Saving Money

1) Avoid getting into debt.

Simply stop buying things you do not NEED. I have to explain it to my children all the time... "There is a big difference between something we NEED and something we WANT."

Often times when we tell our children something like that we are also telling ourselves. We need to remember that everything aside from food, clothing, and shelter is a Blessing.

There is a huge epidemic among adults in our civilization called the "I want" syndrome. The Bible teaches us not to covet what another has and yet people continue to feel compelled to buy more and more and more.

Do we really NEED so much stuff?

Of course not, but it somehow gives us peace of mind to know we can enjoy the extras life has to offer.

There's nothing wrong with splurging every once in a while on yourself or your children. (We all do it!) It's just about practicing moderation and keeping our priorities straight.

If you would prefer to eat out every night rather than pay your electric bill, then perhaps you should re-examine your spending habits a little... LOL

A good exercise to find out and understand where your money is going is to keep record of your spending habits for an entire month.

Starting on the first of the month along with your checkbook entries, keep a record on a notebook paper of every single penny you spend that month. Record every trip to McDonalds, bills you pay, shopping trips, absolutely every cent. Then in another column record all of your income, and deposits.

You may be surprised by your findings! You can usually always see one, if not more, areas in which you could not be wasteful or cut corners on something that's not really a 'necessity'.

Every penny adds up, and in time if you put all of the money you don't spend on one of those extras into savings, you will be able to SEE the difference!

2) Save your change at the end of each day.

Get in the habit of taking all of the change you accumulate throughout the day, or week, and put it all into a jar.

If you set aside .50 in change each day into savings that equals out to be $182.50 by the end of one year! If you chose to set aside $2.00 every day into savings, that would be an extra $730 after one year!

As you can see, saving money over the long run is better than frivolous spending. You must always be thinking of the future for you and your children.

Instead of buying little toys each time you are out at the store, make a rule that toys will only be bought for birthdays and holidays. Then use the money saved for something BIG on those special occasions!

3) Use coupons when available.

This is something you may already be doing, but it ought to be reiterated in this list. Do take the time to find the best deal and use coupons whenever possible.

If clipping coupons is too tedious for you, then print some out online. Isn't that a nice option? Here are several Internet coupon sites:

• Coupon Pages
• Coupon Cabin
• Val Pak
• Coupon Mountain

4) Be knowledgeable about your tax laws and the deductions/credits you are allowed.

Many people use tax preparation help when "that time of year" comes around. With the laws constantly changing it is just confusing to the average citizen. There is nothing wrong with having someone prepare your taxes or getting help.

I do advise parents to at least research and be knowledgeable of some of the most basic and important laws affecting them and their families when it comes tax time.

There are still companies that will not be honest with you when preparing your taxes, and it is certainly worth the time to know what may be used to save and earn you money at the end of the year.

You may find your own mistakes and correct something that might have cost you some much-deserved income!

Educating yourself on Saving Money at tax-time is well worth the effort. A good resource for Single Parent Taxes is provided here. Tax Info For Single Parents

5) Do not spend money you do not have.

Sounds simple enough... and yet thousands upon thousands are going into debt each month because of one little word, credit. I choose to live by the rule if I don't have money to pay for it now, then I don't buy it.

Don't risk your financial future for something that you "hope" you'll be able to make the payments on! It's not worth it.

If there's something really special that would be useful for your family, save your money. Save it until you have a large down payment and at least 50% of the total price for it. (Real Estate is different!)

Once you start becoming more aware of where your money is going, and cut out any excess "impulse shopping", you will begin to develop responsible spending habits.

This is especially important because your children will be watching to see how you run your finances. You are indeed a role model in every area! Set a good example for them so that they will not ever have to experience debt or bankruptcy in their lifetimes.