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The Family Piggy Bank The Family Piggy Bank

Ways to save money?!?!

Posted by on Oct. 23, 2013 at 9:37 PM
  • 10 Replies

Besides the AWESOME money saving technique on here :) What are other ways you try to save money for your family? I was able to start my children up with an Edward Jones account last year. You put in a certain amount of money and leave it alone til they turn 18 and there you have money for a car, college etc. the money just grows. as long as the stocks are doing good tho :)

by on Oct. 23, 2013 at 9:37 PM
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Replies (1-10):
1frog
by on Oct. 24, 2013 at 7:36 AM

You better hope they have money left. I used Edward Jones to put in a 401K from when I left an old job. He lost 1/3 of my investment in 2 months. I pulled it out and took the rest of it to the bank for C.D.'s. No, the economy wasn't that bad yet to justify that loss, I think the kid was making poor decisions because it wasn't his money, and he could play. It turned out it was his first real job after college. I was extremely pissed!

chelsyrose10
by on Oct. 24, 2013 at 7:59 AM
I'd be upset too! But I've had it a year and have not lost anything :) thank god! I'm sorry for that loss of funds
ivf_blessed
by Bronze Member on Oct. 24, 2013 at 2:30 PM
1 mom liked this

Is it an UTMA acct?  If it is, just keep in mind that once your child reaches the age of majority (usually 18 but depends on the state) he/she gets the money and can do with it whatever they please.  As the custodian, you have no say once they become of age.

This can be a problem for some families - I work in the financial services industry and have had parents tell me that I cannot put it in their child's name because that child has started drugs, or wants to run away and elope with his 16 year old pregnant girlfriend (happens more often than you'd think).  Problem is, I can't keep the child, once he/she reaches the age of majority, from getting that money if it's in an UTMA /UGMA acct.

For all I know, your child is 2 years old and you can never imagine him/her getting to that point - and I hope not - of course!  I just wanted to throw that out there to always keep that in mind because there are ways around it BEFORE the child reaches the age of majority, just not after.  <wink>

As for saving for my kids - I established guardian savings accounts through my bank.  This means the money is earmarked for that child but he/she does not have access to it unless/until I give them access.  There is no set age that they automatically get the money.

I also have established college savings 529 accounts for both kids.  I am the owner of these accounts, they are the benes.  I can change the bene at anytime & they never have direct access to the funds.

As for me - I follow the money challenge we post about AND I have automatic withdrawals from my checking account to my savings account each month.  I also contribute to my retirement account and put away any extra money whenever I get a bonus (not often enough IMO) LOL

We also throw change in a jar at home - we've used it for spending money on vacations (if we have one planned) or we just split it into our savings accounts.

I didn't mean to be a 'Debbie Downer' about the kids' accts - I think it's a great thing you have done for your kids! 

chelsyrose10
by on Oct. 24, 2013 at 5:32 PM
What is a 529 account? I've never heard of one.



Quoting ivf_blessed:

Is it an UTMA acct?  If it is, just keep in mind that once your child reaches the age of majority (usually 18 but depends on the state) he/she gets the money and can do with it whatever they please.  As the custodian, you have no say once they become of age.


This can be a problem for some families - I work in the financial services industry and have had parents tell me that I cannot put it in their child's name because that child has started drugs, or wants to run away and elope with his 16 year old pregnant girlfriend (happens more often than you'd think).  Problem is, I can't keep the child, once he/she reaches the age of majority, from getting that money if it's in an UTMA /UGMA acct.


For all I know, your child is 2 years old and you can never imagine him/her getting to that point - and I hope not - of course!  I just wanted to throw that out there to always keep that in mind because there are ways around it BEFORE the child reaches the age of majority, just not after.  <wink>


As for saving for my kids - I established guardian savings accounts through my bank.  This means the money is earmarked for that child but he/she does not have access to it unless/until I give them access.  There is no set age that they automatically get the money.


I also have established college savings 529 accounts for both kids.  I am the owner of these accounts, they are the benes.  I can change the bene at anytime & they never have direct access to the funds.


As for me - I follow the money challenge we post about AND I have automatic withdrawals from my checking account to my savings account each month.  I also contribute to my retirement account and put away any extra money whenever I get a bonus (not often enough IMO) LOL


We also throw change in a jar at home - we've used it for spending money on vacations (if we have one planned) or we just split it into our savings accounts.


I didn't mean to be a 'Debbie Downer' about the kids' accts - I think it's a great thing you have done for your kids! 


ivf_blessed
by Bronze Member on Oct. 24, 2013 at 7:52 PM

 It's a college savings account.


Quoting chelsyrose10:

What is a 529 account? I've never heard of one.



Quoting ivf_blessed:

Is it an UTMA acct?  If it is, just keep in mind that once your child reaches the age of majority (usually 18 but depends on the state) he/she gets the money and can do with it whatever they please.  As the custodian, you have no say once they become of age.


