Are You Fooling Yourself About Your Money Problems?
by:
BMA Editorial Team B .
Living on a single income is tough, but many families choose to do so in order to have one parent stay at home with the kids. It is quickly found by many that cuts will have to be made to the budget in order to get by. And of course the first thought is to those regular trips to the grocery store.
Certainly there are a lot of things you can cut there. You can quit buying junk snacks. You can quit buying so many prepared foods. You can watch the prices.
But there are other areas you can target within your budget that can be far more effective at helping you to save more money. You should also be looking at your big monthly expenditures to see what you can do better.
We'll start with the phone bills. How many do you have?
These days it is not uncommon for a family to have a landline phone bill and perhaps multiple cell phone bills, although cell phones may be grouped into a single package. If money is tight, this is a great place to make a cut. Many families are choosing to cut the landline rather than the cell, but you need to decide which better suits your financial needs and what you need for keeping in contact.
Electricity is another place where you can save. How often do you use the air conditioner or the heater? If you can learn to tolerate a wider range of temperatures, you can cut your electricity bill quite nicely.
Consider making the switch to compact fluorescent bulbs. These may cost more on the outset, but they can pay off in terms of decreased energy use. In some places electric companies even have programs where you can get these for free, so check and see if you're one of the lucky ones.
How's that credit card debt? This can be a painful one to tackle when you're already on a tight budget, but if you can manage it, this is one of the most effective ways to get your finances under control. Every little bit extra that you can manage to pay off will make your situation better in the long run.
Take a look at how often you eat out. When one parent is staying at home, cooking meals regularly should not be that big a deal. Eating out costs far more in most cases than cooking at home, especially if you're a fairly frugal cook.
How often do you go clothing shopping? How much of it is really necessary? As a stay at home parent it can sometimes be hard to keep up with what the children need, so it can be better to teach them that they do not have to have those name brand outfits. Think carefully about what you need from your wardrobe too. There's no need to wear rags, but an extravagant wardrobe isn't exactly necessary for most people.
Don't forget your television. Most people these days have cable, and when money is tight it can be a good plan to go down to the most basic plan or even cut it off entirely. Nothing says your family has to be able to watch the latest shows. This can be a painful cut at first, but you can adapt.
All these cuts can make a big difference to your monthly budget. The less that gets taken out for other reason, the more you will have available for your needs. Given time you and your family will adapt.
About the Author:
Stephanie Foster runs
http://www.homewiththekids.com/ and tries to make life better for stay at home moms. Get more tips on living on a single income from her site at
http://www.homewiththekids.com/moneymatters.htm
No. of Times this article has been viewed :
822
Most Recently Published Money Management Articles as of
|
|
Home Equity Loans Made Easy by 4 Simple Steps
by
Joycelyn Crawford
Convincing a lender to approve a home equity loan is not always easy when bad credit is a part of the equation. But there are 4 simple tips that applicants should know to achieve success.
|
How to Legally Save Thousands of Dollars a Year in Taxes
by
Robert Neuberger
Someone once remarked, "Next to being shot at and missed, nothing is quite so satisfying as an income tax refund." There's no question that saving money in taxes is high on everybody's list of financial priorities, especially self-employed business o
|
Financial Literacy 101: Cash Flow Analysis
by
Edwin Malipayon
The famous business author/investor Robert Kiyosaki always emphasizes that it's imperative for a person who wants to be rich to have financial intelligence. For how will you get rich if you don't know how to manage your money?
|
When to Get Payment Protection
by
BMA Editorial Team B .
If you have a credit card, then it is likely that you were offered or took out payment protection on the card. Although many people take out this insurance, there are few people who can benefit from it, and often you are just wasting money by having it. However...
|
How to Save Real Money When Bargaining With a Private Seller for a Used Car
by
Bruce Hokin
Apart from your home, this can be one of the largest financial expenditures and therefore one of the most important to your financial well-being. If you can learn a few rules and remember some proven tips then this can be an enjoyable experience.
|
Learning Effective Money Management
by
Mika Hamilton
The most common misconception that most people have about the wealthy is that they always drive around in fast and fancy cars, take lavish vacations, and live on large estates. While that may be true of some people, but the majority of the wealthy live normal lives and go to normal jobs.
|
How to Resolve Money Problems
by
Saleem Rana
This article will define "money resistance," identify some causes, and offer a way to overcome it.
|
Look Before You Spend and Think Before You Splurge
by
BMA Editorial Team 3
There is always pain in prudent money management. Most of this pain is inflicted by unexpected expenses. The best that one can do is to put away all one's savings in a bank for the future and try to not to go overboard with one's spending.
|
How to Choose the Most Beneficial Bank Account Option
by
BMA Editorial Team 3
As we begin to earn salaries, we come to realize that we need to make our money grow. So we look forward to either investing our money in stocks and shares or depositing it in a bank. There is great joy to be gained in watching the money grow in multiple folds every year.
|
Opening Your Doors to Flexible Bank Accounts
by
BMA Editorial Team 3
Along with a bank account comes the feeling of being rich. At least, after one has acquired a bank account of one's own, one can become more independent. However, before one opens a bank account, one must take certain precautions to ensure he is approaching the right bank.
|
Say What You Need to Say
by
BMA Editorial Team 3
As money managers we take in assets with the hope that the capital we've been entrusted with will grow, by dint of our efforts. Staying in touch with frequent and direct communication helps us manage the inevitable separation anxiety...
|
Most Important Rules of Money Management
by
BMA Editorial Team 3
The lack of money is often not our problem, it is the way we spend it. Wealthy people tend to spend money on things that increase in value or provide them with a return on their investment.
|
Teaching the Concept of Saving to Kids: The Best Lesson for Money Management
by
BMA Editorial Team 3
A question generally arises as to why you should be teaching kids about money when they are young. Ever spotted your kid leaving that costly computer game you bought for him lying on his bedroom floor, just waiting to get trampled on?
|
Why Choose Money Market Funds?
by
BMA Editorial Team 3
While the potentially higher gains you can get (and the relatively low risk you undertake) can bode well for the diversification of your portfolio and the buffering of your assets against devaluation and inflation, there are a few other advantages that come with this type of investment.
|
Why are Brokerage Firms Essential?
by
BMA Editorial Team 3
Do you want to have a "nest egg" to take care of your family after you're gone? Do you need a superannuation fund? Do you want money for your kid's university education? Then a brokerage firm is the place to go.
|
PRO FOREX ROBOT
Discover the Secret To Making Profitable Trades Over 86% Of The Time... Absolutely Mind-Blowing Strategies!!!
|
|
|
Search for ebooks on Management & Business