»Shanna Crossley Personal Tip | top
Each year, make no less than 13 mortgage payments towards principle on your home. This will decrease the length of time needed to make house payments years on end, along with saving you thousands of dollars in interest.
»Techniques for Successful Budgeting | top
HOUSING
• Learn to do simple repairs.
• Do your own decorating.
• Do your own painting.
• Lower the temperature at night.
• Save newspapers and tin can for recycling .
• Use lights only when necessary .
• Carry only replacement value insurance on house.
• Conserve water.
• Make only emergency long distance calls.
• Stand up when talking long distance or use a timer.
• Write letters.
• Give up all unnecessary services on your telephone.
• Improvise furniture and shop garage sales.
• Use worn out towels to make wash cloths.
• Use glass instead of paper cups.
• Make your own cleaning supplies.
• Use washable dust and dish rags.
• Equip the house with storm windows and doors, if possible. |
FOOD
• Pack a lunch — "Brown Bag“ as often as possible
(Saving $5 aday = $25 aweek = $100 amonth).
• Cut down on meals away from home.
• Consider buying generic foods.
• Take advantage of seasonal specials, especially fresh produce.
• Do more cooking form scratch .
• Use crock-pot methods to cook less tender cuts of meat.
• If storage permits, buy in quantity if cheaper.
• Preserve food when feasible.
• Grow a garden.
• Stretch hamburger with bread crumbs, oatmeal, or tomato sauce.
• Avoid buying snack or — "empty calorie“ foods.
• Use equally nutritious reconstituted dry or evaporated milk or cooking instead of more expensive whole milk .
• If space permits, store products in freezer to prevent spoilage.
• Cook only as much as will be eaten unless it can be part of another meal.
• Use leftover in soups and casseroles.
• Limit food shopping to once a week; the less trips to the grocery store the better.
• Plan menus in advance of your shopping trips.
• Use coupons for items you regularly buy.
• Make a grocery list and USE IT!
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TRANSPORTATION
• Use public transportation.
• Get rid of one car if you have more than one.
• Consider moving closer to work .
• Drive small cars that cost less to operate.
• Do your own car maintenance.
• Car-pool. |
CLOTHING
• Sew or mend clothes as much as practically possible.
• Buy clothing that is washable, does not require dry-cleaning , does not need ironing ,
• And launder carefully .
• Coordinate outfits.
• Hang clothes on clothes line to dry instead of using a dryer.
• Organize laundry so that a minimum number of loads are run.
• Use detergent that works well in cool and warm water.
• Have children change to old clothes for rough play.
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HEALTH AND MEDICAL
• Serve nutritious meals.
• Follow safety rules to prevent accidents.
• Have regular check-ups.
• Carry only one health and accident insurance.
• Investigate services offered by the health department.
• Use immunization clinics.
• Develop good health habits.
• Stop using tobacco, alcohol and/or addictive drugs.
• Learn to take temperature, pulse and respiration.
• Learn symptoms of common diseases in order to determine if seeing a doctor is advisable.
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EDUCATION
• Use the public library for reading materials.
• Subscribe to only one newspaper.
• Cut out subscriptions to magazines that entertain only . |
EMPLOYMENT
• Study and develop skills to enhance your position, making your job more secure by being a valuable employee.
• Use washable uniforms.
• Car-pool.
• Let your boss know you are interested in additional training.
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CHILD CARE
• Investigate government or church operated nurseries and schools that are operated for children of low-income families.
• Share child care responsibilities with a friend, neighbor or former spouse. |
GIFTS AND DONATIONS
• Carefully consider each situation and cut out all monetary giving that you possibly can.
• Make gifts instead of buying them.
• Give of your time instead of your money. |
RECREATION AND ENTERTAINMENT
• Do family things together that are inexpensive.
• Consider the costs of habits such as smoking.
• Attend high school events and sandlot sport events • instead of more expensive college and professional sports events.
• Have potluck affairs at home.
• Use public parks and picnic areas.
• Eliminate cable TV.
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PERSONAL
• Select cosmetics that are reasonably priced.
