more than one big-ticket item (say a TV set and a VCR) or if your purchase is for a large amount. If you find a defect in an item (perhaps a small chip in the corner of a desk you're considering), ask for a reduction.Your best chance of getting an unadvertised discount is at small, independent stores; clerks in the chains don't have this discretion. Remember, the more upscale the store, the greater its profit margins and the more negotiating room there is for a discount.
Think carefully before buying a pet
If you have children, at some point they are going to beg you for a pet. It's often hard for parents to resist these pleas, but make sure that you understand the costs involved and whether your budget can handle them. Even pets as modest as goldfish and hamsters can end up being more expensive than most people realize when all the costs are factored in. Dogs can be a real strain on a family budget, especially if the animal requires frequent veterinary attention. Routine tests can cost several hundred dollars, which would be difficult for most family budgets to handle. Pet insurance is a possible solution, but it's not cheap and there are numerous exclusions. Check out all the details before you commit to anything.
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