Archive for October, 2008
How do you control stress at the time when you are trying to get out of debt?
Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.
Question 2: How do you control stress at the time when you are trying to get out of debt?
When we are in debt, we give our best effort to get out of it. But at the time when we’re working on it, we get stressed out. What are the different ways through which you control your stress? Share your knowledge.
Winner Post
Answer 1: When I first began the “get-out of debt” process, I was really stressed out. I mean there were these collectors calling me all the time, I could not get approved for ANY type of loan, and my credit report looked so negative that identify thieves would not touch my personal information with a 10-foot pole!
The first thing that I learned throughout this whole process is to treat debt one-step at a time. At first, I wanted to tackle my entire debt! I called every creditor, I tried to work out a settlement with everyone! Well lets face it, Im not a millionaire and cannot settle every debt at once. When that didnt work I ended up getting more stressed out, I ignored more phone calls, changed my phone numbers again, etc. Eventually, I ended up pulling my annual credit report. I tackled one debt at a time. I knew what was on the report, but I was going to start calling these people one at a time. If a particular debtor did not want to settle on my terms, then I discontinued the conversation and found a creditor who would. When debtors called me, I stopped ignoring them. I talked to them and I made them listen to me. If not, then I wouldnt talk to them. I started paying back the debts with the least amount of money owed and it worked out great.
Another way to deal with stress is to remember that you are in control! The debt collectors do not control your debt…you do! Its your money, your bad expenses. When we ignore the phone calls we put them in control. Talk to these people! If they dont want to settle with you then tell them that they can call again when they have an offer for you that is lucrative to your financial means…not theirs! I would talk to debt collectors on the phone, but all forms of settlement would be handled in writing…return receipt requested! When you control your finances (whether its debt or income) there is no stress involved because you have the upper-hand!
A final way to deal with stress is to keep informed as to what is on your credit reports! When I first saw my debt, my mouth opened so wide that my lower jaw almost separated from the upper! When you initially know your debt, yes its a shock and knowing (at first) can cause a lot of stress! But keeping up with getting those debts off your report and checking up on it every year and finding less and less “negative stuff” is a very good feeling. Keep yourself informed as to what is going on with your credit…not being in shock is equal to not as much stress!
Overall, debt is nothing that we need to allow ourselves to overly obsess about. I also look at the forums and post on there because it gives me a feeling that there are other people within cyberspace that are like me. By doing these 4 things caused me to have less stress throughout this whole process…and I bet it would work for anyone else!
Answer Posted by |brian446fsu
The other answers worth mentioning are:
Answer 2: Controlling stress is not an easy task. Many struggle with this task on a daily basis and actually succeed. But the key thing to realize is that what works for one, may not work for another. For those of us who are religious, leaning on our faith helps to relieve the stress. For those of us who are hands on, visiting “smash” stores (stores where you can pay to smash dishes to relieve stress) helps a great deal. And to those of us who are heath nuts, practicing yoga, arobics or some other form of physical labor helps out really well. For me, it is a combination of the three. I am highly religious, so I lean on my faith in God and pray when things get a bit testy. I also incorporate stretching activities and massage pressure points daily to help relieve stress. And, the topper on the cake is heavy cleaning. I start with one area of my home and keey myself busy and my mind free of my problems by rearranging furniture, going through old boxes, washing clothes, cleaning out closets and then exercising. It works really great and I wind up feeling much better; inside as well as out.
Answer Posted by |Synamon Pennington
Answer 3: I do a combination of things to help keep my stress in check. They seem to work well together – & by themselves – they arent as helpful in controlling the stress “beast.” Here is what I do:
1) I make sure that I eat breakfast, lunch & dinner – & eat as wholesomely as possible (tuna, grains, lean beef & vegetables. I cut out sugar, salt, candy & useless “white” foods like rice, pasta, potatoes, etc.)
2) I go to the gym (or walk) at least 30-45 minutes a day – in the morning. I tend to stay there closer to an hour & once done in the morning, I cant “skip it” that evening.
3) I walk the dog daily & use it as a time to meet the neighbors walking their pets & chit chat a little. Mention the economy, & everyone is watching their pennies. It helps to hear that someone else is in a financial bind other than just me. Plus today, a woman I met, whos little dog played with mine, told me about a coupon site where she found dog food coupons, food coupons & online surveys. Good info!
