How I Saved $300 Each Month: Money Saving Tips to Elminate Stress and Expenses from Your Budget

Recently my husband and I sat down to take stock of our finances. Losses on investments as well as rising expenses of our family of six (four children from 2-21) and being married to a financial analyst usually means monthly financial reports between us as well as brainstorming sessions to learn how to make more money, make our money go further and invest or save our money better.

So how did we learn to save $300 each month?

Money Saving Tip 1: Eliminate extra services you do not use

During one of our recent monthly financial meetings we reviewed our monthly expenses. Pulling out the AT&T Bundle invoice, we realized that we pay $9.99 each month for each premium channel such as Cinemax or HBO. Realizing that we knew we could easily drop those two channels saving us $20.00 each month, as we never have the time to watch movies on either of these channels.

Cumulative monthly savings: $20

Money Saving Tip 2 Reduce those unused entertainment expenses

Next we looked at entertainment expenses. We actually do quite well there using the Entertainment book and other promotions, discounts and coupons whenever possible. To be honest much of our entertainment ends up being free or very low costs using coupons and clubs like Moxie Moms or Simon Kidgets Club. Realizing that there is still a movie sitting on the entertainment center that was delivered courtesy of Blockbuster Online six weeks ago, we realized we where truly not getting the value for the money. Each month Blockbuster Online costs $15.99. In order for that to be of any value, we must rent at least four movies a month from online and then get our "free" movies at the store. Since we waited six weeks to view this movie, we could be sure we did not need this membership and we cancelled.

Cumulative monthly savings: $35.99

Instead, next time I went to Blockbuster I signed up for the Rewards program. It is $10.00 to join for one year. With it you get your first rental free (getting back $5.00 of your membership) and on Monday, Tuesday and Wednesday it is rent one get one free. Perfect for our family, as there can be a grown up movie and a children's movie each time we go. Now I control what we spend on movies and when.

Money Saving Tip 3 Look at your communication expenses - ask if discounts are available

Next, we looked at our cell phone bill with Verizon. We determined we were not using our full amount of minutes since our bundle package at homes includes unlimited long distance. As a result, we called Verizon, changed our plan to Friends and family, lowered the minutes and asked about any corporate discount (for our phone) and school discount (for my college attending son). We found out that we could save 15% on our Verizon bill through our corporate discount (my husband's employer). Total Verizon savings each month $37.00.

Cumulative monthly savings: $72.99

Money Saving Tip 4 Pack Your Lunch

Next, we looked at our debit and credit card statements. These are a wonderful way of letting you know where your money is going each month. We realized that while convenient my husband was spending approximately $6.00 a day on lunch, once you factor in gas, food and a drink. This does not even include the money spent on the soda machine and his turn at monthly donut duty. Twenty working days in one month x $6.00 = $120.00. We decided to save some money and the environment by eliminating driving to go out to lunch and using reusuable containers to pack him a healthy lunch including fruit, yogurt, drinks and even a "treat." Now not only are we saving money but we are also helping the environment.

Cumulative monthly savings: $192.99

Money Saving Tip 5 Clip Coupons and Use them Wisely

Clipping coupons is hard work and I admit I do not always enjoy it. However, last month we saved $110.00 at the grocery store. Our most recent grocery trip, we had a savings of over $45.00 with coupons. There are rules to couponing:

Do not cut it if you will not use it.

Look at deals in your weekly sales circular from your grocery store and make the most of the coupons when things are on sale.

Do not just buy it because you have a coupon.

With careful coupon clipping from sites like Coupons.com, Smart Source, and Red Plum as well as coupons in your Sunday circular and from grocery stores such as HEB, Walmart, and Krogers you too can save each month on your grocery bill.

Cumulative monthly savings: $302

How do we get these money saving tips accomplished? If you do not have a 24-hour customer service each of you take some of the responsibility. Give each other 24 hours and check back in. Accountability makes sure that the job is done and that way there is no putting it off until another day when you are not so busy. Because guess what that day never comes and the money keeps being spent.

Now what can I do with that extra $300 a month? The possibilities are very interesting. I hope that our family's five money saving tips toward saving $300 a month can help your family.

Sources:
Personal Experience
BA, MS and Phd in Business/Finance
Verizon.com (price checks)
AT&T Customer Service
Coupons.com
Smartsource.com
Redplum.com