Mommy Blog, Tips & Ideas
Household Finance Tips
Bargain Shopping Saves Money
Jul 2nd
Webster’s dictionary defines bargain as an “advantageous purchase”. Anyone who does even a little bargain shopping knows that you can save hundreds (or even thousands) of dollars each year just by searching for a bargain or two. Keep in mind that the only true bargain is one that you would have been buying anyway. If you buy something just because it is on sale then you won’t save any money in the long run. Here are some tips on bargain shopping:
1. Good bargain shopping requires you to be a little bold or aggressive. No matter where you are shopping, ask for a better deal than what is showing on the sticker price. Talk to a manager, because they are usually the only ones who can make those types of deals.
2. Sign up for the rewards programs with the places you shop at the most. You can get great rebates, but you will also be made aware of upcoming sales. Save your coupons (which you will also receive by being a rewards member) and use those with the sales to get the best bargains around – check the coupons to be sure that they are not excluded from sales.
3. Know the best times to shop for certain items. Every thing has a peak season – even cars and houses – and by shopping AFTER the peak season you can usually get the best bargains and save the most money. Shop for summer clothes after June or July. Shop for winter clothes after Christmas. Shop for cars after the New Year.
4. Use the internet. The internet can be the bargain shopper’s best friend. It is the easiest and least expensive way of researching products and even stores. You don’t have to drive around comparing prices – you can just surf around instead.
5. The internet is also a great place to find coupons. Cutting coupons for items you regularly use and then finding a grocery store that will double them can easily save you around 30% of your grocery bill each time that you shop.
6. Buying in bulk is another great bargain shopper’s tip. If you have the room to store up items, then purchase non-perishables when they are on sale (and hopefully you have a coupon).
7. Review your services and plans on a regular basis. Check your insurance to see how you can reduce your rates. Call your cable company and request a rate decrease similar to the satellite plans that you can sign up for. Talk to your bank about adjusting your equity line interest rate. If you don’t ask, then you will never save the money and the worst that can happen is that they will say no.
Learning to bargain shop is a great way to shave money off your budget. Use the savings you find to plan a great family getaway or to splurge on that item you have wanted for so long.
Wealth Creation Rules to Live By
Jun 22nd
Have you ever wondered why money comes so easily to some people, yet others seem to struggle for every penny they earn? The difference between the two types of people often lies in how they think about money and wealth. Here are some wealth creation rules to live by to help you become one of those who will always have more than what you need, instead of someone who never has quite enough.
Change your money mindset. How you think about money and wealth is the single most important factor that determines whether you’re wealthy or not. If you hold any wrong beliefs about money, or believe that you don’t have enough, that thinking can hold you back from ever becoming wealthy. Instead, recognize the power that your thoughts have over the money in your life and embrace it. A good book to read to help you change your mindset about money is Napoleon Hill’s Think and Grow Rich. This book explains how your way of thinking can make you wealthy, or keep you from experiencing the riches you desire.
Be optimistic about wealth. Money is important in our society. Not having enough can be a very scary thought. But instead of being fearful of money, be optimistic. Visualize yourself having enough money to pay your bills and enjoying the finer things in life. What would it feel like to have a certain dollar amount in your bank account? Focus on that image and keep it foremost in your mind.
When you are optimistic about wealth instead of afraid of not having enough, you will be on the path to overcoming adversity and creating wealth.
Be willing to take risks. Realize there is some risk involved in creating wealth, but that anything worth achieving is worth the risk. Some people never experience the fulfillment they crave because they’re afraid of failing. Failure isn’t something to be feared. Instead of procrastinating and being afraid of failing, plan your actions carefully so you will be prepared no matter what happens.
Take action. Take action where your money is concerned. If you’ve been waiting for wealth to come along and find you, it’s time to start taking action to create wealth instead. If you own a business, be prepared to work harder and offer better services. Take positive steps that will help you create wealth.
Invest your money wisely. Make your money work for you. The wealthy don’t keep their money in savings accounts. To protect the money you have and ensure it continues to grow, it should be investeted in a fund that’s well-balanced between safe investments and risks. This is how the wealthy use money to create more wealth.
When you develop the right mindset toward money, take smart actions, and manage your money wisely, you will become a person who creates wealth and stop being someone who is afraid of not having enough.
Develop a Positive Money Mindset
Jun 21st
How you think about money is the single most important factor that determines whether you are wealthy or not. So, if you want more money in your life it is essential that you develop a positive money mindset.
However, many of us are taught to think negatively about money. We’re told things like “money is the root of all evil,” and “money doesn’t grow on trees.” No wonder we have such a difficult time thinking positively about money! You may have even been taught that rich people are greedy and as a result are subconsciously avoiding wealth and missing out on the great opportunities having money can provide.
As long as you hold on to negative and incorrect beliefs about money, you will never create the wealth you desire or deserve.
To change your money mindset, you must first recognize that money is not good or bad by itself. It is just a tool. In fact, money is more often used to do good than bad. Think about the wonderful charities that have been able to help people all around the world when they are given large donations of money. Appreciate all the good that money is used for. It is important part of life and is used to make positive changes in the world. Money should be sought after, not avoided.
Recognize that money is abundant. When you were young, you may have been told by your parents that money doesn’t grow on trees. If you’re holding onto that belief now, your own mindset could be holding you back from attracting money. Money may not grow on trees, but there is an abundant amount of it for everyone, including you. However, if you believe that money is scarce, that belief will keep it far away from you.