4) I try to make sure that I go to bed & rise at the same time every day. Once I start staying up late, then I get less & less sleep. Next thing I know, Im too tired to think & my stress rises even more.
5) I surf the internet for a limited amount of time so that I dont “rest my mind” by surfing & “losing time” that I should be using in better ways. Like sleeping!
6) I try to not isolae myself, & I try to not be too hard on myself. I just try to keep my head up, my nose above the water (even when I have ony a straw to breathe through) & keep trying to put 1 foot in front of the other.
Im not always successful, but debt is like weight. It took me more than overnight to gain the weight, itll take me more than overnight to lose it. Ditto with the debt.
Answer Posted by |dee glenn
Answer 4: Personally, I dont think that you ever can really control stress 100%. With the economy the way it is right now, there is a lot of stress all around us and it is very hard to get away from and some people, well, things keep getting worse and worse and it seems like there is no getting away from the stress. I know that feeling because I get to that point, and then it gets a little better and then right back again. I cant say you can control stress, but there are things you can do to help relieve some of it, even if it is temporary. Here are a few things I do:
> I try to keep my sense of humor. I have always heard that laughter is the best medicine, so I try to laugh when I can and I try to make others laugh. I know that I have dealt with people on the phone and they have been having a bad day and it sure is nice to hear that because I made them laugh, it brightened their day and that helps to brighten mine.
> Sometimes I call a friend up or my mom and we talk about things. That gives me a chance to vent about things and it also gives the person I am talking to a chance to vent and then next thing we know we are talking about something that doesnt even have to do with what the original phone call was about. Takes the mind off ones problems, even if it is for a little while.
> Doing something with or for my family. Whether it is playing a game, doing yard work, cleaning house, acting stupid and singing and dancing to old records, or even listening to my daughter talk about all the boys she likes or my son and finding out what all he has been up to. Sometimes just staying busy helps relieve that stress somewhat. I am not one for going to the gym or anything like that, but I can find things to keep me busy.
> Believe it or not, just sitting quitely and petting my dogs helps to relieve some stress. Heck I can even talk to them and they listen and dont talk back. I can cry and they comfort me and ask for nothing in return. Pets are a great stress reliever and that is one thing I can vouch for.
>I talked about crying, heck there isnt nothing wrong with a good cry. If things get that bad, let it out. Sometimes, crying, yelling, screaming, punching pillows or something like that can let off a lot of stress and tension. You will feel better afterwards, trust me I know. I have done this many times myself.
> Speaking of stress and tension reliever…married folk, there is s e x. Shhhh, the younguns dont need to do this but for us old married folk, it sure can relieve some stress and tension and that is all I am going to say about that.
> A biggie is praying and believing that “HE” will look out for you. Sometimes I forget about this myself, but I do know that it does work. I just have to remind myself of this and do it more often.
> Another thing is this wonderful board and all the wonderful people here. It helps knowing that you are not the only one in a certain situation and that someone understands where you are coming from. For me personally, I have not felt as alone as I use to when things have gone bad. The kindness this board shows to those in need is amazing.
I dont believe that stress can be controlled, but I do think it can be relieved, at least for a little while and things can be a little less stressful at times.
Answer Posted by |2nband
Answer 5: well,when i was in pdl hell.i could go out to the garage,and pop on 670 the score.its sports talk radio.i could be so down in the dumps about everything.then i would turn on that station and LOL,LOL.people would come to the garage to find out what was going on.it sounds out there but,once i listened to that station i my troubles went away.i also thought clearer too.i guess it is true about the healing power of laughter.
Answer Posted by |paulmergel
Answer 6: Dealing with debt is very stressful! My first response to stress while dealing with debt is coming here and discussing my problems.. it gives me a place to vent and even help others, either by my experience or by just letting others know that they are not alone. The advice I recieve here always makes paying debt easier to manage. Dealing with debt head on often makes me feel better about the situation, who knew?!? Other ways to deal with stress is exercise (I love walking my dog!) and being around loved ones. I personally find pray as a good stress buster but any form of meditation will work as well. You have to find what gives your inner strenght and keep at it. Remaining calm has helped me handle my debt much more efficiently.
