Monday August 9, 2010Adjusting to a New Economy!
The United States and many industrialized countries in the world have dug a hole deeper than even the most optimistic people can deny.
This isn't earth shattering news since we have been living through it, but the impact is deep. Life styles are changing and our society along with it.
With job security a thing of the past, even those who didn't lose their jobs are adopting a cautious course of action. Spending on luxury items is at a long time low, and people are examining their long term goals to determine priorities in spending.
In short, people aren't spending money they don't have. This shouldn't sound like a bad thing, in reality it is a very good thing. A significant part of our self inflicted economic wounds is the fact that we have become so dependant on credit!
Which brings up three ways for you to significantly save money in your household.
- Eliminate as much credit as possible: Most people are paying an excessive amount of money each month on interest.
Now I am not saying don't use credit . . . but use it carefully. Never leave an unpaid balance on your credit card. If that isn't possible, you are spending money you don't have. Cut the card up and work to pay off the balance as fast as you can!
- Pay your bills on time: If you are paying late, there are penalties and late fees charged to you!
If you are paying late on a credit card . . . they are added to your balance and you are now paying interest on your late fees!
In some cases you may even see an unbelievably significant jump in your interest rate. One person related to me that their interest rate jumped to 29%! (That is absolutely vulgar!)
- Prioritize: Do without for awhile, you can always ramp up later when you have more disposable income. Apply the savings to paying off expensive debt.
- don't eat out as often
- stay home and have family game nights
- buy used
By saving money on interest, penalties and late fees . . . you are saving WASTED MONEY!
Don't allow others to use your money, use it yourself! They can get their own.
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