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| *Ostroff, Fair and Company>>>Personal Finance |
Any ideas/suggestions on saving money? |
I've been a stay-at-home mom for four years, and we have another little one on the way. My husband works as many hours as he can, we don't take family vacations, keep debt to a minimum and rarely splurge. I'm at a loss on how else to cut back. Anyone have an idea that works for them? i would immediately quit buying groceries. they siimply cost too much. and instead of buying gasoline, i would raise my own corn and make my own gasagojuice. that should save about $2,000 a month if you eat as much as me. but i am a big old boy : ) Find a credit card that offers a rewards program that you can use. such as cash back or one that offers discounts on gas. then use that card for all of your purchases including paying bills. Just make sure you pay it off every month so you dont get charged any intrest and you should notice some nice savings on gas or what ever reward program you choose. Its pretty simple. Jus keep aside a little money (say 10%) of the total monthly income in a small box or cupboard under lock-n-key. Give that key to sum1 trust-worthy other than ur husband or yourself. N tell that person not to give u that key no matter what. You should be given the key only once every month to deposit the savings. You can even do the same with a Short Deposit Bank Account. If u keep at it for a year, you will be astonished at the amount u save! Have your employer direct-deposit a portion of your paycheck into a seperate savings account. If you never see it, it's much easier to save. I think you are in the position, 4 yrs back where I was. Wait patiently, the way will be born to solve all the problems. cut all unwanted purchases and shoppings. don't goto hotels. buy provisions from the shop where they are offering the lowest prices like subhiksha. pay off the debts as much you can pay. classify the debts and sort them on the higher interest rates. and try to close the higher interest first, this will save some more money. do not get any credit card or borrow at higher rates. sell of all the jewels if any and pay off the debts. After some time of these excersises, you will start feeling comfortable. believe in god and not in astrology (don't spend on astrologers) I wish from my heart for a speed recovery for your family do not do any business which requires investment., Take agency of insurance companies,chit companies etc and you will get commissions if you do otherwise no loss. good luck pnkmurthy@yahoo.com http://www.geocities.com/pnkmurthy/lic.h... Get a part time job to increase your household income. |
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