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Topic : Money Saving Tips and Tricks

Number of Replies: 179
New Messages This Week: 0
Last Reply On:
Created on : Thursday, July 07, 2005, 09:22:04 am
Author : dataimport
From clipping coupons, to bargain shopping, we all have our tricks to getting the best deals to help us save more. Share yours!

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August 3, 2005, 9:25 am CDT

Creating a personal ESCROW account

When I purchased my home back in 1997, I picked up a brochure at the bank on ESCROW.  The AHA moment came when I realized that I could do the same for myself.  So I went home and made a list of what my yearly bills were going to be:

  1. Car Insurance, House Insurance, Life Insurance, Dental Insurance
  2. Water & Sewer
  3. Vacation
  4. Home Repairs
  5. Car Repairs
  6. House payment
  7. Property Taxes

I then totaled up the amounts and divided it by 26 (the # of paychecks I get in 1 year).  Then I went to the bank and opened up a savings account.  Had the bank transfer the AMOUNT into the ESCROW account every pay period.

 

It took a while to build up the ESCROW; however, it was wonderful when at 6 months, I was paying my car insurance at one time.

 

The house payment was easier too!  Instead of 1 large payment, I had it split up.  All I had to do was transfer the monies back into my savings and write a check.

 

NOTE: there are 52 weeks in a month, and I got paid every other week which meant I had 26 paydays in a year.  2 of those checks helped me to build up my ESCROW account and I had the extra monies to help me pay for emergencies or a vacation or a new TV at the end of the year.

 
August 9, 2005, 10:11 pm CDT

SAVING MONEY ON BABY FORMULA...

Hi, just want to share with you some interesting information on how to save yourself some money on buying Baby Formula. 

 

I have a 3 year old daughter and when she was a baby my hubby and I had to feed her on formula due to me not being able to breastfeed her. Anyway, we would normally buy the top of the shelf brand of formula and that would normally be around $17.00 to $18.00 per 900g tin(This is Australian dollars).  

 

Well one day we happen to be in a Pharmacy and was looking for some formula when we came across the pharmacy brand formula. It was about $12.00 for a 1kg size tin. So after comparing the two brands(the top of the shelf brand and pharmacy brand) we found out that they were just as good as each other. So from then on we were buying pharmacy Brand Formula and started saving money in the long run. 

 

Now as I said the prices were in Aust Dollars and also I was able to get this formula in Australian pharmacies. So please go to your own pharmacy and see if they stock their own brand of formula. 

 

Hope this has been of some help to you and your family. TAKE CARE. LOVE KELLY. 

 
September 7, 2005, 1:59 pm CDT

The Escrow Idea Sounds Like It Will Really Work

Quote From: marcia52

When I purchased my home back in 1997, I picked up a brochure at the bank on ESCROW.  The AHA moment came when I realized that I could do the same for myself.  So I went home and made a list of what my yearly bills were going to be:

  1. Car Insurance, House Insurance, Life Insurance, Dental Insurance
  2. Water & Sewer
  3. Vacation
  4. Home Repairs
  5. Car Repairs
  6. House payment
  7. Property Taxes

I then totaled up the amounts and divided it by 26 (the # of paychecks I get in 1 year).  Then I went to the bank and opened up a savings account.  Had the bank transfer the AMOUNT into the ESCROW account every pay period.

 

It took a while to build up the ESCROW; however, it was wonderful when at 6 months, I was paying my car insurance at one time.

 

The house payment was easier too!  Instead of 1 large payment, I had it split up.  All I had to do was transfer the monies back into my savings and write a check.

 

NOTE: there are 52 weeks in a month, and I got paid every other week which meant I had 26 paydays in a year.  2 of those checks helped me to build up my ESCROW account and I had the extra monies to help me pay for emergencies or a vacation or a new TV at the end of the year.

Your posting was quite a while ago, but I wanted to comment on how much sense it makes.  

I really like that idea. I am starting in a hole I dug for myself, and I feel like I am living check  

to check. I really like your idea.  

 
September 10, 2005, 7:46 am CDT

Here is what I do (or at least try)

Every month, I write down all my pay periods and the amount it will be (estimate, but usually pretty close)  

 

Then under each amount I write down what I need to pay and the amount. 

I even write down the amount I allow myself for spending money. 

If their is anything left over I just write left over and the amount. 

When the pay day comes I go to my computer and I pay everything I was suppose to and then I go to the bank and take out my spending money.  When the spending money is gone I don't allow myself to go and get more.  But I do have money in the bank for such things as milk bread ect. 

 

The trick is to do this the day you get paid.  IF I go ahead and take money out before I pay my bills, I end up messing up and spending too much and then I don't have enough left for the bills. 

 

I also bring a caculator when I get groceries and I try to stick to the amount of money I decided on.  I bring the caculator because if I dont' I get scared and dont' spend enough...LOL 

 

I also contribute a very small amount to an RRSP, it comes out of my account automatically and I have no choice but to make sure the money is in my account.  Also a couple of my house bills come out automatically, which is nice because I am never behind in those bills.   

 
September 13, 2005, 11:46 am CDT

What all is included?

Quote From: marcia52

When I purchased my home back in 1997, I picked up a brochure at the bank on ESCROW.  The AHA moment came when I realized that I could do the same for myself.  So I went home and made a list of what my yearly bills were going to be:

  1. Car Insurance, House Insurance, Life Insurance, Dental Insurance
  2. Water & Sewer
  3. Vacation
  4. Home Repairs
  5. Car Repairs
  6. House payment
  7. Property Taxes

I then totaled up the amounts and divided it by 26 (the # of paychecks I get in 1 year).  Then I went to the bank and opened up a savings account.  Had the bank transfer the AMOUNT into the ESCROW account every pay period.