This can be a problem for some families - I work in the financial services industry and have had parents tell me that I cannot put it in their child's name because that child has started drugs, or wants to run away and elope with his 16 year old pregnant girlfriend (happens more often than you'd think).  Problem is, I can't keep the child, once he/she reaches the age of majority, from getting that money if it's in an UTMA /UGMA acct.


For all I know, your child is 2 years old and you can never imagine him/her getting to that point - and I hope not - of course!  I just wanted to throw that out there to always keep that in mind because there are ways around it BEFORE the child reaches the age of majority, just not after. 


As for saving for my kids - I established guardian savings accounts through my bank.  This means the money is earmarked for that child but he/she does not have access to it unless/until I give them access.  There is no set age that they automatically get the money.


I also have established college savings 529 accounts for both kids.  I am the owner of these accounts, they are the benes.  I can change the bene at anytime & they never have direct access to the funds.


As for me - I follow the money challenge we post about AND I have automatic withdrawals from my checking account to my savings account each month.  I also contribute to my retirement account and put away any extra money whenever I get a bonus (not often enough IMO) LOL


We also throw change in a jar at home - we've used it for spending money on vacations (if we have one planned) or we just split it into our savings accounts.


I didn't mean to be a 'Debbie Downer' about the kids' accts - I think it's a great thing you have done for your kids! 



 

Jerichos_Mommy
by Malena on Oct. 25, 2013 at 1:24 AM
1 mom liked this

The easiest way I know to save money is never give up your change.  My change is my unofficial emergency fund.  Unofficial because it covers things like breakfast @ school with ds occassionally or when they give you a few days notice on book fairs or something else.

baconbits
by Bronze Member on Oct. 25, 2013 at 9:49 AM

I constantly keep and eye out for bargins and I'm not talking groceries.

Phone: We use Cellular one. By checking their website regularly I found that they had changed the plans and I was able to adjust for free to one that gave the same minutes but a lower price.

Before insurance is due on my home/auto I talk to my agent and see if there is anything that can be done to lower it. The biggest is when the deductable is higher $1,000 then what the car is worth. When this happens I change it and drop full coverage for liability only.


AiLi
by Member on Oct. 25, 2013 at 1:27 PM
1 mom liked this

I save money:

-Having an automatic debit come out of my account into a savings

-Negotiating on my bills so they are lower.  A typical negotiate that worked for a client of mine was having their gas company turn off the gas during the summer.  They only have a gas stove and during the summer don't cook anywhere near the amount their gas company was asking them to pay and everything else was electric.

-I budgeted the lowest amount my husband could make to make sure we can cover all of our bills.  He typically makes over usually by $20 - $60 per paycheck and that goes automatically into savings.

-We also do small stuff on line for gift cards and the like, so that cuts down any money we were going to spend out of pocket and that goes into our 2nd checking and is transferred to savings at the end of the month.

-For some expenses we pull money out of our account and then keep the cash to pay for things. We then put any amount from $0.01 - $1 into a various little change collecting containers and roll up the coins once we have enough for a roll.

-Shopping at thrift stores and for the best prices on groceries usually help us.  We do "sale" shop but we confirm it is actually a "sale" before we buy it.

-Simple things like shutting off all the lights except one or two at night and keeping them off during the day, doing our laundry once a week, insulating the house and so on keeps our utility bills rather low.

-Doing odd jobs and putting them towards savings helps as well.  One year, my husband worked a part-time seasonal job and all that money went into a savings account and some in the change jar.  That savings was counted as the emergency fund which we had to use when my husband ended up in the hospital but that's ok. 

There are a bunch of other ways I save money.  I need to try the money saving challenge though. :)

aneela
by Bronze Member on Nov. 22, 2013 at 5:03 PM

oh wow that would upset me too :(

Quoting 1frog:

You better hope they have money left. I used Edward Jones to put in a 401K from when I left an old job. He lost 1/3 of my investment in 2 months. I pulled it out and took the rest of it to the bank for C.D.'s. No, the economy wasn't that bad yet to justify that loss, I think the kid was making poor decisions because it wasn't his money, and he could play. It turned out it was his first real job after college. I was extremely pissed!


Come join me at Serious Coupon Swappers.
http://www.cafemom.com/group/seriouscouponswappers

rosesink
by Member on Dec. 14, 2013 at 4:13 AM

I coupon and pair my coupons with sales to save money.  I also do most (90%) of my cooking at home.  I save 50-70% on my groceries by couponing.  A lot of people say they don't have time to coupon or access to coupons for those of you with those issues I recommend a coupon clipping service that way you can get the coupons you want and you don't even have to take the time to clip them.  I use the following site, they give free shipping and you can pay securely with Paypal.

http://www.roses-one-stop-coupon-shop.com/

 

bowing down

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