Reducing Expenses

Your Family Budget: Cutting 10% from your already stretched budget

So you need some extra money for vacation? Or perhaps car repairs. Whatever the reason, you can stretch an already stretched budget by up to ten percent by using some of our handy suggestions. Here's how to get started:

Cut out one trip to a fast food restaurant. Even if all you order is a soda, you are still spending $1.00! An average trip would be $4 for mid-afternoon snacks for a family. Just eliminating one trip once a week can be a part of your budget savings.
Serve one "frugal" meal a week. Whether you offer soup and bread or rice and beans, one frugal meal a week can yield another $5 to $10 a week savings. In most cases your family can easily accommodate for one meal!
Reduce trips outside the home. Consider gas savings, even if it is just ten miles a day you would save close to a $1. There is also no opportunity for impulse purchases from convenience stores, grocery stores, or even the mall.
Use homemade cleaning supplies. Leave the general purpose cleaner on the shelf at the grocery store. Try vinegar and water, as well as baking soda for scrubbing. Dilute a little bleach for the shower. You can save as much as $4 or more by simply buying all-purpose cleaners instead of those fancy lemon-scent versions.
Use 10 percent less. If you can stretch your shampoo and conditioner, laundry soap, dishwashing detergent, etc, just by ten percent you can meet your weekly savings goal by ten percent.
Shower 10 percent shorter.
Change brands. Prices fluctuate up and down, so check often when you don't have a brand loyalty.
Try the public library before the bookstore just 10 percent more often.
Save your dimes. Every time you have a dime put it aside for later. Whether it is in a piggy bank or taken off the top of your spending money, start collecting dimes.

None of these ideas will set the financial world on its heels or make you a million. But applied consistently they will yield a cushion that can accumulate over time. Source: Various (stretcher.com, USA Today, CCCS of South Texas)

Prescription Medications: Cutting Your Costs

Prescription medications can be expensive whether you purchase them yourself or if you have a healthcare plan that pays a portion of the costs. With prescription medication costs expected to continue to rise over the next decade, it makes sense to utilize savings whenever possible. The following are some suggestions for saving when paying for prescription drugs.

Start at the doctor's office. When your doctor decides on a prescription medication ask how much the drug routinely costs. If the doctor doesn't know, consider asking others in the office. Many times a doctor doesn't know the going prices of some medications. This will help open dialogue to consider generic substitutes that may be cheaper.
Go generic. Discuss the generic options with your doctor as the prescription is written. The doctor can allow product selection within certain limitations. Most major healthcare providers that provide a prescription medication benefit require generic substitution to take advantage of the lowest co-pay or out-of-pocket expense.
Ask for samples. Many pharmaceutical companies have sales representatives that keep doctors offices stocked with a variety of samples of their prescription product. Ask your doctor or nurse about the availability of samples when you are in the office. Samples make good sense especially when trying an expensive medication for the first time.
Compare pharmacies. Call local pharmacies with the drug name, dosage, and quantity to compare prices. If you can’t read the prescription, have the doctors office write it out for you. You will be surprised at the difference in price from pharmacy to pharmacy. Some may even offer additional services like pickup or delivery at no extra charge.
Check out mail order. If you have a prescription you take on a regular basis you may want to look into bulk buying or mail order services. There are several nationwide companies that specialize in providing your medications via mail at a lower cost than local pharmacies. Some examples of national pharmacies include: AARP, Good Sam Travel Club, MedExpress, and others. If you have Internet access, you may also want to go on-line to compare prices.
Patient assistance programs. There are also programs for people who simply can’t afford their medications for a variety of reasons. Many social service agencies and manufacturers have programs for indigent patients. Your doctor or local information line may have additional information for you in regards to qualifying for some of these prescription assistance programs.

Planning Family Meals Can Equal Savings:

So you have heard that meal planning can save money, but you still haven't taken the plunge. What are you waiting for? This issue we are going to show you how you can plan your main meals and save money on your grocery budget. Here goes:

