A Primer for Avoiding Financial Waste and Living on a Tight Budget
The Talk with Your Family About Avoiding Financial Waste
If you have a family, the first thing you need to do is to get them to understand how avoiding financial waste helps a tight budget. Then, discuss what it means to live on a super-tight budget. Tell them they may not get many of the things they want, but they can get some.
A super tight budget is something that does not mean misery, it means you must be careful. This is a part of life, not bad, not good — just necessary to keep the budget moving in the right direction. As a matter of fact, you can tell them, because cost of living is high, everyone, in every income bracket lives on a super tight budget.
The Talk with Yourself if You Are Single And Budgeting on a Tight Budget
Stop waiting for prince charming. He does not exist. Sure, you have the chance of meeting a nice guy. But you will be better served in preparing yourself to take care of yourself first. If you happen to find a nice person you have a lot in common with, then you will be prepared for the relationship. Until then create your own super tight budget for success.
Budgeting when you are single, will make it easier to budget when you are married. A tight budget is king and always will be for a low budget. If you develop good habits now, you have a better chance of identifying a partner who does the same, before a permanent relationship.
No one thinks they will get divorced or separated after marriage, but many do. The number one reason divorce lawyers’ site as the reason they give is financial incompatibility.
That information was there at the beginning but either, they did not get to know each other long enough or well enough to see it. Figure out how you can live on a tight budget before a serious relationship and do not get involved unless your partner does.
Trim the Fat from Your Spending Budget
Start today, trimming the fat from your budget. You are an intelligent person. There are many places where you can trim fat from your budget. It requires that you be open and honest with yourself. Take a deep dive into your spending habits and find where you can trim the fat from your budget without starving or not having enough gas or train fare to get to work.
Look in your closet and identify clothes or shoes you have not worn for months. Look in your cupboards and identify things you have not used for years. These are all things you could have done without, or you can sell off to make money. It will also help you to identify how to trim the fat from your budget by not overspending in the future.
Not All Good Things Are Good for You
There are many things that seem good for you, but if you cannot afford them, they may not be. A case in point; a great car, a comfortable dress, a new apartment – if they are not comfortably affordable – they are not good for you. Analyze everything you think you may need and may make your life better. The goods may make you feel better, but you must have the money.
Remember, when you analyze things you need include all cost. For instance, car buying may include 1. Down payment, 2. Monthly payment 3. Gas cost, 4. Monthly, Quarterly and Yearly maintenance, 5. Insurance, 6. Parking. Where many people falter is when they leave out one of these costs when the affordability analysis is done. Because of these omissions, you can end up with a product you cannot afford. You can research mostly anything on google and ask advice from family, friends, or professionals you know.
Understanding Finances Is What Makes It All Work
Understanding finances is the key and the easier it will be to improve your finances. Because engage yourself into understanding finances you can live within your means no matter what your income. The less you make the more extreme you will have to get. I call it guerrilla budgeting. I am not saying that high income people do not have financial problems, they do.
In fact, some multi-millionaires file bankruptcy because they are not careful, live far beyond their means, and do not engage in understanding finances through study.
While other multi-millionaire’s feel they must budget everything they buy and do to stay within a comfortable spending range. Understanding finances by constantly reading, studying, and monitoring their money is the key to their success. No one has an unlimited budget for spending money.
Believe half of what you see and none of what you hear, verify
Lois Center-Shabazz
You Can Change the Way You Think About Money
Old habits die hard. Becoming efficient in living within your means with a tight budget and avoiding financial waste is not easy. But you must change the way you think about money if you are having financial difficulties.
If you have a habit of money mismanagement and financial waste it is even harder. But, with that said, there is a lot of help, a mentor can change the way you think about money. It starts with buying the car you can afford, then buying the home or condo you can afford.
And then of course understanding comprehensive financial management is the major key to change the way you think about money. There are many aspects to managing money and avoiding financial waste, even when your budget is tight. When you analyze your current financial situation, you will find that there are many ways to save money by elimination of waste also. Avoiding financial waste is a major key to living on a tight budget with success.
Do not Take Your Cues from Advertising Propaganda
One of the ways we get confused about buying habits is that we take our cues from the wrong places. This is where many over spenders make their mistake. They feel they must have everything that is advertised. Advertisers sell a “feeling”, telling you this is how you will feel if you buy this product. Of course, the feeling is always, so-called, “good”.