Answer Posted by |bea2ls
Answer 7: I did a search to look out for the stress warning, signs and symptoms (http://www.helpguide.org/mental/stress_signs.htm). I looked at the list of cognitive, emotional, physical and behavioral symptoms to see if I maybe displaying any of them and work to find low cost solutions from there.
If my stress makes me smoke or eat more than I should, I would take up a craft that will engage both my hands so that I will not think about finding solace in them. A good one would be papermache where glue is required. As I can use old newspaper, it is low cost. It would also be so troublesome to stop to smoke and eat as I would have to wash the glue off my hands each time.
If the stress is making me moody, I will look through my collection of movies or CDs that I have enjoyed before and know will make me happy watching them again. This will also give me an opportunity to lie down and relax.
If I am not able to control my temper and feeling restless, I would take up a sport, like a game of squash or hitting out at a punching bag. That will allow me to express my frustrations without hurting anyone.
To get myself out of any cognitive symptoms that I am suffering from, I would take up yoga. I can learn it free from religious societies that offer them or learn it off the internet. Here is one I discovered:
(http://www.yogaclass.com/central.html)
If I am feeling depress, I think a library is also a good place to visit. Though it is quiet, there are people around who I can engage with if I feel up to it. That should eliminate that sense of loneliness and isolation that I may be in and prevent me from committing silly acts that will harm myself.
While I am there and if I feel up to it, I can read up books or watch videos related to the debt crisis I am in to see if I can find solutions. From reading, I may find inspiration to write about solutions I discovered and share them on my blog or website like debtconsolidationcare.com. Responses from readers may give me even more ideas to work on.
I would also read about the problems people in debt are facing. Maybe after reading them, I may realise that I am wallowing in self pity because there are others in worst off condition than I am in. Reading how others solved their debt problems will also motivate me to work in that direction and get me out of the stress symptom of procrastination and make me responsible again for my problems.
Answer Posted by |greenbeingnancy
Answer 8: One thing I have found is that stressing never paid off a debt for me. Quite the opposite, when I allow myself to be consumed by stress, I tend to eat more, spend more and generally create more stress. Consequently, when I am trying to overcome debt or anything that seems insurmountable, I take a deep breathe and grab the bull by the horns. I begin by accepting and appreciating where I am and how I got here. Then, I release the tension by engaging in a structured exercise program to create continuity, accomplishment and endorphins (make it fun!). I let today be a starting point for tomorrow one day at a time. In the past while raising my two children without child support, my credit got so bad, I could not open a bank account. My friend opened an account in his name for my personal use. At the same time, I wrote a list of all the things I wanted that seemed impossible and ended it with “Thank you Jesus”. That list included my own bank account, a cell phone, my debts paid off, a higher income number, etc. I put the list on my closet door and perused it daily checking each accomplishment off. I couldnt afford the gym so I walked and jogged especially if I was having a bad day. With each step, I envisioned myself rising above my struggle. Shortly after, having noticed me banking through my friends account, the bank opened a personal account in spite of my history. Soon after, I started a job that “coincidentally” provided a cell phone. Later, I found an even better job that paid my higher income number. Unable to get a cell phone account without a large deposit, I discovered a special deal on a pay as you go phone plan where I received numerous minutes up front. The minutes would roll over if I bought minimum minutes every month. As the minutes accumulated over a few months, the cell phone company offered me a permanent account using the accumulated minutes as a deposit (I actually created cash on the deal). More recently in a psychological slump, I did a vision board where I put my face over a yoga positioned silhouette. Among other things, in one hand I put a picture of a large dollar sign. I also did a list which included “financial freedom” and “debt-free”. About a month later, I injured my wrist and came into a substantial amount of money. Guess where the point of the dollar sign landed in my vision board. I wish for others easier ways than wounding oneself, but the point is I am in the process of clearing all my debt and will shortly be debt and financially free. Bottom line, rather than focus on the negative aspects of debt and allowing stress to own me, I focus on the possibilities, i.e., my capabilities. I then do the footwork and trust my needs will be met. Sometimes, in this busy world we live in, we just need a reminder. “Seeing is believing”.
