Debt reduction

It’s Getting Closer…

Hey, thanks for stopping by, it is not finished just yet, but the ideas are coming together and this site will be up and running in just a short amount of time.  You can always visit my blog for money-saving ideas.

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Friday, April 10th, 2009 Debt reduction, money, wealth, financial independence No Comments

Coming Soon To A Website Near You…

Different content.  For those of you following, you notice that this website is a mirror of my blog . That will soon change and check back here for updates.  The two sites will be different, and the blog  will be geared mainly toward money saving and lifestyle changes that will help you to live a life in which there is less credit card debt. 

 

Stay tuned…………

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Thursday, April 9th, 2009 Debt reduction No Comments

Not Where, But What

Sometimes it is just how a phrase is considered that will begin to show a shift in your thinking about money, credit card debt elimination, … life. I knew that the shift had begun when the question on the way shifted from being “where are we having dinner?” to “what are we having for dinner?” Let me set one thing straight, I am not a sexist that asks that his wife cook his dinner and have it ready when I walk in the door, like those from a different era.  Quite the opposite is true: I love to cook and I do not mind cooking dinner and have even gone as far as cooking the traditional holiday meals.  But there was a problem.  Because of poor planing convenience was chosen over practicality and frugality.  The nightly evening meal would often be eaten at a restaurant (there is somwhat of an aversion to fast food), so there would be a meal most nearly every night charged to the credit card.  Big mistake.  Not only was this meal setting us back $25-$30 each evening (on average $150 per week. or roughly $7,500 per year) it was being put on a credit card on which the minimum monthly payment was aroun $100 per month.  (You can see how the debt quickly grew by leaps and bounds because since the minimum payment was being made, it was was gaining interest at around 22%…OUCH!!). 
 
A change had to be made.  It is said that “if you fail to plan, you plan to fail”.  True.  Saving money and getting out of credit card debt is important to you, you will need to shift your thinking to do more planning.  Plan out your meals in advance so that you will not have to run to the store or make a quick drive-through stop.  Believe me when I tell you that stopping that mindset will free up money to pay down your credit card debt, or, if you are one of the few that have no credit card debt, it will free up money to invest for the future.  Keep the faith!

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Wednesday, April 8th, 2009 Debt reduction, money, wealth, financial independence, saving No Comments

The Frugal Lifestyle

Sometimes, in your quest to live life without spending excessively, people may call you a cheapskate, a tightwad, or worse.  Maybe I’ve developed a bit of tough skin over this, but it really doesn’t matter anymoe.  What’s funny is that these values were embraced by those of different generations.  Growing up, my parents were never rich in things, but were rich in values and friendships.  The tried to pass these values down to their children.  Being the prodigal son, I was not always willing to adopt the same values and lifestyles, but as I grow older, I realize that a lot that they were attempting to teach me were the right things.  Looking back (while looking forward at the same time), here are some things that have been learned:
 
* If you truly want it, save for it - there is no better feeling than seeing something that you want and saving for it little by little.  If you truly want it, you will still want it by the time that you have saved enough to pay for it.  Instant gratification is nice, but things have a tenency not to mean as much if you see it, grab it, charge it, and pay for it for a long time.
* Don’t spend too much for things you need - mom was a great budgeter and she always kept her eye open for a good value.  She had a budget and stuck to it.
* Waste not, want not - items were purchased for a reason and waste was not an option
* Buy quality, not quantity - mom and dad were not “brand buyers”. I was not brought up to “need” to wear Nike shoes or Levi’s jeans.  Mom always bought quality clothes that lasted and didn’t look too bad.
* Save for a rainy day - As I get older, it makes more sense, because sometimes life has a way of happening: your car may need shocks and struts (especially if you purchase a used car), the plumbing may stop up (and you cannot fix it yourself), your glasses may get broken, or something may need to be done that you don’t normally expect.  I now have a savings account online that pays a decent rate and the money is accessible if I truly need it.
 
Be wise, or as Spock would say, “Live long and prosper.”

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Tuesday, April 7th, 2009 Debt reduction, happiness, money, wealth, financial independence, saving No Comments

Savings Online

Sifting through the inbox of my email, I noticed there were quite a few on saving money online.  I found some great sites that will be able to save you some money in your quest to eliminate credit card debt.

