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Frugal? Thrifty? Tightwad? Penny Pincher?
Whatever you call it - it means to SAVE
part of your hard earned money. Sounds good, but how?
Being frugal and thrifty in our
everyday lives is something we have to learn - it
just does not come naturally to most of us. The idea of saving and living within our
means has somehow been lost in our generation when actually
we need to live below our means and save more!
Some families can barely afford basic needs
(food, clothing, and shelter), but most of the time
there are ways to save money on everyday
purchases. We just need to examine where we spend money and
find ways to reduce expenses.
Then a decision has to be made to implement
the saving ideas.
Remember that spending habits are sometimes hard
to change. Start slowly but remain
committed to your new thrifty lifestyle.
After tracking your spending and learning to
live more thrifty, you need to make a
budget. A budget is simply a spending
plan. You need to list all your income
sources and expenses. Then you will know how
much money you will have for the things you need.
It also helps you to save for things you want and
be able to get them without adding to your
credit card debt.
Some of us may have already learned to cut back
because of necessity, perhaps from "corporate
down-sizing". For others, having more financial stability and
freedom is part of our cure for the harmful
stress in our everyday lives.
Whatever your reason, we hope that this "411" site
will bring useful resources to your
fingertips (and wallet!). Check back often so we can give you the most
current thrifty living, budgeting, and frugal money saving tips.
Gas prices continue to be at all time highs, meaning that car travel is taking a larger portion out of each of your paychecks.
Credit Tips from Thrifty411.com
- Beware of scams. There are a lot of scams that deal with credit. Debt suspension offers, paying fees in advance, buying credit protection, and rebuilding credit usually sound too good to be true. There's a reason for this: they are.
- Don't use your credit card for cash advances. It will harm your credit score and the interest rates are outrageous.
- Consolidate your loans. Especially those student loans. With a student consolidation loan, you can lock in several loans at a fixed interest rate and have just one lender to pay each month.
- Avoid payday loans. Bottom line: they're scammy and they charge high interest rates. If you do need an emergency cash loan, just be aware of the risk of high interest rates.
- Be cautious with home equity loans. If you can't make a payment toward a home equity loan, you could lose your house.
- Pay off your credit card debt. Credit card debt is usually the debt with the most interest. So pay it off first. Better yet, don't accumulate it in the first place.
Make A Personal Budget
Budget Guidelines
How much of your income should be budgeted for your housing expenses?
How about for paying on debts?
Here's a list of "recommended budget guidelines" for
percentages of your gross monthly income:
- Housing 35%. This includes mortgage or rent, taxes, repairs, improvements, insurance and utilities.
- Automobile or public transportation 20%. Vehicle loan payment, gas, oil, repairs, insurance and parking.
- Debt 15%. Credit card payments and personal loans.
- All other expenses 20%. This includes food, insurance, medical, clothing, personal items and childcare.
- Savings 10%. Stocks, retirement accounts, real estate and savings accounts.
(Above is from my
Thrifty Living e-book)
Save On Health Costs
Skyrocketing health costs is not temporary. Medical cost has grown more than inflation for the past 20 years.
We have to do all we can to save on medical cost - even if it appears to be a small savings.
- Ask your doctor for generic prescriptions.
- Give up a bad habit such as smoking or alcohol. A pack-a-day smoker
will save over $1000 in a year!
- Have regular checkups. Use clinics or the local health department when possible.
- Ask your doctor for sample prescriptions. Most doctors have samples, especially for new products.
Un-Clutter Your Life
Learn to Un-Clutter! It’s easy to accumulate clutter!
Clutter and disorganization can cause stress, frustration, and make us waste precious time and energy.
Here are a few simple ways to start to un-clutter your life and regain your sanity!
- Get rid of something that is
damaged and you are not planning to fix it.
- Keep a "donation box". When you
find something you are not using, put it in
the box. Then make regular trips to the donation center.
- Gather up old board games your
family no longer uses. Discard ones with
missing pieces and give away ones you family no longer uses.
Check out: Be Clutter-Free Forever!
10 Ways To Reduce Stress:
- Go to bed on time.
- Say "No" to projects that won’t fit into your schedule (and don’t feel guilty about it!)
- Live within your budget and don’t overuse your credit cards.
- Pray.
- Laugh!!
- Be kind to un-kind people. They probably need it the most.
- Every day, find time to be alone.
- Do something for the "Kid" in you and have fun!
- Get organized so that everything has it’s place.
- Keep your mouth shut. This single tip can prevent a lot of stress and trouble...
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