Answer Posted by |Peg L
Answer 9: Twenty years ago Readers Digest reprinted a study that numbered 1-10 the most stressful events in life. I can only remember the first five. 1. Death of a child. 2. Death of parents. 3. Death of spouse or divorce. 4. Loss of job or starting a new job. 5. Loss of house or moving away from family and friends. Debt was lower on the list..
I learned in school that humans need five things to live: Oxygen, water, shelter, food and clothing. Everything else is a desire that is not needed to live. I certainly did not need a credit card to live, but I wanted one and now I rue the day I did.
It makes no difference who purchased what. The blame game only causes angst and more stress. I own it and I am responsible for it. There are four things that can happen with CC debt when the collectors come calling. Bankruptcy, mitigation to reduce the amount, the debt is forgiven or judgement. Whether I file bankruptcy or the debt is forgiven the end result is the same. My credit history is a matter of fact and it will take a long time and alot of work to rebuilld it. I probably wont live that long.
Accepting facts helps reduce stress. Learning how to budget and sticking to it builds confidence and reduces stress. Paying bills on time and in full rebuilds credit and helps reduce stress. Saving money helps reduce stress. Not living check to check helps reduce stress. Anger increases stress; it is not your friend. I learned stress-busting techniques, too.
It may sound silly but it works. Do not drink caffeine, liquor or soda or any kind or flavor; it increases the heart rate. Drink water instead. Breathing exercise reduces the heart rate. Teach your body to relax; you will de-stress doing it. Be a kid. Ride a bike, swing, run, jump rope, skip, walk in the grass barefoot. Go into the woods alone; commune with nature. i used to live in the country where there were many birds. Every night during the summer the hoot owl and I would hoot back and forth at each other.
For that thirty minutes nothing was more important than my time with the owl. I never did see it. Everytime I think about bill collectors I change the tape in my head and think of the one place I liked better than any other place in the world. To this day I can see it, feel it and taste it as if I were there. Sit in a quiet place and chant. There is something about the repetative vibration in words like “OMMmmmm” that is de-stressing. If you have a lake nearby, walk by the water and listen closely to the waves slap the shoreline.
If none of the above is appealing, then do something you like. Play Scrabble with your kids. It is amazing how imaginative kids are when it comes to making up words. A nine-year old taught me how to play chess. Talk to your pet; they love the extra attention. I read this story years ago. It inspired me enough that I would like to repeat it here.
A young social worker was sent to her first client. They lived in the wrong part of town in a old but neat house with a big yard. The woman had a sailor hat pulled down over her face. The young caseworker ask what worried her. Her young daughter was pregnant. Her mentally challenged brother was being relsased from state care. Her husband didnt have a job and their bed broke. She didnt know what she was going to do. The case worker asked her what she needed most. The woman lifter her hat . (she had no teeth) and said, “If I could get my teeth fixed I could eat. If I can eat I can figure my way out of this mess.” A dentist agreed to fix her teeth and and six months later the caseworker retured. The woman was all smiles. She said her husband went to Goodwill to get a bed; he got a job and the bed, too. The brother was in the back yard in a swing the husband fixed up for him and the new granddaughter was healthy. “Life is good.”
I buried a child. I recently moved to a new house, I cant work, My parents are dead. My daughter, my dog and my spouse are dying and Im in debt up to my ears. Academy Collection Services, Inc., of Philadelphia is on my case like a dirty diaper. There is nothing I can do about any of it. I can choose to stress, or I can choose not to stress. I chose the later and found an attorney to represent me at no charge. The spouse, daughter and dog are alive today, there is food in the pantry and the utilites have not been shut off. Life is good.
Answer Posted by |tazewell.cc
Answer 10: This is a very hard question. Most of my stress is caused by money issues, like many others. : ( I worry about how are we going to pay all of the bills and if when we have to be late, which ones are priority.
My husband and I talk alot, it helps get things out so we are not keeping it all inside and stressing even more.