Giving money away is another way you can develop a positive money mindset. Wanting to hang onto every cent you have is a sign of a stingy mindset and reinforces the idea that there is not enough of it. Giving reinforces the concept of abundance.
Finally, be happy for those who are successful and have money. We often remember being told that those who have money are greedy and are tempted to think negatively about them. In fact, the opposite is usually true. Rich people often accumulate their wealth by sharing what they have with others and believing in the idea of abundance.
When someone else has money, don’t resent their success. If you have feelings of jealousy, that will only hold you back from achieving your own wealth and success. Instead, be happy for them and remember that there is enough wealth for you too, and your turn will come.
By making these changes in how you think about money, you will be on your way to developing a positive money mindset. Once you begin thinking about money in a positive way, you will be on the path to achieving your own wealth.
Easy Household Budgeting Strategies
Jun 20th
Most people live paycheck to paycheck, and spend what they want whenever they want. But if you keep up that pattern long enough, you’ll soon discover that the money runs out before you’ve paid all the bills, and there is never any left over for special purchases or holidays. To get control of your household spending and start saving you will need to set up a household budget.
The thought of having to stick to a budget might make you cringe. It sounds restrictive and boring. But if you are serious about creating wealth, a budget can actually give you freedom. You will have control over your finances, know where your money is going, and have a plan to reach your financial goals. Not spending on a few things that you can do without right now means you will be able to spend on larger, more important purchases in the future.
Here are some easy household budgeting strategies you can use to get started.
Find out how much you earn.
The way you’re paid can determine how you budget your money each month. If you’re paid on a weekly basis, you can calculate your budget based on four paychecks a month. That means you’ll have four extra checks throughout the year to help with extra expenses. If you’re paid bi-weekly, you can calculate your budget based on two paychecks a month, and have two extra checks throughout the year. If you’re paid monthly, calculate your budget based on the monthly amount. You won’t have extra checks throughout the year, so you’ll need to be careful in budgeting for the extras. For those who aren’t paid regularly, figure out your annual income and divide it by 12 to determine your monthly income.
Track your expenses.
Your fixed expenses will be easy to figure out. These are the items that stay the same from month to month, such as your mortgage, car payment, and the like. Your other expenses can be trickier to calculate. To find out how much you really spend in a month, carry a notebook with you and write down everything you spend for the next 30 days. This will tell you how much money you’re spending, and where it is all going.
Figure out the difference.
Now, find out the difference between what you spend and what you earn each month. If you have a surplus, a portion of that should be budgeted for investments or savings. If you have a shortage, you have one of two choices to solve your budget woes: lower your expenses or increase your income. You may even want to do both.
Lower your expenses.
Lowering your expenses is the most obvious way to solve a discrepancy between your income and your spending. Simple changes made over time, such as renting a video instead of going to the movie theatre, can add up to big dollars in your bank account. Others may be lifestyle changes, such as giving up one car and taking public transportation instead.
Taking control of your finances by setting up a household budget is an important first step to creating wealth. As you begin to make wise decisions about where your money goes, over time you will find opportunities to spend less and have more money to invest.
Get Control of Your Finances – Steps You Can Take Today
Jun 19th
Your finances determine many important things in your life such as where you live, how you live, and what you’re able to do. So, it is very important that you get control of your finances. Here are some steps you can take today to start taking back control of your money and get on the path to creating wealth.
Start tracking your spending. The first step you need to take when taking control of your money is find out how you’re managing your finances right now. Where does your money come from and where does it go? You may be surprised to learn that how you think it’s being spent is often different than how it is actually spent.
To find out where your money is going, begin tracking it right now. Your tracking system can be as simple as a notebook page with columns, or you may want to set up a software program to help. Then write down all the money you spend as soon as you spend it. Don’t let guilt keep you from making entries. This step is meant to help you find out the truth about where your money goes, not judge your spending.
Set up a budget. If you don’t think you can follow a budget, think of it as a spending plan instead. To get your finances on track and start saving, you will need to spend less than you make. Write down where your money is coming from and on what dates you are paid. Then figure out how much of that money is spent on bills and other necessities. Write down how you will spend the remainder.
This is where you may realize you need to cut out some expenses so you can stay within your budget. Remember to plan ahead and put money aside for large purchases. Your needs will likely change every few months, so review your budget or spending plan regularly.
Start saving. The wealthy save a portion of their income so they can invest it and watch it grow. However, most of us aren’t accustomed to saving. We spend our money as quickly as we get it. To begin saving money today, contact your bank about arranging a regular automatic transfer from your account. Saving 10% of each paycheck is a good goal to strive for. While you’re getting used to the idea of saving, you may want to start out by saving 5% of each paycheck and build your way up.
Put away your credit cards. If you have your credit cards with you when you go shopping, you will probably use them. Eliminate your credit cards as an option by putting them away or even hiding them. If you remove them as a temptation, you will force yourself to live within your means by spending only the money in your bank account.
Ask your credit card companies for lower fees. Pick up the telephone and ask your credit card companies if they can work out a lower rate for your credit cards. Usually they will try to help you because it hurts both you and the credit card company if your debt goes to collectors. A lower rate means it will cost you less to carry the balance while you pay it off.
You can gain a lot more control over every aspect of your life once you control your finances. By following the above steps, you will be on the way to getting that control.
Recent Comments