Mind Your Own Business: How to Manage Money in These Economic Times
As moms, we are naturally seeking new ways to cut corners and save a few dollars here and there. It’s almost like the process was encoded in our DNA when we gave birth to our beautiful offspring. Now that we’re in the midst of a national economic challenge, the need to cut costs is even greater. As the cost of living rises and the paycheck falls, we have to stretch our dollars even more than before. Here are a few tips that can help you make ends meet without breaking the bank.
Home is where the FUN is! Now more than ever families are spending more time together in their own living rooms. At-home entertainment means the snacks are paid for, you can choose what entertainment you’d like and you’re in the comfort of your own home. There are no parking fees, no long drives and no $5.99 small popcorn. Yes, it is THAT expensive! Besides, there is nothing like quality time together and it’s even better when it’s spent at home, for free.
Gas up on Tuesdays. I’ve been watching gas prices go up and down for the past year. I have discovered that the least expensive day to purchase gas is on Tuesday. Sometimes it lingers over to Wednesday. By Thursday it starts going up again. There was a stint where it was cheaper on the weekends, but that also happened when retailers were losing money during the holiday season. The Tuesday trend is back on, so fill up in the middle of the week for more savings.
Mind your own business. No, I’m not being sarcastic! It’s a saying that finance educator Robert Kiyosaki uses in his book, Rich Dad Poor Dad. Having a steady paycheck is great, but these days it’s not enough. More and more households are turning to home-based businesses to increase their income. If you have a talent that’s marketable, this would be a good way to increase your funds without decreasing your pockets.
Finance 101. The best way to KEEP your money is to have a better understanding of how money works. I’m not a big advocate of “saving” for the reason that money was made to be spent, not hoarded. However, I’m also not big on spending frivolously. When you spend, spend smart. The best way to do that is to go back to the basics. Read as many finance books as you can get your hands on. Get a better understanding of the “Mighty Dollar.” The more you understand how money works, the more you can accumulate and the more you can make it work for you.
Plastic is NOT your friend! While credit cards were once a godsend, they are now evil rectangular-shaped demons that suck the life and funds right out of us. Congress passed the Credit Card Reform Act in February of 2009. What most people don’t know or even recognize is that the credit card companies had nine months to become compliant with the new law. In that time they have raised rates, decreased credit lines, closed thousands of accounts and even altered their fees. It would be wise of you to check with your credit card company to see if the agreement you signed when you got the card is still the same. If anything has changed that goes against what you signed up for, have the credit card company change it back to the original terms. If they refuse, cancel the card yourself. Also, never solely depend on credit. It’s the fastest route to bankruptcy court! I follow the motto that if I don’t have it in cash then I don’t need it. This goes for those “emergency credit cards” too. Can those new $1800 Louboutins really be an emergency?!
Watching your budget can be a tedious task. However, if you do it right on a consistent basis you can save yourself the time, stress and hassle of overspending and under-budgeting. This crisis won’t last forever. For the time being it’s wiser to make it as easy on yourself as possible. Besides, there is nothing “fly” about puffy eyes from crying and receding hairlines from stressing. You’ve worked hard for your money. Now make it work hard for you!
