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Tuesday, December 02, 2008

Budgeting Tips for Newbies: 4 Money Saving Tools that work

Every financially savvy family budgets their monthly income. Understand that budgeting is a must in order to maximize your resources for the greatest return. It is not as difficult as it seems as long as you utilize the tools that are readily at your disposal.

1. Budgeting Programs are essential. Be mindful that there are various budgeting programs available to help you track and evaluate your spending patterns. These money management programs provide you with a framework to follow that helps you to track your cash flow from small to large expenditures. As long as you are disciplined in entering the necessary information in the system, you can generate reports that diagnose your spending behaviors and help you determine where you may be overdoing it with your credit and
debit cards. Through these programs you can also input your various bi- weekly, monthly, quarterly and yearly payments. They can also help you to keep track of what you give to your church or favorite charity. Additionally, some programs also offer you a tracking measure so that you can easily import the information from your budget to your tax forms when it is time to give Uncle Sam his cut.

Coupons help cut food budgets. Another less glamorous and possibly time consuming budgeting resource is the handy dandy coupon. Almost every item that is sold in the grocery store carries some sort of coupon for it from time to time. You may find it easier to just buy some of these items at the local Aldi's or Save-a-Lot store instead of spending hours cutting out coupons though. I remember when I found out that these smaller and lesser attractive grocers provide a 40% savings to my family food budget overall. It was amazing. Read More>>