The University of Missouri Extension has what often seems like an endless amount of educational materials and publications designed to help educate and improve the lives of Missourians. One such publication, titled "Living on Less", outlines over 80 ideas to help you spend less and still live well. It is designed to help you meet your needs even after income has been reduced. Most of the ideas are practical, everyday things you can do to cut expenses. Some of the ideas you may already do and others may not work for you. It is a handy reference when planning your family budget while attempting to keep your family needs clearly in mind. The guide includes ideas on the purchase of food, clothing, transportation needs, personal habits, housing, and money management in general.
When shopping for food, always make a list and stick to it. This will help you avoid impulse buying. Always shop alone; family members may want things not on the list. Utilize coupons for items you generally purchase and be aware of which stores double coupons on certain days. Shop for food once a week, this will save time, gas and money. Plan your meals one week at a time. Take advantage of specials and seasonal foods. You should always plan your meals and do so around featured sale items to cut food costs.
When possible, purchase clothing at the end of the season and only when on sale. Yard sales provide a golden opportunity to save considerably on slightly used items. This is especially true on of children's clothing or maternity wear. Consider starting a swap program for children's clothing. Many children's garments are still in good shape when a child grows out of them. You can exchange items you have for items you need. Always wear old clothes for messy jobs. Try to anticipate tasks that would cause damage to better clothing, and take time to change.
Transportation is a large financial burden on most family budgets. Educate yourself on how to maintain your car. Be mindful of when you should change your oil, oil filters, air filters, and keep your tires properly inflated. Save fuel with good driving habits such as slowing down gradually and familiarize yourself with the gas stations in your community sell good-quality gas at the lowest rates and fuel up while in the area rather than driving across town to save a few pennies a gallon. Consider carrying just liability insurance on any automobile that has a low dollar value. The ongoing cost of collision and comprehensive coverage may not make sense given what you would be paid if you had a claim.
With regard to person habits and abilities, we all have talents and resources we can utilize to save money. Consider bartering to obtain the things you need without spending money. Start a child-care cooperative. Co-ops provide free child care in exchange for you taking a turn at caring for your neighbor's children. Trim your children's hair between professional cuts. Send more letters and e-mails rather than making long distance phone calls or using expensive cell phone minutes. Review your phone (call waiting, call forwarding, text messaging) and cable (cable television stations) services and cancel any services you and your family don't need.
Housing costs are expensive. Consider borrowing household equipment seldom used. Simplify your possessions, there will be less to maintain, clean and repair. Always check the classified ads in the newspaper, auctions, garage sales, or second hand shops when furniture or appliances are needed. Service your furnace yearly, changing filters regularly. A furnace that is well maintained with clean filters will operate more efficiently. Stop watering your lawn, the savings on your water bill can be considerable. Close rooms and turn off the heat or air in areas of your home that are not being used. Contact your utility company to have an expert check the insulation in your house to make sure it is adequate. If not, insulate where needed. Proper insulation provides long-term savings on your energy bill because the furnace and air conditioning units will not run as much. Always turn off lights, TV and appliances when they are not in use.
Money management skills are a learned behavior, we are not born intuitively with the knowledge of how to manage our money. Keep track, item by item, of where your money goes every day, week and month. Discuss the spending record periodically with the entire family. Make it a family practice to discuss household expenses and whether the money is being spent in an efficient manner. Stay away from malls and shopping centers. It is easy to spend money on impulse when you intend to only browse. Never carry more money than you can afford to spend. You can't buy impulsively if you have to return to make the purchase. Always balance your checkbook soon after the bank statement arrives. Stay on top of where you are financially.
These are just of few of the personal financial planning ideas listed in the publication. It you would like to have a free complete copy of "Living on Less" or to discuss other educational publications offered by the University of Missouri, drop by your local Extension office or go online at extension.missouri.edu/.
The University of Missouri Extension office is open Monday -- Friday, located in Kennett, Missouri at 233 North Main Street. Contact 573-888-4722 with questions or comments. MU is an equal opportunity/ADA institution.