FINANCIAL FREEDOM

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Ways to Save Money Without Feeling Poor

Written by Dian Herdiana on 7:36 AM

Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money?

Although it looks like a pretty daunting task, it’s not impossible to do and once you get the hang of it and establish a routine, it’s not really so hard. In fact, as you become used to cutting down costs, you’ll even ask yourself why you just did it this year. Thank God for the recession right? I guess, if there is anything good that the recession has taught people all over the world is that no country is impervious and that you can save without really allowing yourself to be poor.

Here are some of the ways that you can save money without really making yourself feel or look poor.

1. Cut down on the luxuries
This does not mean that you will not treat yourself every now and then and just live in poverty. This can be depressing and at this point you need something to at least brighten up your month. This just means that you need to cut back on the frequency that you indulge in luxuries. For instance, if you are used to going outside to eat every weekend, cut that down into just twice a month. Restaurant food can be pretty expensive and besides they are not at all healthy anyway. Other things to give up on are movies and recreational trips. You can still go on trips but make sure that they will not involve a lot of fees.

2. Keep it simple
If you do not have the money to go out, you can still do so provided that you keep it simple. Go back to nature and have a family picnic in the park or maybe walk along the beachside. You can pack a lunch that you have cooked yourself at home. You don’t have to spend a lot of money just to be able to enjoy the weekend with the family. You just need the imagination.

3. Recycle
Instead always buying things that you think you need, why not use your imagination and creativity by recycling things. Use them for other than their uses. For instance, if you need a message board where you will be posting the chores, why not use that old chalkboard instead of buying a new bulletin board. It may not be much but if you do it for other things that you want to buy, you have not only saved a lot of money, you would have also cleared that garage full of junk.

4. Rework
If you cannot use something for another thing, why not transformed it into something that you can actually use. This is actually applicable to clothes and accessories but with imagination, you can even do it with other things in the house. Who knows, it may not even be just one of the ways to save money, you can even turn it into a business that will earn you more.

Ten Ways to Simplify your Life and Lower Debt

Written by Dian Herdiana on 6:56 AM

You should shop for quality insurance. Ask your friends for their recommendations. Do they like their insurance representative? Does the insurance agent seem to be responsive to their needs? Is the agent easy to contact? How long have they had this agent handling their insurance?

Determine your real needs. What types of insurance will you need in retirement? Consider medical, dental, free or low cost coverage. Look at your medical bills and see the types of services you were charged for? Do you anticipate needing surgery or more heath care?

Get several quotes. Even if a company is recommended by a friend or relative, you might want to get at least three quotes so you can make a comparison of the services and fees. Check the Better Business Bureau (BBB) website for any complaint. Also check the rating of the insurance company. Among the commonly-known rating financial agencies are Moody's and Standard & Poor's.

Be prepared to answer a long series of questions as they relate to your health.

Ask about annuities, Medicare, Medicaid, Medigap, prescription drug payment assistance, long-term care insurance, travel insurance, etc.

How stable is your current income flow? Do you currently own financial products? Are you wondering whether you should cash out any of your financial products? Ask your rep if you should refinance your home or not.

There are many reasons to save money. One main reason is retirement. Today you cannot live off of social security alone. Another reason to save is because there are situations ahead. Straight if your kid are quiet in high day-school, college is not far off, and neither are cars and graduation parties. Other acceptable argument to protect is because you understand you are going to want bigger, better things soon. You understand soon you are going to want that bigger house, or that better car, or that boat you have been dreaming of. Save now so all of those are an option. Another reason to save is because of the unexpected things in life coming toward you. For example there is job less, illness, or home repairs. These are all goods you are going to require saved small change for. According to bankrate.com, "Americans at present expend extra than they deserve. Savings are less than nil. But you are able to break out of that mold all on your own and reap the advantages of sensitivity at liberty and free"

Here are some real ways to save, and save aggressively. First of all, pay off all of your credit cards. That credit being open is an amazing opportunity, character uplift, and safety net. Debt is suffocating. Next, make sure you budget your income so your cost of living is as low as possible in contrast to your income. That is, if you calculate your bills, your gas, food, and extra spending, it is much less than what you are bringing in. With that extra money, you save. Put it in a savings account and act like it does not exist. Another great way to aggressively save is to have a roommate. If you are single, this is a great way to literally split your bills in half. Carpooling is also a great way to save money and split a bill in half.

Lastly, when it comes to saving it is very important to remember you are spending and what is necessary and just a want. For example, calculate how much money you are spending on going out to eat and how much that would equate to for groceries. You would be surprised. Remember how much you are buying that you do not need, that you won't even use that often. Is it worth it right now? Saving and not spending when it comes to wants is exactly what makes it aggressive saving.

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