We all know the saying, hard times don’t last, but people do. Well, I keep hearing (and occasionally saying) that times are tough, and I thought it was time to ‘buckle up a bit’. Due to a confluence of events, I find myself looking for ways to save a little more and spend a little less (just like the old days), so I’m writing this article for both myself and you!

First, by offering a full disclosure, the confluence of events … My wife and I were blessed with our second child on May 10, 2007; Although it is definitely a blessing, it also increases our cost of living. I quit my JOB in December 2007. Just before that, times were good, so I bought a great new house and a great new truck. Despite a large down payment, the house still has a large monthly mortgage. The real estate market is doing worse than the overall economy, and the combined value of my real estate has dropped quite a bit (that is, smaller paydays if / when I sell any of my existing properties in this real estate market). Last but not least, I recently purchased two upper single family homes for repairs, and we are trying to finish one while we do the initial repairs on the other … So the ‘cash cushion’ I had on hand is tied up in the purchase and repair of those two houses.

Second, with that out of the way, some easy ways to save more and spend less … If you haven’t bought your car insurance in the last 1-2 years, now is a great time. I’m not saying settle for a poor quality insurer, or unsuitable insurance, but I’m saying keep your insurer honest by making sure you’re getting your money’s worth. Many people are surprised by the fact that the same two insurance companies, offering the same insurance coverage, two years apart, can completely change their rates … I have personally experienced this. Also, if applicable, you can compare other insurances, such as life, health, disability, etc. You can save money without any sacrifice! Do you have a cell phone plan that makes the most sense for your use (I know someone personally who should have an unlimited plan, continually spending a fortune on surplus minutes, WHY?)?

If your electric bill is high, Lakeland Electric conducts FREE energy audits. Maybe you know about some things you’re not willing to do right now, like upgrading to more energy efficient appliances, but maybe there are also some cheap and easy ways to significantly lower your electric bill that you haven’t thought of. If you have a sprinkler system, is it turned off during periods of heavy rain? Do you heat and cool your home sensibly (for example, I heat to about 73 degrees in the winter and cool to about 77 degrees in the summer – the spread doesn’t bother your family, even better)? How about getting a financial checkup? Are all your investments, individually evaluated, working well and do they make sense? Do you know what you are investing in and how and why you should make a profit? Similarly, if you borrow, do your loans make sense?

Could they be better structured, have better rates, etc.? Especially if you have a high interest rate credit card balance, can you lower it in some way? I know I am constantly bombarded with zero interest rate for X months with credit cards that could help. For example, when I have a loan that I plan to pay off in full in the next two years, I get eighteen months zero interest on the credit card, pay off the loan with it, and now my entire payment pays the principal instead. of the part that is going to interest. Are you one of those people who pays bills late for whatever reason, incurring late fees, penalties, higher interest rates, etc.? Find out what it takes to stay current and the savings alone will help you stay there. If you tend to spend more when using a credit card instead of cash (which most people do), throw away credit cards. If, on the other hand, you have a high level of self-discipline, then use credit cards free of charge, with high rewards, charge all your normal expenses, pay the bill in full every month and accumulate rewards (I do this and my business beats my wife and me good meals).

In fact, since I’m rehabbing two houses, I redeemed over $ 200 in Discover Cash Back Bonus Prizes last month. If applicable, improve your credit score so that any future loan will get cheaper and cheaper (better rates, lower fees). When it comes to tax season, do you get all the deductions you are entitled to? Many people intentionally do not take the income tax deductions to which they are entitled because they think they could trigger an audit; Little sidebar here: As long as you’re not doing anything “wrong”, the audit will probably hurt less than the money you’re throwing away (in the rare event that you get audited). Here’s one I found that saved me a lot of money recently … When I see something in a store that I ‘have to have’, I wait and research online later. Two benefits: first, the need to spend disappears, which reduces spending entirely, and second, I find that almost everything I research I can buy online cheaper than I would have paid in store (yes, even with shipping included). and manipulation).

