Family Finances

10:23 AM

I know that a lot of SAHM's read my blog, and it got me thinking... how do we do the things we do? How do we make it off of one income? I know I have a part time job at Starbucks, but I work 12 hours a week, so I wouldn't really consider that a dual income (but rather my spending money). I wanted to share what we do to make things work, and I'd LOVE to hear suggestions from the rest of you on how your family does it.

I'd say we live pretty frugally, but we do not go without. We still take vacations, have an emergency savings account, tithe, and invest. I know if we can make it work, anyone can. It's taken us a long time to get our budget down to a science (and every month does not go as planned), but I love to hear new ways to save money!

Here are a few of the things we do:

We eat at home as much as possible. We LOVE to eat out, but we try to only eat out if we are having dinner with friends, family, special occasion, or a date night (unless it's Compadre's -- it's our weakness). It not only saves our budget, but our waistline. It's a challenge for us, but I try to keep it interesting.
We consolidated all of our student loans -- that's right, we have over $30K in student loan debt and only pay $150/month? Pretty sweet!
I will not pay fees for ANYTHING. I don't care if it's shipping on an online order, airline bag fees, or bank fees.
We opted to try out a Flexible Savings Account this year to absorb some of our medical expenses pre-tax. We loaded $800 (which will cover at least 2 of the childrens' full deductible amounts plus some) and only have $30 deducted each paycheck. Well worth it! Caution: educate yourself before you do this -- whatever you don't use by the end of the year, you lose. Be conservative on your estimate.
I do not order my glasses or contacts from my eye doctor. I have them give me my prescription and I shop for the best deal online.
I don't use grocery coupons, but I use coupons for a lot of other things. The kids' portrait sessions, family activities, airline tickets. I recommend buying an entertainment book, you can get them as cheap at $10 at certain times of the year, and you easily get your moneys worth out of it. They also have a 10% off coupon for American Airlines :)
We don't have cable. We did for a long time, but decided to cancel it about a year and a half ago. I KNOW I KNOW! This is a HUGE sacrifice that most are not will to make. The DVR was the hardest for me to give up, but you can catch full episodes of you favorite shows online, FOR FREE. Most of the other shows we watch are one local channels. I really don't miss it that bad. Dave would probably tell you otherwise...
I never pay full price for the kids clothes. I scour consignment shops and hit up sales. I have to admit, I have 2 Gap kids. I won't hardly buy any other brand, but they have great sales. In addition, I signed up for a Gap Card (which I NEVER use), but get additional coupons and benefits because I have an account with them.
We have 4 animals, which can get VERY pricey! We do not cut corners with their quality of food, but take advantage of Southern Agriculture's discounted vet services. Since we do not ever board our animals, we have also found self- immunization to be very cost effective. A rabies vaccine at your local farm store is $5. (Not a good idea if you plan to board, due to the lack of official shot record).
We shop for cheaper insurance each time our policies increase. Ever thought about how much you spend protecting your family? Why not get the best deal?
I fill up with Ethanol-free gas. It costs more, but you get better gas mileage. Do the math -- I have to use premium, and I still come out better. (AND it's SO much better for your car!)
Read EVERYTHING. Every insurance policy, piece of mail, and receipt. You'd be surprised what you are actually being incorrectly charged for.
Keep a manual account of your purchases. I don't care what anyone says, you do not know how much money you really have if you are just checking your online balance. There is no possible way you can run an household and mentally keep account of every purchase you make. WRITE IT DOWN!!! (I've also found that the bank is much more forgiving if you are keep a manual record of your purchases and overdraw by mathematical error). Dave and I save all our receipts, and I record them every few days. (Mom is breathing a sigh of relief right now -- I can tell you how long it took me to learn this lesson.)
Lastly, check your credit reports yearly. Know your credit score, and educate yourself on how to improve it. This will help you get the best interest rates and insurance premiums!

I know a lot of you guys have gone through Dave Ramsey's series Financial Peace University. We have been taught the biblical principles of money, but haven't actually done it. We have read Joe McGee's Family Finances which is along the same lines. These are just a few of the things we do. I am in no way saying that this is what is best for YOUR family, this is just what works for us. I'm curious, how does your family do it?