Ideas on how to make money go further?

[Essexman]

Ideas on how to make money go further.

I'm a married dad with two young children. Since my wife is a full time mum, I am the sole provider for the family. With the cost of living going up, things are getting tighter and tighter. I would guess that many of you have been or are in a similar situation and would like to draw on your experience.

We've made cutbacks, i.e. no takeaway meals, make sandwiches for work (instead of buying at work).

So I'm after some good ideas to make my pay go further.

I'll start with.
No 1: don't buy anymore lights.

Thanks in advance......

 

[chesterqw]

2)earn more money...

 

[havand]

I don't know your job situation, but would it be appropriate to ask for a raise? I'm not sure about in the U.K, but I know in the U.S. your grocery bill can vary wildly based solely on the types of foods you buy. Ontop of that, how far along the 'process' the food is can make a huge difference. The price difference between beef patty hamburgers (the decent ones that you'd actually wanna eat) and ground beef is pretty amazing. You're probably aware of such things, however. With the exchange rate being so good between Europe and the U.S., maybe you could start buying more things here and having members ship them? I don't know what electricity goes for in England, but maybe it would be worth investing in a small solar rig with LED lighting for a room or two. ----If I was you, though, i'd make sure I did the calculations before diving into that one. A large investment. Want to be sure it would save you money in practice. Maybe just switching all your lights over to high powered fluorescents?. Do you have cable/DISH? It stinks, but that's a huge chunk of change a month too. Cellphones? CC debt? If I had to choose between breaking even and a cellphone, I'd ditch the cellphone, honestly.

Is there anything you could do for extra income? Do you have a hobby you could somehow make money with? Do you fix friends/family computers for free? Could you charge $10 just to make it worth your while? Could your wife get a part time job on a Saturday Morning or something like that? It isn't much, but it might be that little bit extra that pushes you over the 'break even' point.

There are a few ideas. What worries me though is you've probably either thought of and/or implemented many of them if you're flat out asking on the forums. If I think of anything else, i'll post back.

 

[tiktok 22]

cancel unnecessary things like magazine subscriptions.
pay bills online(not only does it save money, it's the easiest way to do it.)

I'm in your exact situation. My wife is stay at home with our son and my income supports the family.

 

[Marduke]

3) sell some of the lights you own

Also, energy savings can go a long way. Replacing light fixtures with florescent ones can make an impact in the long run. You can start by replacing the most used lights in the house. Shopping at discount stores. Not sure if the UK has them, but the US has thrift stores where they sell donated items, and the proceeds go to abused women and children and such. Switch to washing clothes in cold water, and use something like Tide Coldwater detergent, which is made for cold water specifically. Keep the heat turned a little lower, and the air conditioning a little higher. The list is endless.

 

[powernoodle]

I strongly recommend one of Dave Ramsey's books, if available in the UK. I believe the latest is The Total Money Makeover, tho I could be wrong. It promotes basic common sense frugality, getting out of debt, etc. Very popular here in the U.S. We have gotten completely out of debt, including home, cars, credit cards, etc. There is no hocus pocus to it. Its just common sense stuff.

www.daveramsey.com

cheers

 

[Numbers]

Whatever you decide or come up with, dont forget to "Pay Yourself First". No matter what your circumstances some money should be put away for the future. Then spend the rest as you see fit.

 

[jtr1962]

If you have two cars, get rid of one. If possible, go without a car altogether. Next to housing, cars are the single biggest expense in most households. Since you live in the UK, it's more likely that your car(s), if you have any, are a convenience more than a necessity, as might be the case in the US (where a car is often needed).

Second, get rid of recurring expenses. Those tend to add up big time in the long run. I often hear people say something like "My cappucino is only $4". Add that up over the course of a work week and it comes to over $1000 a year. Along those lines, bag your work lunch instead of buying it out. That can save well over $1000 a year.

Earning more money is a third option. See if you're handy doing anything like maybe laying ceramic tile, and see if you can get a few side jobs a year.

