Use My Mother's Secret Strategies to Save Money

My mother is 70. She's been a stay at home mom since she was 20. Yet, she's managed to amass a small fortune of secret money, hidden away in her top secret savings account (with the old fashioned pass book even). Her strategies can work for you too.

1. And The Envelope Please: My mother has been using the envelope approach to finance for over 50 years. Simply put, she cashes my father's check and then puts the money into separate, labeled envelopes, one for electricity, one for the mortgage, and so on. Whatever is left over goes into the 'don't touch' envelope. (Do the math. 50 years of marriage x 52 weeks a year of checks = lots of 'don't touch' cash). Every expense is fixed. Even the 'fun' envelope has a set amount. When an envelope is empty, that means stop buying. Simple. Debt has never entered their minds or their lives. While this may seem impractical to those of us who bank online and have bills automatically paid, it might be an interesting way to approach your spending cash. Take out X dollars every week and once it's gone....stop spending.

2. Early & Late: My parents are big early bird diners, but way before they should have been interested in the early bird offers. It's hard to deny the deal; you can order basically the same dinner for almost half the price, just by going to the restaurant an hour earlier. They've also discovered a little known secret that most bakeries start practically giving away their goods after three o'clock. If you don't mind bread and muffins that were baked early this morning, then maybe you should head to your local bakery tomorrow late afternoon to pick up a loaf or two of serious savings.

3. Call And Ask: As crazy as this may seem, my mother has cut hundreds of dollars of everyday things by simply calling the 800 number and asking. Not by yelling or demanding or degrading the company, but simply by asking if they would give her a discount. And....shockingly, they do! She's had deep discounts given to her for her phone service, cable, banking, and insurance. Maybe these are things you would expect. But she'll call favorite products, like her favorite cookie or facial cream, and just ask for a discount and they send her coupons upon coupons. Who knew?

Sometimes the quickest ways to save money are also the easiest. Spend only what you have, seek out places that offer it cheaper and ask for discounts. If it has worked for my mother for seventy years, it may be worth a try for your family for a month or two.

By Paula Sirois