• Do your own shampoos, sets and blow dries.
• Cut children‘s hair yourself.
• Set reasonable amounts for children‘s allowances and have a definite understanding of what the amount is to cover.
• Carry only pocket change needed for bus fare, small items or emergency pay phone calls. |
SAVINGS
• Determine your savings goals.
• Be willing to compromise.
• Use pay roll deductions for savings.
• Save bonus income.
• Keep your loose change for savings.
• Save on a regular basis; pay yourself first.
• Alter your spending habits.
•Use savings for emergencies only .
• Make saving a family affair.
• Put your budget on a diet!
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MISCELLANEOUS
• Have legal aid evaluate alimony payments.
• Consider all costs to determine if the family really profits from two incomes.
• Reduce pet care expenses by doing your own grooming. |
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»Common Cost Cutters | top
HOME
• For a cooler house in summer, use microwave, range top or outside grill instead oven
• Use no heat drying cycle on dish washer
• Lower water heater thermostat to no higher than 120°
• Take quick showers or fill tub 1/4 full for baths
• Change AC & furnace filters often and do regulate maintenance
• Adjust thermostat when no one is home & close
drapes when possible
• Use florescent rather than incandescent lighting
where possible
• Close damper on fireplace when not in use |
AUTO
• Keep up regular maintenance because it saves money in the long run
• Check fluids & tire pressure often & change oil regularly
• Avoid fast starts & stops to save gas & tire wear
• Drive the speed limit to avoid tickets & save gas
• Consolidate trips, share rides or ride the bus when possible
• Take basic auto mechanics & maintenance class
• Take defensive driving class to lower insurance rates
• Compare insurance company rates - be neither over or under insured
• When relevant, use cruise control to yield better gas mileage
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FOOD
• Study ads & plan weekly menus around special
• Shop once with a complete list made from menus & household inventory
• Shop once a week & limit your time for shopping
• Shop alone, if possible & NEVER when you are hungry
• Take advantage of the lower cost of generic or store brand goods
• Shop in a familiar store to cut down on impulse purchases & save tune
• Use coupons but only for items you would normally buy
• Compare prices of different size products by noting the unit prices
• When buying large quantities, divide & freeze remainder
• Buy fruit & vegetables in season
• Shop at day-old bakeries for bread products
• Let one or two all-purpose cleaners take the place of many
• Eat out less often & have cocktails or desserts at home; order water with meal
• Take brown bag at work & use facilities like microwave & refrigerator |
CLOTHING
• Shop at discount stores or resale shops
• Shop sales but don‘t buy just because it‘s cheap
• Sew and mend garments
• Buy conservative clothes that will stay in style
• Avoid garments that require dry cleaning or special care
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»Savings | top
Start a savings account in a financial institution where savings cannot be transferred to your checking account, go to the institution and get enough deposit slips for the year, either per month or per paycheck. Complete the deposit slips for the year making a “coupon book”. Pre-address an envelope for each deposit slip. Keep these together with your bill paying system and pay yourself when you pay the other bills.
Dedicate a portion of your savings for emergencies. With 3-4 month’s net income saved, you will be prepared for periods of job loss or unpaid illness. You will also have options when that sudden car repair is needed. Rebuild your emergency savings for the next emergency.
»Hidden Money | top
Hold a garage/ estate sale for things not used but stored in the attic, closet, basement and even the safe-deposit box.
Increase your automobile insurance deductible. Make sure if you choose a $500 deductible that you can afford the $500 if you need to use the insurance. If you are a good driver the savings could be considerable.
»Budgeting | top
For one week write down everything purchased, even the candy from the machine at work. On Sunday evening total up the amount spent in categories such as Rent/Mortgage, Food, Gasoline/ Transportation, Utilities, Entertainment, etc. Examine what was bought and determine if it was something that was needed or a want. Decide what you are willing to give up to get what you need.
Late payments reported on your credit report negatively affect your credit history. Developing a bill paying plan is a wise money management habit to keep. A bill paying plan shows which bills and expenses are to be paid from each paycheck. It is based on the pay dates and due dates of the bills. |
