How does a young couple, with 2 children and little money start saving money?

Husband has a college degree but can't get a GREAT job, wife stays home with first child and homeschool second child is on the way. Couple does not make enough money for finacial help books to really work, but would like to start saving money and possibly buy a house soon. In general they want to change their situation and have no idea how to change it. Although it is not from a lack of trying and trying that they haven't yet.How does a young couple, with 2 children and little money start saving money?
Don't let this guy above me (John Blaze) get you down...DON'T PUT THE KIDS IN DAYCARE. I homeschool, too. It's a way of life, and just about all of the homeschoolers I know are trying to get by on one income...most of which are just middle of the road...not too many ';rich'; (Rich in money, no...But definitely Rich in love and hugs and kisses from kids who love to be home with mom.) Keep at it and be patient.



What state are you in? I'm in Calif. Are you involved in a homeschool support group? You should be, they are a great resource for encouragement and help.



Be frugal, but saving money is not going to make you more money...you could work a part time job after your husband gets home, or on the weekends, but that is hard for a tired mom to do...I know (I've got 4 kids.) My husband doesn't make THAT MUCH...just enough to get by.How does a young couple, with 2 children and little money start saving money?
They could start small and analyze exactly where their money goes. Maybe they eat out a couple times a week? They could eat at home more and put that saved money away. Or cancel the cable or phone bill extras (caller id, 3 way calling, etc). They could also set up a savings account and have a small amount ($20 or so) taken out of each pay check and directly deposited into that account. It's not much so it wouldn't be terribly missed income, but after a year they'd have over $200 saved.
when ever you go to the store always save your change, never give the cashier your change always break a dollar bill, go home and put the change in a locked container, let it accumulate. You'll find out that this adds up fast and it's a start for saving. Try it it works!
the first step is decide that u really want to do it pay your self first and keep this goal in mind. there are a million ways to save money the magic of compounding watch how u spend It is not the american way to save u need to go against the trend start early and it is easier get the most for your money go with out the frills that u do nor really ealy and it will pay off in the long run
from whatever income you earn...you have to pay yourself first....that is the best advice i ever got to saving money.
I have a savings account set up throuth INGdirect.com and they transfer 10 dollars a week from my primary checking account. I don't even notice that it's gone, it adds up fast, and they have a higher interest rate than a typical savings account.
If your husband wants to get a GREAT job he really needs to go back to school to get a Master Degree.



You really need to send your two children to a Day Care Center and get a job or go to College if you want to buy a house.



I also suggest you to STOP HAVING MORE BABIES. Consult your doctor for more information.



Your husband really need to start saving at least half his paycheck to buy a house first and to open a 529 account to send his two kids to College.



He is not going to be able to pay for a house, 2 cars, 2 529s, 2 HSAs, 2 Roth IRAs, 1 disability insurance, 1 identity theft insurance and 4 life insurances by himself.
The good news: saving money isn't as difficult as it seems, even on a low income.



The bad news: you have to give to receive. And I don't mean in a religious sense (although that does good, too).



First, figure out what you can save each month, even if it's only (as stated above) twenty dollars. Then, think of things you spend on yourselves which could be cut. Cut fast food from your diet, if you eat out a lot. Not completely, mind you, but make it maybe once a week, if that. Substitute the soda you keep (again, if you do) for bottles of juices. It's healthier AND it ends up being a lot cheaper.



As a parent, you probably already know this much, but just in case: do NOT buy brand names. If there are two pants for your kid (or you) and one is half the price, but the other is brand, go for the CHEAP one. There are exceptions, only for things like having one pair of jeans that are already falling apart compared to the others in fine condition.



Speaking of saving, go to thrift stores. It's not degrading as many tend to think it is. There are plenty of fine things at the Salvation Army stores, and they're cheaper than most places else. And it can be most any thrift store.



When the kids are bored, go to the park or take a walk together. If you have bikes, take family bike rides. It's SO much cheaper than amusement parks, and it's still a great time. Save the expensive outtings for special holidays (birthdays, maybe).



Don't necessarily cut foods from your shopping trip, but make sure you always have a list of exactly what you will buy. That way you can avoid the ';Oh, I MUST get them this!'; train of thought. It only takes a few minutes to set up the list, once you get used to what you usually need. Set aside a few dollars for ';other'; just because, as a mother, you're sure to give in to the 'can I please have this' line once in a while. Keep that indulgence under that limit.



Keep only basic cable, if you have cable. You don't need ten million channels, and the basic covers all you REALLY need. ';Need'; being a very loose term.



Doing this, you'll find you have a lot more money to put into savings. Those pennies saved here and there add up quickly.



Speaking of spare change, keep it all in a jar somewhere. Don't use it (unless you're dying to pay phone change, I suppose). At the end of every other month, or when it's full, get it changed for cash and save that cash. It adds up.



Also, and most importantly, remember to spendthrift at least once a year. If you don't pamper yourself once in a while, all the fun goes from life and you never get anywhere. Just take a big shopping trip, or vacation. The whole family. Sure, keep a limit on it, but make it a bit spacey. You'll know how much you can afford once you start saving for a while. This takes the stress off of you and gives you the pleasure of living again, even if just that once a year. It's something to look forward to.



Hope this helps!
Secretly. I had a problem saving money because either the kids needed something or my husband would spend it on crap. I just had to open a secret savings account and deposit whatever i could sometimes 200 other times 25. It adds up.
YOU SHOULD NOT SPENT MONEY ON WHAT YOU DO NOT NEED AND GET THE BEST JOB YOU CAN POSSIBLY FIND AND JUST SAVE
Agree, pay yourself first, even if its just a tiny bit, saving $20 dollars a month can grow into a large ammount of money in the future.
You need to cut out everyday stuff that you don't really need. Whether it is a pop from the machine or a coffee on the way to work. Whatever it is, whether big or small, you need to cut it out and you will see the savings.
Treat it like a monthly/weekly bill. Create a savings account at your bank and have them automatically take $XXX.XX out every week/month.
1. Reduce any debt that you have, especially credit card debt. Read up and eduacate yourself on financial planning, and have short-term and long-term goals on where you want to be financially

2. Bargain shop. But a used car but nothing to beat up as maintenance costs will add up

3. Watch your expenditures. (i.e. rent movies instead of going to the theaters)

4. Create a budget to find out how much expenses you can cut and how much you can feasibly save and stick to it.

5. Start putting savings into a bank until you have saved up 6mths - 12 months living expenses as a cushion for emergencies. I recommend 12 months.

6. After this has been accomplished, start investing your savings somewhat. And unless you are very skilled in the stockmarket stay away from stock picking, mutual funds. Just buy the Vanguard total stock index fund and Vanguard total international stock index fund for reliable, low cost and conservative long term returns. Remember this is for the long term.

7. Outside your emergency savings cushion, avoid having too much money in the bank unless you are trying to save up for a downpayment into a home. 3% interest in the long run is going to make you poorer due to inflation. Other than these index funds, I advise putting money in hard assets like gold, silver etc. The US dollar is probably going to continue falling and this will be a good hedge against that. But never put all your eggs in one basket, so make sure you are diversified.

8. Save up (cash, gold/silver, index funds) until you can comfortably buy a house. Check your credit score, and make sure its 700+. If not try and improve it cause this will add a lot of savings on your interest payments on any sort of loan. This is very important.

9. Dont rush into buying real estate. There are a lot of costs associated with it so make sure you can comfortably hold on to it for 5 - 7+ years. But out of all the savings and investment strategies, real estate is the best I believe, so try and aim to achieve this.

10. Be healthy and happy.