Many people have asked me how our family manages to "make it" on my husband's salary. It's not that his salary is low, but more that we have a somewhat large family and survive on only one income.
Here are a few of my tips, for anyone who thinks they might be helpful.
Shop Around
Don't just comparison shop for groceries. Comparison shop for telephone service, cable or satellite TV, all your insurance, or any major purchase. My husband calls around for car parts and tires. I search online for the best deals for things such as beauty products, clothing, books, and even lighting fixtures. You would be amazed at how much money you can save simply by shopping on eBay.
Shop Around For Insurance
Perhaps one of the biggest areas of cost savings is in insurance. I am of the opinion that everyone needs to have some life insurance. Those who have children need to be insured for an amount equal to eight to ten times their annual income, until the children are out of the home. Term insurance is the very best way to go. Shop around online, but do your homework first. A good place to start would be with Dave Ramsey's information, The Truth About Life Insurance.
Do the same process for all your insurance needs, including health, auto, and home insurance. It is worth the time and hassle. Keep your information in a notebook for easy reference, with the insurance company name, phone number, and other pertinent policy information. Look for insurance brokers in your area.
Loyalty is for real-life friends, not insurance companies. Be wise with your family's money, and shop around.
Shop Around for Cell Phone Service
Take a close look at what you're paying monthly for your cell phone, if you have one. Do you use it a lot for important things, or is it more of a convenience thing? Consider getting pre-paid cell service. I've been using a Tracfone for about 6 years, and have been very happy with the value. I will say, though, that the only time my cell phone is even on is when I am not at home. 30 minutes will last me two months... I am not a cell phone yakky person at all.
If you feel you must have a cell phone, then the next time your current plan is up for expiration, check around at what other cell plans are available to you. You will be surprised at how much money you can shave off your monthly cell bill by shopping around.
Shop Around For Beauty Products Online
Are you a Mary Kay girl? Do you like Estee Lauder or Clinique? Have you shopped on QVC or HSN for Bare Escentuals or other makeup and skincare lines? Next time you run out of product, check eBay for what you need. You will most likely be able to purchase your favorite products for about half of what you had been paying.
Shop Around For TV Service
We had Dishnetwork for many years and were very pleased with the service. Once we moved to our current location, we found that we could get local digital cable for less than Dish, and our monthly payments were put into the cooperative for future capital credits, which will be reimbursed in future years.
Compare Dishnetwork to DirecTV and your local cable. Consider how much you really watch TV, and if it is something very important to your family. Also, consider getting TiVo service. We have loved this, because we can record things then fast forward past commercials, which are often times the worst part of any given show. Don't buy a TiVo box - go directly to the TiVo website and see what they offer. Most likely you will receive the box with no up-front costs, and pay the monthly service fee.
Certain Bargains At Certain Times Of The Year
Most of you know that after Christmas many places offer their Christmas decorations, etc., for half to 75% off regular price. Now is the time to shop for next year's Christmas gifts for some of the people on your gift list. Check out this website for Christmas clearance shopping tips.
January is typically "white sale" time. Now is the time to buy your sheets, towels, and soforth. Before you buy local, check eBay for what you want.
The end of February is the time when our local department stores such as Kohl's and JC Penney have amazing clearance prices. This is the time to buy jeans and coats for next year for the kids.
The end of July is the time to pick up summer clearance clothing and goods. I wait until Kohl's and JC Penney start running their "75% off clearance prices" sales. I love to buy jewelry at this time, to save for Christmas gifts of girlfriends.
Tomorrow I'll share how I cut our food bill by about 40% by switching where I shopped.
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