As much as I hate to say this, sometimes the only way to have more extra money is austere living. Not fun, but it works. There were times in my life I walked 3 miles each way twice daily to save on bus fare, ate Ramen soup for lunch, and didn't buy new clothes until I couldn't sew the holes any more.

 

[NeonLights]

I strongly recommend one of Dave Ramsey's books, if available in the UK. I believe the latest is The Total Money Makeover, tho I could be wrong. It promotes basic common sense frugality, getting out of debt, etc. Very popular here in the U.S. We have gotten completely out of debt, including home, cars, credit cards, etc. There is no hocus pocus to it. Its just common sense stuff.

www.daveramsey.com

cheers

+1 on Dave Ramsey. We've been following his program for a couple of years, and can finally see the light at the end of the tunnel. My wife and I have been married for 13 years, have two young children, and have struggled with debt and living paycheck to paycheck for most of the last 13+ years. We stopped using credit cards (and paid off more than $50k in CC debt), will have our last two cars paid off next year, and then will start attacking our mortgage. We should be completely debt free in another 4 years or so, having paid off our 30 year mortgage in less than 10 years (and there is still money in the budget for flashights!).

 

[Essexman]

Wow ^^^^^^^
thanks for all your ideas guys, very useful. I'm also glad to see I'm not the only one in this situation. I guess evereyone goes through some tough times in life.
Dave Ramsey looks good, I'll have to have a bit of a read. Here in the UK we have someone similar www.moneysavingexpert.com
Overall this has made me think really hard about work/money/life.
Time to have a sit down family talk and plan ahead.
Thanks again.

 

[bitslammer]

Time to have a sit down family talk and plan ahead.

Bravo! :thumbsup:

From that statement alone it's clear you'll do well.

I wonder how many families have compounded money troubles by not sitting down and engaging in clear open communication. Poor communication could lead to all sorts of confusion, misplaced or unwarranted blame, misunderstanding and misinterpretation of what's going on.

By including everyone, all will be on board, and all will be able to help address the issue.

 

[jimjones3630]

May have been mentioned didn't notice as read.
Shop around for lower interest rates for credit card, call your credit card issurer and ask for lower rate. Then transfer bal. if have lower rate.

Someone mentioned work at home ventures for your wife. Is it possible your job can be work at home? Save on commuting expenses.

Does your electric power company buy excess power you might produce from your home solar, windmills, hydo-generators? That is doable here and some who can afford initial start up costs have that investment paid back in 8-10yrs.

If commute alot, can you -in other words is it legal- distill ethanol for your car to burn instead of petrol? Conversion of auto to burn 100% ethanol used to be fairly simple. Here is a home job oppertunity.:twothumbs Change of jets in carborator or injectors. Haven't done it myself but read up years ago.

Does you wife like to bake? If so, consider selling baked goods to local stores, they will like it if can promise daily service.

Jim

 

[nerdgineer]

Just some more random ideas.

- Try to do as much as you can in cash. Try to not use your CC except in case of absolute emergencies. Feeling those twenties physically leave your hand for each purchase will increase the pain and maybe reduce impulse buying (including cutting yourself off from everything here on CPF/DX/Kai/etc. until the crunch is over). Also reduces end of the month surprises.

- Saves time if not money: online banking to pay bills is helpful and usually free.

- Brownbag your lunch. Include fruits and veggies - saves $$ and your health.

- Library for books and magazines (and maybe DVDs, etc.) instead of stores.

- Broadcast TV instead of cable. Dial up Internet instead of broadband. Prepaid mobile phone plans instead of contracts. Learn to use your mobile less (I pay $100 a year for 1000 minutes at T-mobile. I don't use anywhere near that much and the rest carries over to the next year when I buy any increment).

- Can your wife cut your hair? Vice versa is technically possible but is probably unlikely to be acceptable...

- Can either of you do simple clothing mending (replacing buttons, etc.?). That may save a shirt or two.

- Try to get in a frame of mind that sees the positive side of saving money. Sharing a mutual commitment to better your futures is a thing of pride, not embarassment. If others boast of their conspicuous consumption, think of it is a sign of their shallowness and lack of self esteem rather than of their worth. Knowing that you're in control of your future is of great value in and of itself. That will help...

