Post # 1
As Newlyweds we dont know how to really manage our weekly/monthly spendings. we both just found out that we spent $400 this weekend!! :O I dont work, so hes the only breadwinner right now..What are some smart spending habit suggestions you can offer to us or anyone looking to manage their money wisely? ‘
On a side note, I was thinking that maybe collecting coupons would be a good start to help save some money.. Im a little shy ( and Im sorry if anyone thinks its silly, cuz I feel silly just writing it!! ) to pull out the coupons as im standing in line paying for my stuff. I was watching a ” house swap” episode one night where one of the ladies was a coupon addict and instead of payin $ 80 for groceries she paid 10! Thats AWESOME but I cant imagine doing that… Thoughts?
Post # 3
If its just a few I have no problems but I couldn’t see myself with the whole binder of coupons. A lot of stores that have a shopper’s card do coupons online now so that all you have to do is go online, pick you coupons and swipe your card at the store. I also go to the store with a list which helps cut down on unnecessary items. I also try to plan meals for the week which helps make a list.
Post # 4
Coupons are totally normal and help to save some money regardless of whether you’re on a budget or not. But then again I grew up in a family where after reading the paper, my mother would clip tons of coupons.
The financial situation that my SO and I have agreed on is that we’ll have a joint account where both of our paychecks will be deposited. All bills and neccessary expenses (haircuts, dental visits, groceries) will be paid from that with an allowance of like maybe $40-60 for the week for whatever we want to do separately. Anything left after that will go into our savings account for the wedding and unexpected finances. We’re also going to have separate accounts so that if we’d rather deposit our allowances and save up for something big, say a birthday gift, the surprise can be maintained!
My advice is to sit down and talk with your husband about what you guys would feel comfortable doing because no one strategy will work for everyone. The basics of a budget though are calculating your income and expenses and if necessary, find where you can shave down some things. For instance, make your coffee at home instead of heading to Starbucks, could save you more than you think.
Post # 5
The first thing you need to know is what you spent the money on. Food, gas, going out, clothes etc. If you can look at what you are spending on/what you want to cut down on I’m sure a lot of bees will be able to jump in with ideas.
Post # 6
I use coupons. I don’t go crazy, but there’s a site I check out every now and then, and I will use coupons that come with a product. I also grab the ones in the aisle or at the front of superstore.
Coupons are a much bigger thing in the US than here. Our stores are more strict (you usually can’t double coupons, at the very most you get things for free and not money back if an item is $0.75 and you have a $1 off coupon etc). If I lived in the US I would probably do a bit more, like checking out more websites.
Post # 7
my Fiance is and accountant and i am a financial advisor.
we have a joint account which both our pays are direct debited into *total a fortnight – $2510
we work out that each fortnight we automatically transfer $800 into our savings for wedding and saving for house ect
$250 a fortnight is automatically transferred into a seperate account for groceries
then we put $80 away for phone, net bills
$80 away for gas, electricity bills
$100 for car and home insurance
$50 for fuel
$600 goes to rent
$275 car repayments
which leaves roughly $140 each to spend however we wish a fortnight
Post # 8
@nikkialys: Well, I know we eat out atleast once every weekend since hes off then but the last two times I treated him so we can save. Clothes, we really dont spend so much on clothes, we still have to do our winter shopping. Im thinking maybe, $30 a week would be the best idea — thats minus grocery shopping which we can work on together– I know that a weekly meal plan set would be much more helpful so ill start to doing that.
Post # 9
@Pokemon: Oh! thats great! I think ill sit down and write down ALL expenses from groceries, Phone bills, Gas money and a ” date night” expense and see what we can spend, and what we can actually put to savings…. this should be fun lol
Post # 10
@Mrsgurzakovic: its easiest to look at how much you earn minus the important must pay bills (rent, phone bills, gas, electricity ect) do an estimate on how much you spend on groceries (try to write a list to prevent impulse buys also shop once a week instead of every night to pick up stuff for dinner ) estimate how much you spend on fuel. discuss how much you would like to save and take that away too (put in a high interest account!! i am getting roughly $40 a month in interest because of my savings sitting in there!!) whats left is what i call spending money. Can be used without having to discuss with your partner and spent on frivolous things such as shoes, nails, take away, nights out ect 😀
Post # 11
First, you need to write a budget. Figure out where all of your money is going. Then divide that budget into catagories necessities and non-necessities. You also need to create a savings plan and set goals for every month. As far as saving money is concerned, don’t go out to eat so much, there is nothing wrong with using coupons, and plan your meals according to what is on sale at your local grocery store. Last week I did a $50 challenge where I only spent $50 on groceries for both my fiancee and I for 3 meals a day for a week!
Post # 12
@Mrs.babycat: WOW! $50 dollars for three meals a day for a week! thats great!
Post # 13
I used to not like holding up a line with using lots of coupons and having to talk the (uneducated cashier) through the coupon policies of their stores, but now that I’ve done it more I don’t mind, unless we’re on a tight schedule. I suggest doing more than just clipping coupons – focus on the weekly sales, see what meals you can make using those products, and then apply coupons if you have them. Stock up whenever you have a sale+coupon for an item you use frequently. Conversely, don’t buy just because it’s on sale+coupon if you won’t use it.
Post # 14
@Pokemon: Can you recommend any good high interest accounts? I don’t even know where to start.
Post # 15
@FluffyFTW: FI and I use (and highly recommend) ING savings accounts – it’s all online, so you’ve got to be comfortable with that (it’s a little weird that we have thousands of dollars just sitting in a computer – there’s no bank to run to if we want to empty the account). The savings accounts have a .8% interest rate right now, which is the best interest rate you can get for a regular savings account in the US (that I’ve found – most banks like PNC or Bank of America it’s around .02%).
Post # 16
I am a crazy saver, I really like saving money. Both by sales/coupons and just plain not spending money. First would be to make a budget- figure out how much you are bringing in vs how much is going out. If you are only bringing in $2k then spending a few hundred a month on things like eating out and luxuries makes no sense, but if you are bringing in $5k then it does ykwim? Also don’t knock yourself out doing it, you will burn out. It is GREAT to save and to hold onto your money, but if you lock down everything to only what is a need vs a want you will feel deprived and be unhappy.
Saving is never embarassing. Build that nest egg up by any means you can. Work now, play hard later 🙂 You will be thanking yourself for being thrifty come retirement!