* CoolSavings.com - grocery coupons and more

* Coupons.com - more grocery coupons

* eBates.com and MoreRebates.com - ways to save with online rebates

* PriceGrabber.com and Smarter.com - online price comparison sites

* CouponCode.com - a way to find the coupon codes that are asked for at many popular sites

* MoneyMailer.com and ValPak.com - instant access to the coupons that you get in the mail, but may have misplaced.

 

Be sure to use the money that you save online to eliminate your credit card debt and move toward financial independence.

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Sunday, April 5th, 2009 Debt reduction, money, wealth, financial independence, saving 2 Comments

I’m Gonna Wash That….

That was the beginning of a popular song from “South Pacific”, a musical from the great Rogers and Hammerstein.  Of course, if you are younger, you probably remember if from a popular commercial for some shampoo.  We will look at some ways to share on hair care today.  There was a time when the cash was a little more flush and I would lay down $10 for a big bottle of Aussie Mega shampoo.  I bought it at Sam’s Club and because I was buying it in such a large quantity there was a perceived bargain.  Twenty-five years later, I realize that it really isn’t worth all that.  Here are how to save on that and have more money for paying down your credit card debt and continue to eliminate the balances that you may have on credit cards: Purchase some low-cost shampoo such as Sauve.  By watching the sales ads carefully, you can purchase enough shampoo for one person for a year for around $5.  If there is more than one in your household that you buy for your savings could add up significantly.  (Of course use your savings to pay off high interest credit card debt).  Have your hair cut by a student at a cosmetology school.  They are learning how to cut hair and the prices that they charge for a haircut is significantly lower than a salon, or even places like Great Clips or Fantastic Sams. 
 
I have done one better:  I cut my own hair.  Of course my hairstyle is simple, I just have a buzz cut that I would walk into the barber shop, tell them “3 on the top, 2 on the sides (referring to the clipper setting) and pay $20 when I left.  I purchased my own clippers and, for the last year have cut my own.  I didn’t go cheap on the clippers because I paid over $160 for the clippers, but I figured it would last me a lifetime, so I didn’t mind.  after eight months, the clippers paid for themselves and now a haircut only costs a bit of my time and a few cents for the electricity.  It is realized that this solution would not work for everybody, but I am just throwing that out there to show that there are a lot of ways to free up extra money to get you and keep you on the rod to living without credit card debt.
Saturday, April 4th, 2009 Debt reduction, money, wealth, financial independence, saving No Comments

Shopping Tips

Believe it or not, there is an art to grocery shopping and saving some serious money (that you can use, of course) to pay off your credit card debt. Since the focus lately has been on food, perhaps some pointers will assist.

* Never shop on an empty stomach. You have a tendency to be attacted to a lot of different things when you are hungry. You might pick up some bakery item (and a little extra weight) or something that you really didn’t need, perhaps because something caught your eye (and you thought that advertising didn’t work)

* Have a list. One of the biggest money-management mistakes is that you could dash into the store “just to pick up a gew things for dinner” and the next thing that you know, you have a cart that is brimming and full and expensive: it is best to have a list and to stick with it.

* Look high and low. Believe it or not, the best values are not at eye level. Those are the coveted spots for items that have a high mark-up, but are not necessarily the best thing for your wallet.

* Shop later in the day for meat. Often, the meat department will mark down some of their meat if it hasn’t moved by four o’clock, They figure that some profit is better than no profit

* Plan your shopping. If you have a favorite grocery store, you probably know how it is laid out. With your list in hand, go only to the areas that you have to go to get the things that are on your list. Walking up and down each and every aisle may be good exercise, but the longer that you are in a store, the more you will buy. Grocery stores count on that.

Remember, the goal of grocery shopping should be to purchase economical foods to fuel you body. You want to save a little bit of money so that you can have more for your credit card debt elimination program. For a great program, click here.

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Thursday, April 2nd, 2009 Debt reduction, credit scores, money, wealth, financial independence No Comments

What’s That In Your Bowl?