- and remember to teach your kids these same things when they come along. It will pay them back many fold. (Don't forget to remind them constantly that all TV ads are lying all the time...).

Good luck to you.

 

[bouncer]

I just to Dave Ramsey's check up by age 65 my way I can be -12 grand Dave's way I can be - 12 grand guess there is no hope for me (I kinda knew that anyway)lol

 

[turbodog]

Learn what you can about going guerrila warfare on food buying.

There's lady in our church that feeds a household of 5 on about $10 a week.

I don't know 5% of her methods, but here's what I have picked up on:

1. certain companies put out coupons at specific times of the month in the newspaper

2. the same goes for clothes coupons and department store specials.

3. she combines double coupons with cyclical markdowns/etc

4. also, the adaptive coupons from the back of the register receipt are excellent. she will pick them up from where people drop them on the way out of the store.

5. she's a member of a coupon club. they trade coupons they don't need to other people.

In short, the local grocery store has had meetings concerning this woman. She easily buys about $100 worth of groceries for less than $5. They are trying to find a way to block her.

 

[light_emitting_dude]

I am in the same situation as you. I have three kids and mom is a stay at home mom. Here are a few energy conservation ideas that I do.

I wash all laundry in cold unless it absoutly has to be washed in hot. Your hot water tank will have to work alot less.

I have converted all incandescent light bulbs to flourescent light bulbs in my house. Even though this has a high initial cost, It will help you save on your electric bill in the long run. Plus the price of those newer flourescent bulbs has seem to come down.

Glad to hear you are making the sacrifice of having your wife stay at home and take care of your children. It seems nowadays that that scenario is dwindiling. It will definately pay off in the future! My mom stayed at home and took care of us.

Hope this helps!

 

[geepondy]

Even living by myself I can buy and use enough things in bulk at Costco to offset the $50/yr. membership costs. Examples of stuff I use on a regular basis are deli lunch meat, frozen Boca burgers and sometimes other frozen meat such as chicken. Basically anything I can freeze such as bread. I have to buy two loaves at a time and typically one loaf goes me about two weeks but again I just freeze it and take it out as needed slice by slice. Some toiletries such as deodorant (comes in a four pack but will last me six months), razor blades, etc. Sometimes canned goods and bottled juices. I'll go into the store sometimes and drop a hundred dollars and think I've spent a lot but have to look at the big picture. I'll go to the supermarket for the next several weeks and maybe spend a third less each time and make very few trips to the drug store to buy toothpaste, deodorant, etc.

So if you have a warehouse near you and you're willing to investigate the merchandise and compare prices (sometimes supermarket sales are just as cheap in certain items), you will definitely save money, I'm sure much more so if you have a family.

 

[ElectronGuru]

Beware of payments. We look at everything between appliances and houses and if we can "squeeze" in the payment, we do. Don't. For example, if you can't afford to pay off the car in 24 months, you can't afford the car.

Lay waste to fees. Avoid paying for your own money, like paying $2 fees to take $40 out of the ATM. Avoid any/all credit vehicles with time penalties where rates go up or other fees are charges when you're late.

Pay more so you can pay less. That great half price house quickly looses its shine when you spend gasoline community 20 hours every week. Find ways to cut those ancillary expenses.

Cut all your energy expenses. Keep the house colder in winter, hotter in summer (use more fans, less AC). Insulate. Turn down the temp on the water heater. Get a smaller car.

Invest in durable/reusable goods. If its a tool you'll use again and again, pay twice as much. Get rechargeable batteries.

Keep light at the end of the tunnel. A great way to do without is to set up a reward system. You bring lunch with you 5 days a week, and then treat the whole family to a Saturday out.

 

[tebore]

Use both sides of the toilet paper.

 

[paulr]

I quit using the clothes dryer, mostly for energy saving rather than cost saving reasons, but that's 75 cents a load I get to keep. It takes a day or so for clothes to air dry where I am and it actually saves me time compared to using the dryer, in that I don't have to stay in the laundry room so long.