Do not be confused, you will not feel good if you cannot afford the advertised product. In fact, you will probably feel bad. Not all advertised products are bad, many in fact are good. The problem is the amount of information you get in a 30 second ad is not enough.
Do your research if you like a product you see in an ad. Find out if the product has quality, is within your budget, and does what it says. Most of all, ask yourself if you absolutely need and can afford the product.
Before You Buy Ask Yourself; Do I need this? Do I want this? Can I afford this? And will it last?
Lois Center-Shabazz
Finally, Put it Into Action with Help from an Expert
Get help before you need it, and your finances will be in the proper order. Everyone needs help when it comes to changing behaviors and identifying best practices for spending, saving, and budgeting, investing and wealth building.
Do not feel that you are different. The most successful budgeting folks got help before becoming successful. You can get help too, that is where I come in, contact me now and we can talk about how best you will be served. If you are anxious to get started, you can start here.
Old Habits Die Hard, Change Requires a Little Work
Lois Center-Shabazz
Buy Quality Products So Your Products Last
Do not get quality confused with cost. You do not have to spend a lot of money on products or services to get quality. But, if you do not want to replace your product or service often, you must buy quality. The more you replace products the more money you spend in the long run.
This is where products that appear inexpensive cost you more money than a good product. Your affordability index goes down over time due to wasted money. Purchasing the right way is another key to avoiding financial waste, living on a super tight budget, and understanding finances. You must change the way you think about money if you are going to financially successful.
14 Ways to Save Money for the Holiday Season
14 Ways To Save Money for the Holiday Season
Shop with Cash for the Holiday Season
Save money for the holiday season by shopping with cash, sounds simple but the number or people who shop with credit cards, feeling that their budget is unlimited is huge. You don’t have to fail at holiday shopping just because your neighbor is, or you THINK everyone else is. Your misery afterwards will only be shared by you, not others. So, when you keep that in mind that will make it easier to shop with cash and save money for the holiday season. Also considered cash, is a standalone debit card, where you can go to your bank and ask to purchase a debit card with the maximum amount you want to spend. You can also purchase debit cards everywhere these days, grocery stores, drug stores and other places.
Save Money When You Set Aside a Limited Amount for the Holiday Season
If you have saved in a holiday savings account, take the money now to shop for the holidays. If you have not, start a savings account now, you still have time to save for the holidays. No matter what you plan to buy, there absolutely must be a limit to avoid going into debt. Set your limit and stick with it no matter what. You can find out how much everything cost and do comparison shopping by going online, online price comparisons are quick and easy.
Make Sure You Shop with a List
Take your list with you when you shop. Save time, money and gas by mapping out your route before you shop. Some folks will go from store to store wasting precious gas money, sometimes as far away as 20 or 30 miles. Know before you go holiday shopping by 1. Knowing exactly what you plan to buy, 2. Know where you plan to buy it, 3. choose several stores in the same location so you don’t waste money on gas.
An Online Car Buying Course for Women Makes a Great Holiday Gift
Don’t Shop During the Holiday Season When You are Tired or Hungry
If you holiday shop when you are tired or hungry, you will tend to over-shop, so you leave the store quickly. Your thought process becomes “muddled” and you buy stuff you would not have bought if you were relaxed and on a full stomach. And, when you’re tired you will tend to make mistakes due to a cloud in your thought patterns. When you are hungry, your stomach starts to growl, you will think more about getting something to eat than what you are picking up off the shelves. So, sounds like common sense, but a lot of people just don’t take the time to note whether they are hungry or tired before they go holiday shopping, so a warning to you, “take note” of your condition before you leave the house.
Your Kids May Not be the Best People to Help You Buy Holiday Gifts
Don’t ask your kids for advice on buying gifts for others. Most kids just don’t have the ability to understand the limits you should put on every single gift. So, you be the “captain of the gift buying ship” and decide what you will buy, and only you decide. Of course, you can ask your kids to give you choices for themselves and let them know you will choose a few holiday gifts from their choices. Don’t let your kids think “money grows on trees” during the holidays, let them know there is a limit.
Can You Really Afford That Holiday Party?
Holiday parties are all over the place during the holidays. But, before you go all out for your holiday party, ask yourself if it makes sense to spend the money. To make it an affordable holiday party, you can do a “potluck”, where everyone brings a dish. And to make it less work for you, ask a few friends or family to be on the cleanup crew. Ask everyone to bring a unisex gift under $10, and pick names from a hat to give a gift at the party. Here I have created at least 3 ways to save money during the holiday season.