 

It took a while to build up the ESCROW; however, it was wonderful when at 6 months, I was paying my car insurance at one time.

 

The house payment was easier too!  Instead of 1 large payment, I had it split up.  All I had to do was transfer the monies back into my savings and write a check.

 

NOTE: there are 52 weeks in a month, and I got paid every other week which meant I had 26 paydays in a year.  2 of those checks helped me to build up my ESCROW account and I had the extra monies to help me pay for emergencies or a vacation or a new TV at the end of the year.

When figuring your monthly bills, did you include estimated utility bills, grocery, gas, etc?  Or only those you listed above?  This sounds like a good idea! 
 
October 11, 2005, 8:29 am CDT

Advice on fixing my car

Hello.  I just bought a new car, but my old car (honda) I want fixed really bad.  It is broken down in my yard.  It will not crank.  I don't know how to fix it?  Should I "tow" it to the dealership and pay a $60 diagnostic check and find out at least what is wrong with it? I know I probably could not afford to get it fixed at the dealership though and I would have to "tow" it back home and that alone could be at least $120 round-trip.  Will a mechanic come to my house and tell me what is wrong without charing me for the diagnosis?  I don't know what to do?!  I really want to get it fixed, but I don't know what is wrong with my old car and it won't drive to any mechanic shop/business. HELP!
 
October 11, 2005, 7:40 pm CDT

Cars

Quote From: lucky35

Hello.  I just bought a new car, but my old car (honda) I want fixed really bad.  It is broken down in my yard.  It will not crank.  I don't know how to fix it?  Should I "tow" it to the dealership and pay a $60 diagnostic check and find out at least what is wrong with it? I know I probably could not afford to get it fixed at the dealership though and I would have to "tow" it back home and that alone could be at least $120 round-trip.  Will a mechanic come to my house and tell me what is wrong without charing me for the diagnosis?  I don't know what to do?!  I really want to get it fixed, but I don't know what is wrong with my old car and it won't drive to any mechanic shop/business. HELP!
Not to discourage you, but I don't think a mechanic would come to your house to diagnose your car without payment...unless its a neighborhood garage where you get all of your work done. Why do you want to have 2 cars? It really is a luxury expense, unless you have 2 drivers that need to get places every day. The electronic systems in modern cars are real devils- and they need the computers to figure out what is wrong- did you check the battery connections? If they are corroded, the car won't start. Did you try to jump it? Is the battery dead? Is the starter the problem? Have you gone on the honda website to try to figure it out? Good luck- I hate dealing with cars- and have had to for years--- 
 
October 13, 2005, 5:37 am CDT

Youre right

Quote From: queentween

Not to discourage you, but I don't think a mechanic would come to your house to diagnose your car without payment...unless its a neighborhood garage where you get all of your work done. Why do you want to have 2 cars? It really is a luxury expense, unless you have 2 drivers that need to get places every day. The electronic systems in modern cars are real devils- and they need the computers to figure out what is wrong- did you check the battery connections? If they are corroded, the car won't start. Did you try to jump it? Is the battery dead? Is the starter the problem? Have you gone on the honda website to try to figure it out? Good luck- I hate dealing with cars- and have had to for years--- 
Well, that's just it.  My husband complains constantly about his truck which "drinks a lot of gas'" so I was actually going to get it fixed for him.  Is that stupid. My broken-down car can run on one tank of gas for almost 2 weeks, whereas, his truck, maybe a week.  I don't know what to do. I'm so tired of hearing him complain and using my my new car and I doubt seriously he ever is in a position to finance anything.
 
October 15, 2005, 4:19 am CDT

There is you r solution!

Quote From: lucky35

Well, that's just it.  My husband complains constantly about his truck which "drinks a lot of gas'" so I was actually going to get it fixed for him.  Is that stupid. My broken-down car can run on one tank of gas for almost 2 weeks, whereas, his truck, maybe a week.  I don't know what to do. I'm so tired of hearing him complain and using my my new car and I doubt seriously he ever is in a position to finance anything.
There is your solution! He needs to sell his truck and take the money to repair the honda. People are still buying trucks despite the cost of gas, and taking that money to directly fix the honda is a good idea. Any left over can be put on your car loan and save you some interest. The longer he uses your new car, the less excited he will be about using the old honda. Men are like that- yes, even my fabulous husband. If we get something new, the old one which was perfectly serviceable is suddenly "garbage" Thats why the electronics industry thrives!!! To be honest-  most of our lives are not so speedy that we need a new computer every 2 years and DSL, wireless, fast fast fast> good luck!
 
October 29, 2005, 7:30 am CDT

great interest on savings

Imagine,  an almost 7% interest on savings. 

  

  

In a year when the stock market has been  down........and savings are paying virtually peanuts........The I bonds can offer an attractive interest rate. 

  

  

The rate on these bonds which can be purchased thru your local banks.......or  the treasury direct.....is at a good rate right now...........one portion of the interest rate will be changing again on Nov. 1 as they are adjusted each Nov. and May.       

  

  

Resource to check this out............www.bankrate.com 

  

  

www.suzeorman.com 

  

  

Happy reading!!!!!! 

  

  

Happy saving!!!!!!! 
 

 
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