With money being short, we still do family activities. I have felt down at times since we are not able to afford to take our boys to the large amusement parks or the water parks, but with four young boys, the cost is outrageous. I wasnt able to afford to take my boys to the county fair this year so they could ride those rides, that is very stressful, so they went through their toys and i did some cleaning and we had a yard sale. It was $85 for wrist bands for all of them and we made over $150 that weekend. They got to see the value of money and had to prioritize their toys as well as to which were most important to them and how much they wanted to sell the ones they chose to sell. We do alot of cheap usually FREE family activities, which relieve alot of stress. We go to parks, swimming, fishing and have picnics. I love watching our boys play and have fun that has to be one of the best, if not the best stress reliever. We dont talk about our money issues at that time or our jobs.
Another thing that has helped is coupons, oh i have loved those coupons, they are a stress reliever in their own way. There are times I wont purchase an item, but when its on sale and I have a coupon its a great feeling and in a way a stress reliever.
To sum up, My husband and I talk about our finances and keep them in the open and discuss which are priority. We take inexpensive if not FREE family outings and have fun as a family. I have been teaching my boys the value of money as well ~ letting them know how to put values on their personal things to sell them to get something else they really want. We do alot of family time whether it be picnics at the park, or going to our boys, baseball,football or basketball games.
Answer Posted by |wendylynn93
Keeping pace with the financial goals is becoming tougher with each passing day. How do you two (you & your partner) plan together to meet your financial ends?
Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.
Question 1: Keeping pace with the financial goals is becoming tougher with each passing day. How do you two (you & your partner) plan together to meet your financial ends?
Cost of living is rising at a rapid speed with each passing day. So, it’s becoming tougher for each of us to meet our financial goals. Share with us the planning that you and your partners do together to meet your financial aims.
Winner Post
Answer 1: I and my wife started planning our financial goals right from the day we rented a house together long before marriage. Our friends call us “Budgeting Geeks” which we take as compliments. So, right from the onset of current financial crisis we sat together and made a list of two categories: -
1) Most essential things we cant live without like utility bills and other basic requirements like gas bills, etc.
2) Non essential things which can be left out from consumption like night outs, eating out at restaurants, and many more.
We planned to make spending only for the first category and leave out the second completely. After this we started the main and toughest job of executing the planning. For the first few months, it was really difficult for us to maintain the planning but everything was put in place after some permutation and combinations. In fact, we have started to save a large chunk of our income as retirement plan and children plan (as we plan to have our first baby in 2010). But dont think that we are living like zombies and dont go out. We really do but thats too according to our planning. We have also made a separate account for entertainment purpose where we keep money all through the month to spend it accordingly in the next month.
In fact, when we started our planning our finance was in a mess and started to accumulate debt. But look at us now. We have started to save for old age as well as keep money for entertainment purpose once in a month. Were now a very happy couple with no debts at all and enjoying our life to the fullest.
Answer Posted by |enlightened
The other answers worth mentioning are:
Answer 2: My husband and I have struggled for quite sometime, well since we were married we married young and it will be 13 years this november.
We have learned alot along the way. My husband has been at his job for 14 years and the first 8.5 years were part time working a second to third job, but he has been fulltime for the past 5 years. We are still getting our finances in order. I am currently working part time since our youngest of 4 children is going to be in school this year so we will be saving on daycare expenses. On the days we do need daycare our oldest son is 12 and he is our babysitter, so that saves us money.
We have made arrangements with our electric and gas bills to that we are making small monthly payments so when the larger bills hit this winter, we will still be paying the same amount.
We are making arrangements with our credit card companies to get them taken care of and also improve our credit scores along the way.
We have limited our eating out from 3-5times a wk to once every couple of weeks, this has saved us alot of money!! We have been eating in a lot more, it has been rough with all of the school activities, but it is working well. When we go to their games we eat before the games and bring lunch when we have 2 games it saves alot of gas when we dont make the trip home inbetween the games. We also carpool with other parents, i take their children one day to practice the next they take mine, this saves alot.
We have been buying our clothes and our childrens clothes from yard sales and goodwills. I found 3 brand new pair of shoes(still had the tags) from the goodwill we went to just before school and they were only $1.99/each ~ we all know thats a savings there!!
My husband and I have also refinanced our auto loan which was only $390 now its $333/month, hey thats almost $60/month savings that helps us now!!
My husband also had his deductions from his payroll check changed from being 1 to a 4 which we get the money now, instead of the government holding on to it(even though the lump some is nice at the beginning of the year) we can use it now!!
