I am your average single, divorced, mom, who works a full time job and will begin college classes online in the next few weeks, just trying to make ends meet. By this I mean I live paycheck to paycheck and hope that we have enough food in the house to eat and enough gas in my car to get to work.
Since the New Year 2011 has rang in, I have read so many articles in regards to, "How to save money in 2011". Sometimes, I really don't know what audience these articles are targeting because I, for one, am not one of them. One of the "tips" that I have read is, "It's most important to have an Emergency Fund." Really? An Emergency Fund? I can't even buy groceries, but I'm suppose to set my "extra money" aside for an emergency. Now, don't get me wrong. I understand the concept of having this money set aside. But what is more important? Paying my electric bill, or putting money aside "just in case"? Another tip was to go over all of my expenses and cut down on some of my entertainment projects, or one of the articles even said to cut back on my grocery bill! If I cut back on my milk and bread, then that leaves me with nothing!
Let's face it, I'm not (financially) poor, but pretty darn close to it. I get paid twice a month and one of my checks goes towards my mortgage, which leaves the other to pay all of the other bills. I need some real tips for those of us who fit in the same category as me! Something that is not trying to tell me to save money that I don't have! So, here are just a few suggestions that I thought I would share that might actually help:
*I read this one in an article on Yahoo Finance and thought it made sense; however, it's not gonna save you enough to buy you a new car. If you have an email account, or get mobile messages from your favorite department store, or food place, unsubscribe from them. Now, before you tell me that you get coupons and all kinds of special deals, believe me - I KNOW! But the "savings' part of this idea is that you won't be tempted to use those coupons if you really don't have the money to spend.
*Another suggestion would be to write down your monthly expenses and make out a budget. From personal experience, I laughed at this at first. I thought this was so stressful just thinking about writing down all my bills because I had no way of paying them all anyways. I finally got desperate and figured I would give it a try. Once I did, I didn't magically come up with the money to pay them, but it did put some things in perspective. I called my credit card companies and talked with them and they worked with me to try and figure out a payment plan. I have to give kudos to my mortgage company, Wells Fargo, because I have done this about 4 times in the past year, just so I can keep my house, and they have worked with me every time. (Most (not all) companies will work with you.) In the end, and after stressing for about a month, this help me set a goal of where and how to spend my money.
*If it comes right down to it, and I've been there, get the "smaller packages" on your cable, Internet, cell phone, and satellite bills. There has even been times that I had to get my satellite shut off because I just needed the money to pay for necessities, and believe me, none of these are necessities.
*One last idea that I read from "50 Ways to Improve Your Finances in 2011" (usnews.com) was to reduce your utility bills and use less energy by closing doors, shutting off lights, and using energy efficient light bulbs. Another fantastic idea is to have a programmable thermostat and use it. Program it to adjust the temperature when you know you are not going to be home, and to those times when you are home.
I realize that these ideas are not new, but they are "doable", if that's even proper to say. Through my own experience of trying to make ends meet, I would be without a home, and definitely without the "extras" (cell phone, internet, satellite) because I would not be able to afford them if it hadn't been for trying these ideas.
I would love to hear your ideas and tips and tricks on how to save money. Please share by posting them in the comments section so that everyone can save a little money.
Until Next Time!
Jean
One (not necessarily cost cutting) method to have money during each pay period is to split your mortgage up into two payments a month. For example, your mortgage is 400 and your take home pay for one period is 500. Let’s say that 200 is taken out of your first paycheck and another 200 is taken out of your second paycheck for the month. Would 300 each pay period be enough to see you through till the next pay check?
ReplyDeleteOne thing I do when grocery shopping is to look on the bottom shelves, that's where the bargain items are kept. Most expensive items are kept on the shelves that are eye level. I have a couple of inexpensive meals that I make and my family enjoys. One is to buy the Campbell's Chunky Soups when they are on sale. The chunky Beef and Vegetables or Steak and Potato and make a meal out of it by serving it on a bed of rice or your favorite noodles. Bake some biscuits and call it dinner. Another thing I make is a loaded baked potato. All that's required is some cheap packs of wafer sliced ham, a bag of frozen stir fry vegetables, cheese slices or shredded cheese and a little margarine. Sautee the veggies in a little margarine, chop the ham into small strips and heat in a small skillet, bake your potato and slice it into quarters. Butter and season the potato, then top it off with the ham and veggies, cover with a slice of cheese and microwave just long enough to melt the cheese. These are delicous!! You can also make cheap buscuits and gravy for breakfast by substituting chicken broth for the milk in the gravy. Stock up on canned or frozen vegetables, bouillon cubes, noodles and potatoes, when they're cheap, and onions. These items can make a small piece of meat into a one pot supper for next to nothing.
ReplyDeleteGreat point on having your payment split into two so it can help financially.
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