I work in a call center and most of the time that I hear people complain, it’s about money. My number one question to them when I hear these complaints is what they have done to prepare for the “bad” times. Sadly, most of the time their answer is nothing. I will share with you what I have shared with them about money management. My husband and I always hope for the best, but plan for the worst. I urge anyone and everyone to use the following tips to help prepare for when times get bad.
My number one suggestion is to open and utilize a savings account. Before my husband and I were married he opened a savings account that had a $300 minimum. What I mean by a $300 minimum is that he always has to keep at least the minimum amount in his checking account otherwise the bank will penalize him. Therefore, we have at all times at least $300 in our savings account to avoid the bank penalty. We always have the option to close out the account with out any consequence. This leaves us with a little lead way when ever times get really bad.
My second suggestion is use only what you need. Every week when we get paid we always take our paychecks and pay the bills that need to be paid, keep money for other needs like food, gas, and groceries, and then we deposit the rest into savings. I realize that everyone deserves to splurge every once in awhile and I’m not telling you not to do that. Splurge, splurge away, however, prepare for the times when you don’t have the money to put food on the table first, and then if you have money left over after that, spend until your hearts content.
My third suggestion is pay your credit cards off every month to avoid high interest and payments that you can’t afford. When my husband and I make a purchase on our credit card we always make sure that we will have the money to pay it off when the bill comes in. We never spend money that we don’t have, or won’t have in the near future.
My fourth suggestion is to save your change. My husband and I have a five-gallon water jug that we keep in our spare bedroom and every day when we get home we empty all of our change into the jug. With the extra money we have bought groceries, baby clothes, formula, paid bills, etc. We had our first child in July of this year and when I was on maternity leave, money got tight so we cashed in over $600 so that we could pay our house payment and the jug was still half full after we did that. This is something simple and painless that you can do in order to save money. Its just change and you really won’t miss it.
My last and final suggestion is to use online websites to help you save money. I always check prices online on Wal-Mart, Kmart, BabiesRUs, Best Buy, Ebay, Amazon, etc, you never know who will have the best prices on products. For example, I have found that I can get the best prices on diapers by ordering them on Ebay. Also, there are many times that I need to purchase something from Wal-Mart and I look online and they have it listed cheaper on their website than in the store itself. I know that most people do not order online because of shipping, taxes, and hidden fees, but most website have free shipping from site to store or even your home, and I never order from a company that’s not credible or well established. Just try this little tip and see if it saves you money in the future.
Living my life with these small little guidelines has helped me not fall into debt or go bankrupt. However, these are just suggestions, use and interpret them in your own way to make it comfortable for you. Just remember that a little can get you a long way.