Can you share your family's money saving tactics?

My husband and I agreed from the start that we will combine our salaries (no “mine”, only “ours”). I have a Gdocs sheet of our monthly budget which includes the % allotted for savings, and we try our best to stick to it. I also use envelopes to separate the money for each budget item. Let’s say our monthly budget is Php500 for Electricity and we only spent Php300 for this month, I will retain the Php200 in the Electricity envelope so I still have extra in case we go over budget the next month. Same thing happens for the other envelopes like Dine Outs, Groceries etc. For the savings part, we opened several bank accounts - one bank account for one purpose. Example –1 account for kid’s education, 1 account for emergency fund and so on. As a rule, we won’t touch the other accounts unless it is a life-or-death situation.

This is a tough one as I actually do not follow certain tactics to budget our expenses. What I just do is to be really tough when it comes to prioritizing the breakdown of the budget allocation. I automatically set aside the bills payment and the monthly savings for kids and emergency savings. Then what I do with the remaining money is to compute and budget even more for the daily needs such as food, transpo, etc. For me, being able to settle the bills payments and being consistent in saving money for the kids and emergency are the main points I consider.

Aside from bank savings, we also do have investments and insurances. Also, once we receive our salary for the month, my wife automatically deducts payments for bills, gas, house amortization, groceries and allowances. Whatever is left will be allotted to savings and a little bit for dine outs.

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I've always lived by that mantra to live within your means. Based on our actual spendings, my husband and i alotted budget for all our expenditures. Anything extra goes straight to our savings.

When we have a larger than windfall, we put it into a Sun Life investment