If you eat a lot outside of WORK, can you save money by packing lunch more often? Something that I find my family guilty of quite often: We throw away perfectly good leftovers while eating out or whipping up something more appetizing. I quickly come up with three solutions: one, eat the leftovers; Two, freeze the leftovers for later; Three, prepare smaller meals. If you have the time and desire (I don’t), plant a garden. Do you make sure to haggle and take advantage of the sales on things you know you will wear anyway? And, on the opposite side of the coin, avoid buying junk that you don’t need at all just because it was on sale!

Do you clip coupons, actively search for bargain prices, etc.? While I think exercise is great, and I actively exercise, if you are one of those folks who have an expensive gym membership and only hit the gym twice a year, get rid of it. Here’s a fun and easy way to save a little money: My wife takes my kids to the library almost every week, and not only do they get all the books they can read for free, they even get a ton of movies to use. kids on DVD! With the popularity of mobile phones these days, I know many people who have eliminated their landline because it was wasted money. Last, and definitely not least, the old adage, pay yourself first! If you pay yourself last, you never will. If you pay yourself first, you will never miss it. These are all things that, with just a little initial work, can help you save more and spend less without sacrificing your lifestyle. Next, let’s move on to the things that might hurt a little …

Third, ways to save more and spend less that use the terminology “no pain, no gain” … These will feel a little more. Depending on how badly you want to achieve your goals, how bad your financial situation is, your time constraints, etc., let’s start with the extreme: can you work longer hours, get a second job, start a part-time business (even if temporarily to overcome the hump)? Maybe a stay-at-home spouse can pick up some work from home? In this economy, many stay-at-home parents take care of additional children for their friends or family, allowing one family to earn extra money (babysitting) and the other to save extra money (cheaper than daycare). Perhaps private school or homeschooling needs to be replaced by a public school, if only temporarily while times are tough. It’s not for everyone, but I know of a couple who happily rented an extra room in their home for a long time.

Consider a smaller, cheaper and more fuel efficient car, now or next time you buy a car (yes, as mentioned above, I failed miserably in this category). On the subject of vehicles, most of you are probably already combining a lot of errands into fewer trips and avoiding unnecessary driving these days. Are you making the most of free home entertainment? Have a brainstorming session with your family about all the fun, free, or cheap things you can think of to do at home, and then implement your favorites and save the cost of travel and entertainment.

Most Americans can save some money by eating less, and I personally know that when I cut down on soda and drink more water, my body and my wallet appreciate it. If you regularly drink coffee at Starbucks or drink alcohol in bars / restaurants, aside from moral issues, let me kill you now for what you spend per drink! Oh! And I won’t even start with cigarettes / tobacco. Lastly, this is what everyone hates to do: create a budget! First of all, spend as you normally do and monitor every penny for at least a couple of months … and find out where your money is really going. If you can force yourself to do so, continue to track expenses for a full year, so that you are sure to include expenses once or twice a year such as holidays, birthdays, insurance, taxes, etc. Nine times out of ten, there will be some expenses that are surprisingly high and you will know where to look to stop the bleeding.

This article is just to whet your appetite, but if you got some helpful advice, or want more of the same, search the internet for some insights on saving money … I know I came across some when I was looking for financial information personal not too long ago, and I saw some good advice as well as some I would never recommend … I’ll share a few as that may be good for a laugh … Cut down on showers to once a day per week (save hot water, shampoo! , soap and probably dating, for those of you who are single!). Teach your pets to use the bathroom. Go early on trash day and gather what you need from what others throw away (I guess they say one man’s trash is another man’s treasure – LOL). Go vegetarian – it’s a cheaper lifestyle (I know meat can be expensive, but that seems extreme for a meat and potato guy like me!). Anyway, enough of extremes !!! Best wishes everyone, and I look forward to seeing you … on the other side of the rainbow (you know, where the pot of gold is)!

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