Every little bit we save has helped. We have had a rough time, still are, we got some payday loans online and found out through this site they are illegal. I thank everyone here for making me aware of this. We are still paying on these and trying to get out of this hole. Saving here and there is helping and we have paid off a couple of these so we are on our way.
Answer Posted by |wendylynn93
Answer 3: I have no actual partners. I gather opinions from my sons and a daughter, who have their own lives and problems. I live with my daughter, her husband and their sons. I think they are ready for me to move. I receive $475 in SSA benefits, thats all.
We live 2 miles from the nearest bus stop in the Atlanta Metro area. I see jobs which I can do, but no one is available to take me anywhere. Like the dog with the ears hanging out of the window, I leave the house when invited.
My first goal is to find a job to increase my income. I applied for disability over 3 years ago and was turned down repeatedly. I suffered and recovered from vocal cord polyps which stopped my work in telecommunications. I have since reapplied to work at home for two well known companies,and am waiting for a reply. I also found, after plowing through come-ons on craigslist.com, a good resource, a company which has sent me great job opportunities. I have sent out 4 appplications this last week.
My second goal is to fix my teeth. I applied for a paraprofessional job at a middle school near my house. The lady was glancing at me, and I realize she was trying to get a good look at my teeth which are worn down as a result of a TMJ disorder. I had a lovely, dress for success outfit on, understated and expensive-looking (I bought it at Ross), but I believe my teeth cost me the position. My solution, I talked today to a receptionist at a dental office at Georgia Tech who has informed me about the new dental clinic which opens soon. It will charge according to income. Maybe by the time it opens, Ill have a good job with benefits.
My third goal is to get a car. My “kids” dont want the clunker I might bid online at Georgia Surplus Auctons website to be in their driveway and I live in a rather exclusive neighborhood. If I win with my bid of $275, Ill have to bargain with someone nearby to let me park it nearby. Perhaps the handsome man next door will let me “lease” his garage in exchange for hot rolls? Cookies, maybe??
My fourth goal is to find affordable housing nearby. I have applied for affordable housing near my mothers home in VA, and no. I cant live with her. I will look up affordable housing for seniors in this area today. I dont mind being in that position: alone with strangers in a new area, as long as the bus stop is in walking distance. My son in law and daughter havent made “time to move ” signs, but I feel I should plan ahead.
I plan ahead for plane trips, at least 21 days ahead and go where I want to go. I also am a member of airline customer clubs, and travel groups, so I get email offers everyday of specials. Its easy just to delete what I dont want every day when I check my mail.
My last goal is to visit my son who went straight from Iraq to Fort Lewis in Washington. So, Im looking for my cheap plane package offer to Seattle. I dont spend over $275 of my check in any month for anything.
This month, my pressing need is transportation. Do I buy the clunker which might need work? My only information about the car that I have is that the car is drivable. Do I locate taxicab companies to get an idea of monthly expenses to get where I want to go and tie in my trips with the familys weekend sight-seeing trips to the mall?
Thats my work for the day, phone calls and and making a web search for housing and call my sons for their ideas on my buying the old car. The bidding ends this evening. I have to make a plan. $475 is a small pie, and you cant cut the pie too many times without it turning into pudding!!
Answer Posted by |risingvalley
Answer 4: As of lately, I have learned that less is truly more. I have recently been posting and selling items that are of little or no use to my family and I on craigslist. Doing this has come in very handy since the beginning of the school year. School clothes, shoes, supplies and the cost of extra curricular activities is draining on the wallet to say the least. I had to rent a violin for my son to play in the school orchestra and my daughter needed cleats and shin guards for soccer, so I went through the closets and the basement and found things to sell to offset the costs. Definitely made for less coming out of my paycheck so that my check could focus on the bills to be paid.
Also, I have made a very detailed budget to follow being that my financial circumstances are going to change in the next 2 weeks. I have 3 columns: my bi weekly net, monthly net and my yearly net. My essential bills are first: housing, utilities, insurance, child care, groceries and fuel. Next I have designated specific amounts to be saved for the following purposes: clothing, extra curricular activities, entertainment, general savings, allowances, auto, college funds and travel. My goal is to set this money aside so that I wont be caught in a bind financially if my car breaks down or I have to make a spontaneous trip to visit my family. I am honestly shocked that I can save money and still have money left over, if I follow this budget and do not deviate from it.
