When I opened up Internet Explorer, I saw an article titled "SaveÂ big on a tiny income".Â Â Curiously, I decided to read it.Â My husband and I don't make a lot of money, especially for the size of our family (there are five of us plus a cat in our house and he has a daughter in TX).Â We don't struggle, but we don't always have a lot of extra money.Â
The article had some good ideas and some not so good ones.Â You can read the article here for yourself: http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/SavebigOnATinyIncome.aspx
There are two main ways that I save: I have 5% of my husband's income (not sure if it is before or after taxes) deducted to go into his retirement fund.Â Secondly, I take 10% of his after tax income and put it in our savings account.Â Once I begin my new job, I will do this with my income too.Â This allows us to save money for emergencies, our children's birthday and christmas gifts, etc.
I usually know how much money I have left for bills and whatever else we need.Â Sometimes we have an unexpected expense, but that is where our saving comes in handy.Â I use coupons when I grocery shop and before we go out to a museum or something like that, I look for a coupon or discount.Â I have a AAA membership, which comes in handy for my car, but it also provides discounts to some places we go.
Because I take money and put it into savings before doing anything else, this makes us take a good look at how we are spending our money.Â Something really are wants and not needs.
What is your best saving tip?