More for less

In this bad economy, it’s no secret that families are struggling financially. Some have realized that they can do without the extras, but others are finding creative ways to save on entertainment, summer camp, vacations, and much more.

Here are some tips to stave off feeling deprived of the things you love, and how to get more for less without losing your sanity.

Low-cost entertainment

Susan, a mother of two in Manhattan, loves reading bestsellers and discussing them with her book club. But, she admits, in the current economy, it’s hard to keep up.

“I can no longer afford to pay retail for the latest books,” says Susan. So, rather than do without, she has found a way to keep reading recently published material at an affordable price. She recommends shopping for bestsellers at BOM2.com’s book-of-the-month club, which she uses to get hers for $9.99.

“They might not have the most up-to-date stuff, but it is cheaper than retail, and they have enough current material to satisfy my craving,” she says.

“Start a book club, and buy one or two copies of the books and circulate them, giving everyone a week to read it and pass it along,” suggests Susan. “When everyone in the club is done, you can discuss it.”

She says that sharing expenses and the reading material helps connect the book club members on many levels: they are keeping the cost of being in the book club low, finishing books on time, and the discussions that follow are lively.

Carla, a former actress and mother of a special needs child in the Bronx, has figured out a way to enjoy theatre at an affordable price.

“It’s tough to live in New York and not go to the theatre,” she says, so she finds discounted tickets at up to 50 percent off the retail price on theatremania.com. Carla also recommends that budget-conscious theatre-goers get a subscription to audienceextras.com

“For an $80 annual subscription, I can get tickets to a Broadway show for $5,” she says. “Sometimes I have to wait for the show I want, but it is the only way I can afford to go to the theatre. The bonus is that I can take my son to dinner and a show. We couldn’t do this at full price.”

And Deborah, a Queens mother of five, saves money by watching movies at home.

“Netflix has movies on demand that you can watch on your home computer, which is cheaper than going to [the movie theater],” she explains.

Using Netflix allows Deborah to watch an unlimited number of movies, as many times as she wants to, for $8.99 a month.

“If your computer is hooked up to your TV screen, it is even better. You can watch the movies from the comfort of your own couch,” she adds. Deborah also recommends taking advantage of pay-tv companies’ offers for “free weekends.”

Saving on summer camp

One of the biggest challenges a family can face is finding affordable summer camps.

Stephanie, a single mom in Brooklyn, wanted to send her son Emile to a private school summer camp, but couldn’t afford it. By the time she saved the money, she was told it was already at capacity.

She felt as if “someone had shut the door on my face. So I decided to try to find something in my own backyard, closer to home.”

Stephanie found that some parents of her son’s classmates were in similar situations, so she and the other parents started their own camp for the kids aged 9–11 in their backyards. The parents agreed to take turns hosting and supervising the kids. They not only gave the kids time to play together, but also came up with an array of activities, supervised trips, and reading materials. This parent-organized camp alternative, which is now in its fourth year, is not only a money saver, but a way for the families to know each other better.

Save on savings accounts

“Saving is the new spending, and we are becoming a more frugal society,” says Martin, a dad in the Bronx. Some people are buying bargains and saving the extra cash for emergencies and other unexpected expenses.

But if they are putting their money in a traditional bank savings account, they should beware. These savings accounts can actually cost money in fees and penalties. They’re not money makers, either. With current interest rates so low, a modest $50 bonus is the equivalent of 10 years’ worth of returns on a $1,000 savings account with a .5 interest rate.

As an alternative, online banks offer higher interest rates, and many offer a cash bonus for opening a savings account. Several online banks also offer financial incentives like free checking and do not require a minimum balance for qualified customers.

Don’t spend when you can swap

Why spend money at all when you can swap your unwanted items for something that you actually want?

Swapping is sweeping the country, as major websites like Amazon.com, Craigslist.com, PaperBackSwap.com, and others help people barter with each other. It’s easy: an owner lists an item on the website, and when an interested person signs up for the item, the owner ships it to them and in turn receives a “credit” toward an item that he wants. You can swap CDs, DVDs, electronics, furniture, fish tanks, and anything else that can be shipped.

Fabulous freebies

Manhattanite Lynn has found an easy way to find what she likes without having to pay for any of it.

“Free can put some fun back into your life,” she says.

So Lynn shops online at websites that have freebies on a regular basis, like FantasticFreebies.com, groupon.com, and goldstar.com. She says you can also find what you want by typing “yogurt” and “freebies” into your search engine. By searching online she’s gotten free fabric softener, coffee and make-up. She’s also been able to take free classes, which she says is a great way to socialize and network.

Save on insurance premiums

There are a few ways you can save money on your insurance and credit cards.

“If you want to save money on car insurance, and avoid paying high interest rates for credit cards and loans, then work on improving your credit score,” advises Henson, a single dad from Staten Island who works in the financial services industry. “By paying bills on time and keeping your credit card balance at 50 percent of the maximum or less, you can improve your credit score, which puts you in a better position to negotiate with lenders.”

He also suggests using automatic bill payments to avoid late fees and taking a driver safety course to further reduce the cost of car insurance.

“[You] have to drive safely,” Henson added. “That is the best way to get a good rate with all of the auto insurers.”

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While the economy may not be improving any time soon, it’s a relief to know that you have the power to help your family continue to enjoy the things they love by finding some creative ways to save.

Candi Sparks, is the author of the “Can I Have Some Money?” children’s money book series, and a mom of two in Brooklyn. She is available on Facebook and Twitter (Candi Sparks, writer) and on You Tube (Canihavesomemoney).