Archive for the ‘Tips On Budgeting’ Category
Homes and Foreclosure is it Time to go Frugal
With so many properties falling into foreclosure within this prevailing economic turbulence, many property owners are struggling to keep on top of their mortgage payments and so keep a grip on their homes. Among the best ways to help stretch out your funds to keep abreast of your monthly payments, it is by reducing your regular monthly costs as much as possible that the greatest gains will be seen in those areas that you can be flexible about. Two of the major areas which your family can cut down on their expenses are with your grocery and transportation costs every month.
Just one of the biggest expenditures that households have is that of the monthly grocery bill; while it is important to keep your family well fed, there are many extras that you can easily cut back on to keep your costs low. Take the time to look through store leaflets to choose the best deals on pricier purchases; do not drive all over town in order to save a few cents on items, but instead shop for your deals when convenient during the week. Stock up on items that have a long shelf life like tinned goods; there are frequently great deals to be had at case lot sales on items that you will use frequently. Lots of fresh foods can be stocked up on also; if you know someone with fruit trees or you can easily get a bargain on in-season fruit, it is easy to prep and freeze it for later use.
Try to shop around the outside edges of your food market where the milk, eggs, meat, and greengrocery are. You may need to dip into the middle of the store to pick up products like basic cooking supplies, cereal, canned goods, and the all-important coffee and tea; the key is avoiding all the non-essential items.
With respect to non-grocery items, like cleaners and paper goods, it is very cost effective to shop at discount stores or watch for sales. Discount stores are really also good for products like shampoo, razors, and sometimes prescriptions too.
Another big area that you and your family can cut back on expenses is with transportation; lots of households have two or more cars that they maintain and purchase gas and insurance for. If you can manage it, cut down to one vehicle for the family. It’s likely that not every person in the family needs their own car. Check out car pooling or public transport; one monthly bus pass is significantly cheaper than driving for a month but might be somewhat of a sacrifice in convenience.
While many money conserving strategies may not be very popular in your family at first, it is essential to keep an eye on the objective here; occasionally it’s necessary to take on a temporary sacrifice in order to keep control of your financial resources in these turbulent economic times. Try to get your family behind the undertaking for best results and less resistance from them.
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June 16th, 2012
Frugality : Saving Money The Smart Way
In these uncertain times when people are increasingly being forced to dip into their long term savings to make ends meet, saving for the future has become more crucial than ever before. Effective household budgeting along with differentiating between needs and wants can go a long way in accumulating savings for retirement and emergencies. Here are some smart money saving tips to stretch your dollar to its maximum worth:
Budget, budget, and budget - create a monthly budget for grocery, medicines, essential utilities like gas and other monthly bills. A practical idea is to take different envelopes and mark them for each of these expenditures. Based on past experience, you have a fair idea of how much you can expect to spend on a particular area so put a corresponding amount into each marked envelope. That’s the maximum amount you spend in that month on the said utility. Carry the envelope with you when you have to make a payment. This might take a few months to get right, but once you make a habit out of it, see the impromptu expenditure reduce vastly!
