Money-Saving Tips

Being raised by a man born in 1928 at the start of the Great Depression has some decided advantages when it comes to living in a budget.

I have been raised to expect the fiery hand of God to descend should I ever allow credit card debt to get out of hand. I believe it's a venal sin not to wash and re-use plastic Glad bags. I negotiated hard for an excellent mortgage rate and I pay more than my minimum payment. I pay my bills on time and, in truth be told, often before the bill even arrives at my house.

With all these checks and balances in place, I watched, with interest, as Oprah interviewed some ordinary people who are extraordinary savers.

One couple had a combined income of $58,000 a year, four children, owned their own home, and savings of over $70,000.

How do they do it?

It's pretty simple, really. Mindful spending.

Almost everyone she interviewed said the same thing. Become more conscious of what you spend. Use cash or debit, instead of credit cards. And ask yourself, "Is that a want or need?"

Many of them cited how just 30 minutes of research resulted in savings of $50 or $100 a month on their home phone/internet/and cable bills.

As someone who works on these kinds of accounts, I can tell you that there is often wiggle room. As the Aussies are fond of saying, "The squealing pig gets fed."

Does this mean we all have to lead sullen, Amish lives? Not at all. In fact, most of the families interviewed realized, very shortly, that making the distinction between want and need actually freed up more of their time for the really important things in life. The super-expensive family holiday gave way to a Staycation, where they happily camped in the backyard, under the stars. Moms and kids got free DVDs at the library, instead of buying them the day they were released. They played board game.

In short, they turned their attention to things that money couldn't buy -- time together.