How to Bail out Your Buck

Most people have experienced the money crunch lately: foreclosures, lay-offs and rising cost of food and gas. It has been especially difficult for those who only have one income or a fixed income. The purpose of this article is to give realistic and achievable ways to budget better, how to be aware of your spending habits and be a more educated consumer all the way around. There are ways we can improve our financial status by not getting a third job but to manage the money and other resources we have coming in more wisely. These are tips I am using to improve my financial status and have more cash on hand.

Budgeting

Old adage, ‘If you don’t have, don’t spend it,” still applies today. A good sit down with your check book will work wonders. Compare costs to money

coming in and prioritize from there. Going shopping for those shoes you must have with the rent money is not good stewardship. Once you have figured out your budget, stick to it! Paying cash instead of swiping your debit/credit card will make you more aware of what you are actually spending. Cut up all but one credit card for emergencies: there is no free money and those monthly credit card payments add up quickly. Don’t forget to plan some reward/outing for yourself: all work and no play will feel like slavery.

Grocery Shopping

At the grocery store, attempt to shop on the outer edges of the store. All the expensive ‘luxury’ items are on the inside of the store such as chips, treats and soft drinks. Your waist line shrink and your wallet fatten when you buy fewer meats and soft drinks and will discover more exotic and exciting foods in the perimeter of the store. Don’t forget to bring your list to buy items to make meals which will also save you money and will prevent impromptu purchases. Try not to shop on an empty stomach as you are more likely to pick more snacks and extra items. Last but not least, turn your back on those check-out goodies while you wait to pay. Choose a lane with magazines: celebrity gossip is free but your waistline pays dearly for that candy bar.

Vacations

Those theme park commercials sure are tempting: magic and dreams coming through all at once! Your money will magically disappear, too. When planning a vacation, educate yourself by comparing prices and shop off season. Rooms may be less expensive and parks less crowded. Aim to book an all included travel package and compare prices by using a search engine. Booking the flight, room and rental may be less expensive than booking it all separately. I would suggest leaving credit card home and save up for spending money. Paying off vacation debt is an oxymoron for me: why go on vacation when afterwards I will be depressed by credit card payments. Use ‘refillable’ credit card and pay as you go, cash.

I hope these tips have been helpful and have provided some ways to improve your financial status and made family financial planning more palatable.

By Nina Berkeley