Friday, January 29, 2010

Recordkeeping = Big Money Savings

Here's a cool fact from yesterday's TV show:

(CBS) In the final installment of "The Early Show"'s "Five Ways To Boost" series, financial contributor Ray Martin and Farnoosh Torabi, author of "You're So Money: Live Rich Even When You're Not," showed how you can boost your finances, including getting some quick cash into your pocket.

Martin said to increase cash in your house you first need to measure and manage your money.

He explained, "The only way to really get a sense of where your spend your money and then make moves to keep more of it is to measure where it is going. And you know the saying: 'If you don't measure it you can't manage it!'"

Martin suggested starting an Excel spreadsheet for your family or by downloading one of the free budget worksheets on the Internet. Type "budget worksheets free" into Google, he said, and you'll get 191,000 results. Also, check out online expenses tracking websites and

Martin said when he's heard from people who start tracking their expenses, they start saving $500 to $1,000 a month.

The biggest savings, Martin said, can come from getting a handle on out-of-control grocery costs through better meal planning and buying in bulk and on sale. (See why I liked this?)

Martin said, "The point here is this: Don't ignore the little expenses, because those little expenses really add up."

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