Saving for my childrens education is extremely important to me. I want to be able to give them something to help them get started. After the first of the year I will be enrolling in the 401k plan at my company, (if the market improves after this past week) but I still want to have my own savings stashed away for both rainy days as well as my retirement.
Answer Posted by |polly
Answer 5: We have worked out a plan. We have planned to buy our own home after 5 years. Instead of applying for a mortgage loan, we are saving money into an account for five years. We will apply for mortgage loan only after saving a significant amount. I have planned to buy a good car within 2 years for which we are saving too. We don’t overextend our spending and avoid credit, of any type, by all means.
Me and my wife have adopted certain new means for saving more money.
1. We don’t expend beyond our limits.
2. We only spend according to our weekly planning. We allocate money for spending on a weekly basis and even if we want to buy anything above the limit then also we can’t as it is
3. We have also made a separate fund for entertainment purposes, utilized once a month so that our lives don’t become monotonous.
4. We maintain a piggy bank where we keep the change at the end of the day.
5. My wife always maintains a separate fund for emergencies.
This is how we work together to reach our financial goal.
Answer Posted by |phoenix
Answer 6: We are considering selling one car as we have one paid for, and payments on the other. We will then purchase a used motorcycle. Ins. will be cheaper. Only run the A/C during the day an we have installed Ceiling Fans in all Bedrooms and the living Room. Cut power costs by getting rid of the security light and turning everything off except the Frig and Hotwater Heater when not at home except if we are going to be gone for a period of time and you have Electric hotwater by turning the breaker off the hotwater heater wont heat or use electricity at all. if you have gas, turn the gas valve going to the hotwater off. Install 40 Watt light bulbs or less in all lights as the higher the wattage the more power they use and less heat is produced with lower wattage bulbs. You can install the new expensive flouresent bulbs but my personal opion is to not use them for outside lighting as they take a while to warm up and put out there max lite.
Answer Posted by |jmshinkley
Answer 7: Mutual understanding is the buzz word for a relationship to flourish financially and achieve their aims. I and my wife have agreed to achieve our financial aims. First, we have jotted down our mutual financial aims and then prioritized them according to their importance. Then we have made three categories, i) biweekly income, ii) biweekly expenditure and iii) biweekly savings. We have squeezed our expenditure to the minimum and stopped our night outs. Entertainment costs are also pushed to their minimum.
Answer Posted by |kmc
Answer 8: The way we are going to keep up is to keep vigilant about our spending and finances. When I go to the store, I buy the bigger packages of meat so I can make two or three meals out of it for later,use coupons, sales, etc. I limit my trips and try to get everything done in one swoop.
We have made a budget and stick to it, allowing ourselves to go out and eat, movies, something , once a month-after the bills are paid, if there is extra.
My husband does have an IRA at his work, and we do not touch it, in case something major comes up. That is one trick to saving and planning, dont touch you savings or what you have. Try to get by and keep that for real emergencies.
The bigget way we can continue to be caught up is, to pay off our bills. This frees up some money each month that can be put in savings, pay extra on insurance, etc.
Staying on top of your expenses can help you see where the money is going and what can be pared down.
Answer Posted by |Bossy4455
Answer 9: With the economy now shifting like sand and the uncertainty of ever increasing prices, its time to bite the bullet for real. No more impulse buying…only get what you really NEED to live. And first and foremost we will put money away for US first!! No one cares about your future except you..thats just a fact!!
Answer Posted by |Shazzers
Answer 10: The best way to manage your finance is to have good book keeping. Do you own financial statements every month. And actively monitor where your money is going. Cut out unnecessary spendings and use that money to pay down debt and put towards investments.
Actively seek out and learn about investments that would add to your immediate income. My strategy is buying sustainable income producing assets and holding them for long term, those are stocks with a relatively predictable earnings and good dividend yields.
Seek out professional financial advisors that is already doing well them self to help you.
Once that amount piles up begin to put toward income producing real estates. Manage your portfolio well and your financial life will be much more happier.
Answer Posted by |Patrick Leung
