- Patience with Money Decisions – Wins!
The biggest money saver discovered is patience! Do your research and know what you want, then wait for a sale, then purchase the item, you’ll save a huge amount of money. This tip will help you have 50% or more so many times, so be willing to be patient and the money you save will grow. Patience really helps save money!
- Frugality Has Its Advantages…
Another frugal living success story! My hubby was downsized out of his job after working there for nearly twelve years. This could really sink a family financially, but we have no fear because we’re debt-free except for the mortgage. In addition to that, we have saved up an emergency fund of between six and nine months of living expenses – depending on how much we spend. We should be fine for anywhere from nine to twelve months (and that includes our son’s tuition payments) with a bit of focused budgeting and some extra money-saving strategies. Our son has two years of college remaining. Please remind those out there who are just starting out on their financial journey that frugality really pays off! The peace and lack of fear that we’re experiencing are something we never want to lose. Sylvia Crutcher, Denver, CO
- Cooking At Home vs. Eating Out Leads to Financial Stress Reduction
We are a military family in the DC area and most military families hate coming here because of the financial pressures — it’s very costly to live in D.C. We have been able to take some stress out of our lives by using the Once-A-MonthCooking concept. Although I haven’t been able to get my shopping down to once a month, I am able to make it last for 3-4 weeks — that’s pretty close! With rising gas prices and considering how far away from the base (where the commissary is) we had to live to be able to find affordable housing, this is fantastic. I’ve learned a lot. I was not very good at economizing and budgeting, but these tips of cooking at home vs. eating out have been very helpful. Adriana Wallstein — Fredricksburg, VA
- Fast Mortgage Debt Reduction
I would like to give you an update on my progress. I just finished paying off my credit card bill and am now working on paying down my mortgage. The trick I used was to make bi-weekly payments on my credit card bill. Then when I received my income tax refund check, I finally eliminated that bill! Anonymous
- Passing Financial Education Down to My Kids
I also sat my two girls down and gave them the same education (wish my parents had done this years ago) anyway, fast forward, I use the envelope system for everything, and I have savings in the bank for the first time in my life (I am nearly 40) and have paid all my debt off, what a relief! I feel so light and free, my money is for me and my girls, not some faceless company. My girls sit with me every month and we do the budget, I find this is such a godsend as they can see where the money goes. They know that just because I earn X amount it does not mean I can afford whatever they want that month. There are outgoings to consider as well, and it saves so many arguments and stresses.
We shop together, getting bargains and trying to beat each other with savings, it’s great fun. Plus, I know I am teaching them real lessons for when they are older. Anyway, even though I am ‘across the pond’ and a lot of the advice is not relevant to me there is still a lot of information I can and do use. And I wanted to say thank you, as I feel you have quite literally saved the roof over my head and showed me the way and I will be eternally grateful. Wendy – Cleveland, OH
Source: Money Smart Family