Food can sometimes be the area in which a person can have the greatest monthly expense, yet, if done with a bit of planning and your eye on the prize of eliminating your credit card debt, can represent the greatest area for savings that can help propel you out of credit card debt.  The challenge is that many people are emotionally attached to foods and oftentimes it is with the foods that cost more money.  I will admit that breakfast food is one of my greatest weaknesses.  As little as ten years ago, it would not be uncommon for me to stop by Hardees or Burger King or McDonalds and grab a “meal” that included a breakfast sandwich, hash browns, and a soda.  Of course, I would supersize that and it would end up costing around $5 a day easily.  One might think that it is not too bad a deal to get a meal for $5 for one.  Well, simply plug that into a handy calculator (with the interest of course) and out jumps a figure of $22,790.52.  Believe me, when things are looked at in the long run, it can be quite the sobering ordeal. 

 

You can go less expensive.  It merely takes planning and about fifteen minutes of your time.  I have looked at food for what it is: fuel for the body.  Here is what I did: I bought a large container of oatmeal and a bag of brown sugar for around $4.00 at the local grocery store.  That is enough for one to eat for an entire month.  So, that works out to be $24 per month savings.  for ten years it could generate$1,040 in five years (no interest in this example) for paying off your credit card debt.  And this is just for one year.  Now it is known that some people detest oatmeal, but you could find similar saving by making your own breakfast and buying soda in a two liter bottle (on sale, of course).  You should ask yourself, “Why am I wasting money by eating at the drive-through? Can I make it myself for less?  What are my long-term goals?” To get out of credit card debt, CHANGE YOUR MINDSET!

For a great credit card reduction plan, click here.

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Wednesday, April 1st, 2009 Debt reduction, money, wealth, financial independence, saving No Comments

A Little At A Time

Knowledge is power, and it isn’t that we don’t thirst for knowledge, it is just that knowledge oftentimes comes with a little bit of work.  A book that I highly recommend is “The Millionaire Next Door” by Thomas J. Stanley.  I was brought up believing that being a millionaire is a life of lighting cigars with rolled up $100 bills, Rolex watches, and a Mercedes 450 SL.  This book largely dispells that myth.  Just as I mentioned yesterday, little things add up.  You don’t think about the pennies and nickels that fall down between the cushions of the couch (until you wake up from your Sunday afternoon nap to find yourself on a mountain of money).  In order to pay down your mounting credit card debt, oftentimes is begins with minute changes that free up a quarter here, a dime there, a buck somewhere else.  After a while, you find that you have been piddling away a fortune without realizing it. 
 
The premise of the book is that many of today’s millionaires are not those that are living in the biggest houses, driving the fanciest cars, are doctors, and take luxury vacations.  Truth be told, there are some that are.  One example of the great spending ability of some of those “excess hounds” is the television show from the 1980’s that Robin Leach hosted called “Lifestyles of the Rich and Famous”.  People got their misguidance from this show and believed that you had to live the extravagant lifestyle to be rich.  That simply is not so.  One big key is not to live by the credit card, but to unendingy live beneath your means and save what you don’t spend.

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Tuesday, March 31st, 2009 Debt reduction, money, wealth, financial independence No Comments

Ramen Noodles Are Not Just For College Kids

I can still remember 25 years ago when I was poor and in college (as opposed to being an adult and being poor).  I was living in the dorms, and the dorm did not feed students on Sunday night.  Several local establishments made profit on this as they offered all-you-can eat buffets on Sunday evening.  Dominos Pizza did a booming business on Sundays.  But soon the summer lawn-mowing money ran out and we were forced to find a low-cost alternative.  To the rescue came Ramen noodles.  Back then you could buy fifteen packs for a buck (now it is more like 8 packs a buck on sale).  We were in heaven.  We could fill our bellies with cheap food and life was good.  But we grew up.  We shuddered at the thought of buying Ramen noodles just to save some cash.  But now, the analytical mind kicks in.  Even if you only had it one night a week, there’s money to be saved there.  Let’s say that a meal costs on average five dollars to fix.  If you were to fix just a bowl of Ramen noodles, you could save $4.75 (that’s when you purchse them not on sale). If you were to be able to save that at 10% for twenty years, you will have saved $14,364.57.  Not bac for one meal a week.  For some delicious noodle recipes, you could always go here.

 

The point is this: sometimes making a small change can build up to big results.  The key is to looking long term and keep in mind that the “expensive” dreams are really achievable with just a few moderate changes in everyday habits.  It can help you to eliminate your credit card debt.

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Monday, March 30th, 2009 Debt reduction, money, wealth, financial independence No Comments
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