Money-Saving Tips So You Don't Drown In Debt

MIAMI (CBSMiami) -- Having a baby changed everything for James and Elizabeth Valle, especially when it comes to spending money.

"He's definitely the conservative one," Elizabeth said about her husband. "He's good at saving money and he's definitely helped me because I'm not as good at it."

The Valles, who live in Cutler Bay, are both teachers living on a budget. They're making ends meet and putting money away by following some simple money-saving steps recommended by Miami Financial Advisor Charles Sachs.

Watch Eliott Rodrigeuz' report, click here.

"Saving an extra ten dollars a day, you and your spouse over 30 years could likely put an extra one million dollars in your retirement fund," Sachs said.

Young couples can start saving that million bucks by cutting up their credit cards.

"First and foremost is credit card debt," Sachs said. "If you have any of that you have to get rid of that immediately."

Thanks to her husband, Elizabeth rarely uses plastic.

"We have been able to pay off our credit cards and we only have them for emergency purposes if we don't have the cash to pay for it we don't use the credit card," she said.

Another simple tip: when it comes to lunch, brown bag it.

"If you're spending 10 dollars a day for lunch and you can make it for 2 dollars a day that's 8 dollars a day you're saving and that adds up really fast," said Sachs.

The Valles are already on board the brown bag express.

"I definitely take my lunch to work. I brown bag it. I'm a teacher so we have to be more frugal," Elizabeth said.

A big expense can be the family car. Sachs says don't lease, buy a car and keep it longer.

"Go on Consumer Reports, find a car likely to last 10-15 years and drive that until it drops," he said.

Couples can also save by couponing and finding discounts. The Valles use an app called Shop Savvy that highlights sales at local stores and compares prices at different retailers to give shoppers the best deal.

The Valles hope their small sacrifices will put their son Benjamin through college debt free.

"We're middle class, not wealthy by any means but we live comfortably, we don't have to worry about money and it's because of the things we're discussing," James said.

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