Determine the main meals for each day of the week. This step is critical. If your family is at the ballpark on Tuesday nights you know dinner will be rushed or picked up. In this instance, planning is the key to not only a low cost meal, but also to avoid eating out. Here is an example plan for the week: Monday (spaghetti), Tuesday (sub sandwich night), Wednesday (pork chops), Thursday (tacos and chalupas), Friday (roast in the crock pot), and Saturday (meatloaf). Always pick meals your family will enjoy and meals that you feel comfortable preparing. If you are going to try a new recipe or dish, consider trying it on a weekend or a day in which dinner will not be rushed.
Make a list. Once you have determined what meals will be served on what days, you must make a list. While making the list, double-check your refrigerator and pantry for items on your list. The goal is to buy as little as possible, while feeding your family for the next week. You would still need additional groceries for lunches or breakfasts, but keep it under control.
Post the menu. Once you have written your list and finalized your main meals for the week, write them down and post them in the kitchen. This will give you a reminder of what meal is next and will keep the family informed.
Go shopping. You will have the urge to buy more than is on your list. Your plan can enable you to spend less at the store but also organize your shopping trip. Stay committed to buying only what is on your list.
Live your plan. The day before each meal determine what, if anything, can be done the night before to make preparation and cooking less of a chore. The more organized the process, the more likely you are to continue the meal planning system.

Meal planning can be a challenge, but the effort can pay off in savings and peace of mind.

Spending Leaks

Dining out expenses can add up in a hurry and take a significant chunk out of your entertainment and food budgets. Last year, Americans spent over 103 billion dollars on fast food. Most consumers ate out an average of 17 to 21 times per month (80% of which was at lunch). Does this mean we should never dine out? Of course not. But, make dining out the exception instead of the rule. The following tips may save on your families eating out bill:

Look for coupons, especially "two for one" offers.
Avoid alcoholic beverages. This purchase can increase your dining costs by 50 percent or more.
Try cafeterias. The portions are generally larger.
Ask about daily specials.
Split an entree or ask for half an order. Some restaurants serve huge portions, plan on splitting the entree or take leftovers for the next day’s lunch.
Skip the appetizers. The typical appetizer adds up to 30 percent of the meal cost.
Skip dessert.
Drink water. Some people feel guilty unless they at least order tea with a meal, but if you dine twice a week that tea adds up to over $200.00 a year. Lemon or lime wedges can be added for a little zing to everyday water.
Children and seniors may be entitled to discounts. Check the menu or ask the server for details.

Food & Your Budget: 24 Ways To Cut Costs

If you are interested in reducing your expenses, the family food bill is the best place to start. Why? Because the results are measurable and instantaneous. Here is a collection of tips for slashing your grocery bill:

Don’t shop hungry. Studies find you will spend at least 17 percent more.
Shop with a list. As much as humanly possible, do not buy anything that is not on the list, but be willing to substitute.
Prepare your list. Use the store’s weekly sales ads found in the newspaper or at the store as a guide to build your menus.
Go for loss-leaders. These are items that are deeply discounted in order to get you through the door.
Time your trip. Avoid shopping the first of the month and right before the holidays. Stores regularly adjust prices up on the days they anticipate heavy traffic.
Know your prices. Keep a written record of the regular per-unit prices of items you buy most often so you'll know whether a special is a bargain.
Buy in season. Fruits and vegetables will be the best quality and the lowest prices when they are in season.
Shop with cash. Take only the amount of cash you have decided to spend on this trip. If you come across a fabulous bargain and don’t have enough cash you can always return later.
Carry a small calculator. Keep a running total of your items in your cart so you won't be embarrassed at the checkout.
Stick to the two or three cheapest stores in your area and then rotate your shopping trips.
Check those eggs. Do not purchase a cracked egg.
Shop at larger stores. Because of volume discounts, larger stores generally are cheaper than smaller ones.
Find a bakery outlet. These kinds of thrift stores offer wonderful bargains if you can be highly disciplined.
Visit a salvage store. This is the land of dented cans and mis-labels. Check your local phone directory to see if there is one in your area.
Buy in bulk when appropriate. If you can't use it before it goes bad, it's a bad deal no matter how good the price.
"On Sale" without a coupon. These items are usually cheaper than the regular price with a coupon.
Be coupon selective. Only use a coupon if you would have purchased the product anyway, and purchase the smallest size to a get the greatest percentage of savings.
Consider generic or store brands. Many times the product is identical to the brand name except for the lower price.
Shop solo. Being distracted can be quite costly.
Look high and low. Expensive brand names are purposely positioned at eye level.
Fancy packaging increases the price. Example: Quaker bagged cereals vs. other name brands packaged in fancy boxes.
Avoid individual size packages. Buy the big bag or size and divide into smaller portions at home.
Buy on sale. A national brand on sale can be less expensive that the store brand at regular price.

Learn sale cycles. Study sale flyers until you recognize predictable cycles. Buy enough when it's on sale to last until the next sale cycle.