Sunday, March 16, 2014

Great Ways to Save Money-Recycling

You would be amazed at how much you can stretch your monthly budget simply by reusing and recycling many items you would normally just throw out.

When you do your shopping, look for items that can be reused. Rechargeable batteries are a great example. Even though the initial purchase may be more than non rechargeable batteries, there can be a substantial savings over time.

Here is another idea that you may not have thought of. When your fabric softener sheets have gone through the dryer, save them for dusting. They work very well!

Recycling takes a little extra time, but there are many ways to combine recycling and saving money. Just do a quick Internet search for more idea. Better yet, pay attention to the items in your home that you normally throw away. Many of them can be reused in ways to save you money and unnecessary trips to the store.

Wednesday, November 20, 2013

Tips for Avoiding Bankruptcy

When people are experiencing financial difficulties, they may assume that bankruptcy is the only or best solution. Of course, bankruptcy is sometimes necessary, however, a person should first pay attention to the consequences and alternatives to bankruptcy.

If the right steps are taken from the beginning, a person can often avoid bankruptcy and the negative consequences that come with it.

First, start by educating your children. Many of us growing up weren’t presented with the tools and knowledge to establish and maintain good credit and keep away from excessive debt and bankruptcy.

Parents need to be honest with their children about finances. Teaching children that hard work, no matter the job, has its rewards and having an appropriate budget and exercising financial restraint can go a long way towards preventing financial problems later.

Establishing a budget is key in the prevention of bankruptcy. You should avoid spending what you don’t have. Many people today have multiple credit cards and are actually stealing from their future selves, not even counting interest.

This often results in people paying off credit cards with credit cards and falling even further behind.

You will want to make sure you have something set aside for an emergency. Something like two thousand dollars is a good starting point. It is even better to save up six months income to prepare for a loss of employment, extended illness, or other disaster.

It's unfortunate that a significant fraction of adults rely on their banks overdraft to keep them going on a month to month basis. Such actions are ones that often lead individuals on a path to bankruptcy.

Bankruptcy can't always be avoided, but a little foresight and advanced planning can do much to control spending before financial difficulties arise that could lead to bankruptcy.

Tuesday, June 25, 2013

Great Ways to Save Money-Cooking at Home

Dining out can be fun and convenient, but it's not very economical. Most of us don't realize how much we spend eating out. Did you know that the average American family today eats out approximately three times a week. For a family of four, that can add up to $300 or $400 per month, or even more.

Instead of going out to a restaurant a few times a week, why not try just once or twice instead. On the other nights plan to make a special at home family dinner. You can get the whole family involved by helping with the cooking and trying new recipes.

Eating out is fun when you don't have to worry about the expense and on special occasions. But cooking together and spending time with your family can be even more rewarding and beneficial for your family and budget.

Friday, March 22, 2013

Why Should I Make a Budget?

Perhaps you think you already know how you spend your money and you don't need to keep track of it by writing it down. Well, I challenge you to perform this simple experiment. Keep track of every single penny you spend for just one month.

You will be shocked at how the little expenses add up. Take the total you spent on just one unnecessary item for the month, multiply it by 12 for months in a year and multiply the result by 5 to represent 5 years.

That is how much you could have saved and drawn interest on in just five years. That, my friend, is the very reason all of us need a budget.

If we can get control of the small expenses that really don’t matter to the overall scheme of our lives, we can enjoy financial success.

The little things really do count. Cutting what you spend on lunch from five dollars a day to three dollars a day on every work day in a five day work week saves $10 a week, $40 a month, $480 a year, $2400 in five years, not counting interest.

Do you see what I mean? It really is the little things. We only provided one simple example. There are a lot of places to cut expenses if you look for them.

Set some specific long term and short term goals. There are no wrong answers here. If it’s important to you, then it’s important period.

If you want to be able to make a down payment on a house, start a college fund for your children, buy a new car, or take a vacation in an exotic destination, then you have a goal and a good reason to get a handle on your financial situation. Making a budget is one of the best ways of doing this.