Save Money Safely

Proponents of frugal living are always looking for a way to cut costs, but it's important to understand how to save money safely.

Learn how to save your money.

LoveToKnow Save can help you find the best ways to save money, whether you're on your own for the first time, struggling to raise a family, or a senior citizen on a fixed income. However, we do want to stress that finances shouldn't come before your personal safety. For this reason, there are some frugal tricks you should avoid at all costs.

Everyone knows that breastfeeding is the most frugal way to feed your baby, but it's not always possible for every mother to nurse her child. Since baby formula can be very expensive, many mothers are left wondering if there is a way to make their own formula.

Although it was relatively common for low-income families to feed their children homemade formula at one point, this approach is not recommended as a good way to save money safely. The formula you purchase from the store has been specifically created to mimic the nutritional value of breast milk as closely as possible. It's simply not possible to make a comparable substitute in your kitchen. In addition, keeping everything clean and sterile so your baby won't get sick is also very difficult to accomplish in a home environment.

If you're having trouble affording baby formula, see if your family qualifies for WIC assistance. Churches and local food banks may also have formula on hand to provide assistance for those in need.

If you're struggling with chronic health conditions, you may be taking multiple prescriptions per day. Even if you have insurance, the cost of medications can easily start to overwhelm your household budget. However, it's not safe to skip medications or split pills in order to keep your costs down. Here are a few better strategies to try:

• Ask your doctor for assistance. Don't be embarrassed to admit you're having trouble affording your medications; this problem is far more common than you'd expect. Your doctor may be able to help by prescribing a less expensive drug or giving you free samples to extend your supply.
• Wal-Mart is one of many retailers offering a variety of prescriptions for just $4 per month. No insurance is needed to take advantage of this program.
• The Partnership for Prescription Assistance is a clearinghouse of information regarding programs for people who are having trouble affording their medications.

When living on a tight budget, many people are tempted to scrimp on groceries and only buy the cheapest possible foods. While a few months of eating a diet of ramen noodles, peanut butter sandwiches, and macaroni and cheese probably won't kill you, this is not a good longterm plan. You need fruits, vegetables, and protein in your daily diet to stay healthy.

If the cost of food is a concern and you don't qualify for SNAP or assistance from the local food pantry, you can save money safely by purchasing food from Angel Food Ministries. This organization distributes low-cost food boxes to interested parties on a monthly basis, with no income qualifications or application process necessary. The boxes include enough meat and produce to feed a family of four for approximately one week. They even have special boxes of convenience meals for seniors and allergen free foods for people who must avoid peanuts, milk, eggs, or soybeans.

Theoretically, there is nothing wrong with a DIY approach to home repair. However, you do have to know your limits. For example, whenever you're working with electricity, there's the risk of serious injury if you don't know what safety precautions you should be taking. LoveToKnow Home Improvement has tips for completing basic home repairs as well as advice on when it's best to leave a job to the professionals.

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