Why Holiday Gifts Don’t Always Cost Money
You can teach your kids or grandkids that holiday gifts don’t always cost money. For example, you know that pantry you wanted to clean and organize – let you child know that would be a great Christmas gift to Mom. Your elderly neighbor’s yard may need to be cut and trimmed – let your child know that would be a great gift to the neighbor who watches your house when you are on vacation or who brings in your newspaper when you come home late. Maybe your attic is cluttered and disorganized, let your children know that would be a great gift to Mom and Dad to have them declutter and organize the attic. These are a few suggestions for “holiday gifts” that don’t always cost money, you can think of more.
Your Holiday Budget Does Not Have to be Complicated
Plan for your holiday budget. When it comes to your holiday budget, please don’t throw “caution to the wind”. In other words, take your holiday shopping serious and you can save serious money during the holidays. It is easy to get distracted with all the beautiful holiday decorations and Christmas music in the stores. Even if you shop online, which many of us love to do, most of us want that holiday experience in the stores also. But, be careful, that experience is alluring. But you can keep your head on straight as long as you realize that the atmosphere is designed to make you spend all the money in your pocket and on your credit card.
An Online Course of Home Buying for Women is a Wonderful Way to Start
Save Money with Re-arrangement For Your Holiday Budget
You can re-arrange your monthly spending to include enough gift money for the holidays. Cut back on something you don’t need to buy or do for the next few months, that you have done on a regular basis. That may be going out to eat once a week or saving money on gas by skipping your weekly card game. You can think of at least a few things you regularly do that you can cut back on for the holidays, then use that money for holiday spending.
Write Down Your Holiday Budget and Your Holiday Gifts
The more you write, the more you save. Writing down your savings just keeps you, your mind and heart, informed about the money you are spending moment by moment. If you know how much you must spend, in most cases you won’t go over your spending amount. It also lets you know when it is time to leave the store or online shopping site. The more you write, the more you will become aware of your limits. All you need is a small diary, some cell phones come with a writing pad, you can use that. Also, you can use a word document if your cell phone permits.
Write a Diary of Holiday Gifts and Why Everyone Deserves it
Know who deserves which holiday gift. Make a note of why they deserve the gift. For example, 1. If your son brought his grades up and learned to keep his room clean, 2. If your daughter does household chores without being told. 3. The times your neighbor took you grocery shopping and to run errands when your car was in the shop. 4. When your sister helped you get your car fixed after you lost your job. These are just a few examples, but you get the idea. The holiday gifts should be in line with the deeds. The holidays are a great opportunity to let folks know that you appreciate them and what they have done for you during the holidays. It is also a great opportunity to teach your kids or grandkids why we give gifts with a purpose.
Set a Holiday Budget Spending Limit According to Importance
You know what your holiday spending limit is. Unfortunately, too many shoppers go over that limit before they realize they put themselves in holiday debt. Keep the credit card in your pocket. You can use cash or get a debit card with a limit, at your bank. So, if your Holiday spending limit is $500 dollars, you would get a debit card for $500 and keep track of all your receipts and balances left.
You Can Understand Budgeting and Wealth Accumulation Like a Pro
Remember That You Don’t Ever Have to Spoil Your Kids During the Holidays
I haven’t figured this out yet, but some parents, grandparents, aunts and uncles, feel it is important to spoil their kids for the holidays. My suspicion is they feel their kids won’t feel loved if they don’t get all the material things they want. Not true. Love is not gifting it is positive time and attention. So, when you feel you have to buy that over-priced gift or another gift they may not use after a short time, try sitting and have a long thought-out conversation with your child about their life, and what they do when they leave the house, their friends, their favorite interest. Kids feel important when adults, especially their parents show them they care enough to have a deep and long conservations with them about their interest. So, the gifts should not only be in line with what they deserve, but also, what you can afford.
Who is The Most Important Person on Your Holiday List?
Make a list of your holiday persons. I know this sounds like favoritism and it is, so start at the top and move to the bottom with a list of the most important to the least important people to give a holiday gift to. The most important may be a spouse, parent or child who has been special to you during the year, the least important may be the holiday secret gift at work. No matter who gets a gift, make sure you keep it in perspective and give accordingly.
I have listed 14 ways to save money for the holiday season, now that I have you started, you can think of more.
