Last month, we showed you how to set up an "envelope budget," now we'll discuss saving money with it.

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Suggested Reading

Understanding Financial Stewardship:
Learn What God Has to Say about Managing Your Money

The best and easiest way to make extra money for your family is trimming the fat in your budget. Almost every family can save hundreds or even thousands of dollars a year simply by making some adjustments in spending.

Once you've kept track of your spending habits and have your tentative budget in place, it's time for some revising. Gather the family around the table. This is a family project! Open you family budget meeting with prayer. Remember, the Lord is your best financial counselor!

First, decide what you'll do with the money saved. It may be needed for paying off debt, a special expense of some sort, a family vacation or savings... But you need a goal for it. Money for the sake of money is a dangerous concept.

Now, referring to you budget and envelope records, figure your average monthly outlay for flexible expenses and list them on a worksheet leaving lots of space below each category.

Next, cross out items over which you have no control. Take time to thinks about this. Can you cut utility bills a bit by being more careful to turn off unused lights, better insulating your home, closing doors, conserving water, etc.? If so, write down these ways of cutting expenses below the category.

Now, go through the list, making notes of how you might cut expenses in each spending category. I've included a few hints, but the best ideas for your family will come from its members. Ask for input from each family member and write down every idea, even those you feel are impractical. When everyone is involved, each will feel more committed to making the needed changes. This is brainstorming and it's quite effective.

Then, on a fresh worksheet, list each category and after discussing all the money saving suggestions you've gathered, list ones you'll use. Post the list in a conspicuous place and refer to it often.

Finally, make tentative revisions in your budget ledger and envelopes, estimating the savings for each category. It will take a month or so to see if your revised budget amounts are accurate.

Remember, a good steward is not wasteful.

Coupons: I hate clipping coupons but they do save money! Now I can select just the ones I'll use and print them out as needed. It's great and it's free. Go to Cool Savings for coupons.

Insurance: Compare rates! You can go here for auto insurance quotes. They will also let you know how much your car is worth, or you can get prices on new and used vehicles, compare financing and more. It's a great source of auto related information.

Catalogs: Order free catalogs and compare prices before you shop even when you plan to buy at a local store. You'll be able to spot real bargains if you've done some research first. Click here for a neat source of catalogs.

Contests: Enter as many as are free and legitimate. I have a list of some here. You just may win and if not, you've lost nothing.

Internet Discounts: Web commerce is growing and it's safe, but folks are still reluctant to use it, so you can often find some very attractive deals on the internet. Use a search engine to locate the type of item you're shopping for and compare prices. ionanet's Business District is gathering bargain deals, check in there often.

Don't Shop Often: Statistics and reality show that almost every time we enter a store for particular items, we also buy something we had not planned to purchase.

We live 85 miles away from the nearest department store, or almost any store for that matter, so we shop infrequently. I find we spend much less than we did when stores were close by. Make plans to shop no more than once a week and see what a difference it makes.

Make Lists and Stick to Them: As mentioned above, most people buy more than they intended each time they enter a store. Such impulse buying is extremely costly! Unless it's a spectacular sale on something you really, really need, avoid straying from your list.

Buy Used Goods: Consignment shops and second hand stores are a marvelous source of bargains. You can also find some great buys in the want ads. Remember, that jacket, or centerpiece or set of dishes you got at the department store became "used" the minute you walked out with it. One of my wealthiest friends buys all her clothing at second hand stores, and she looks like the millionaire she is!