Savings, Diapers and Coupons ?????

Thanks everyone for your positive feedback and support! I am glad you find this useful. I know I have, if for no other reason than it keeps me on my toes…something I STILL need to do. We need a new car, that’s what we spent today doing, looking at them. Ugh…

Anyway, since I started several of you have emailed me with questions. My guess is maybe others have the same questions. So I am answering them here as well. Am hoping to make this a weekly feature.

1. How to set up separate savings when work doesn’t do direct deposit? (West Virginia)
2. Why not use cloth diapers instead of ordering, they are cheaper? (Rhode Island & Alabama)
3. How do you find out about coupons and sales (Virginia)


1. As for not having direct deposit. Ok, this might take some time to set up, but this is probably the best way to ensure a) you save and b) you can't touch it unless you really need it --isn't that the point of savings.

You should set up an online savings account. We have one through etrade. I am reasonably happy with it. If I had to do over would likely pick TD Ameritrade, or Scott-trade. There are tons out there, and they mostly all offer about the same stuff, so do a little research and find the one that’s best for you and your needs. I warn you the set up will likely be a PITA. But once you have the account set up, you can transfer funds from you existing account (you will likely have to sign up for their online banking too, but it doesn't change anything about the way you bank now, or at least it shouldn’t. I know with Wachovia and BB&T, our banks, it didn’t.)

Now the easy part. Once the account is set up, when you deposit the check, go home and check to ensure the money has cleared. Do a budget to find out how much you really NEED from that check, and even if you have $5 left over, transfer that to savings WHILE YOU STILL HAVE IT! Don't wait, just do it. If you know you will have a standard amount each month, you can set up to have the deduction taken away automatically. You will be amazed how the money will grow. I am not kidding when I saw that this type of savings is what has kept us above water these last few months....and I really wish I had started earlier.

If you have trouble, shoot me an email or once you decide to set up an account, the customer service people for the particular bank or brokerage, are usually very helpful. We had, and actually still do its just dormant since we used that one too these last few months, one with ING and they were amazing on the phone, very helpful. And they did not treat me like an idiot like some of these places often do.

2. I would love to use cloth diapers. I had planned to when my son was born. I know they are cheaper and also better for the environment. I highly encourage anyone who is not in the position we are in to use them.
We don’t use cloth diapers because the washing machine is literally right next to my son’s bedroom. And since I can’t find enough time to do the laundry that we have now when he is awake and thus not disturbed, I can’t imagine what a nightmare it would be if we had cloth diapers laying around. Maybe one day we will have a bigger house and my son will be a big brother and we can attempt. I am a big fan of cloth diapers, just not for me right now L

3. BUY YOUR NEWSPAPER! This is not the old newspaper reporter in me speaking. Find out when your food section is published. In the DC area it comes out on Wednesday. Also buy Sunday paper. Between these two days papers (costing you maybe $2, unless NYT is your Sunday paper, but then probably still worth it), you get the sales circulars for the grocery stores in your area, as well as A TON of coupons. The money you will save, plus the advance notice you will have of sales, will help you immensely! I honestly can’t imagine not getting these two papers (well I can’t imagine not getting the paper at all, but that’s another story). And the Food Section, well that's just an added bonus...yummy!

You also find out when the stores have their sales. In the DC Area, these are the days stores have their sales…that I know of.

Giant: Friday – Thursday
Safeway: Friday – Thursday
Harris Teeter: Wednesday – Tuesday

HTH!