What Can You Do To Get Back Control of Your Finances?
I remember starting out as a young married couple and, to put it bluntly, being pretty much broke. (Hope none of you had this experience, but chances are many of you have!) My husband (ex-husband now) worked as a supervisor in a warehouse and I was the head checker (woo-hoo) at a local grocery store. We lived in a two-bedroom trailer back in the 1970s. And we had enough to live on, pay the bills, etc. but not much else.
Our entertainment was having friends over to play cards. Going to the lake for a picnic. Playing volleyball on Sunday afternoons. And an occasional night out at a local restaurant. Watching movies rented from Family Video. Had ramen noodles or mac and cheese for meals sometimes. You get the picture.
We slowly moved up in the world. I got hired for a position with a local CPA firm and my husband got a raise and better benefits. Now we're eating out at least once a week and at a little more expensive restaurants. Going out to a theater to watch a movie. Hitting a concert now and then.
After I got hired by the US Postal Service things took another step up. The trailer was sold and we bought a house. Built a garage. Bought a new car. More nights out.
But my point is, we didn't have any more left at the end of the month than we did when we were first starting out. We made more, but we were spending more. Now I know that the whole point of the daily grind is to make money to spend it, enjoy it, improve your life.
You get accustomed to doing more and better things, and now you have a mortgage, real estate taxes, homeowner's insurance, a new car payment, more auto insurance premiums - and the list goes on. Next thing you know, you're putting the auto insurance on the credit card. Making a big item purchase on the credit card instead of saving up the money and paying for it in cash. After all, you need it NOW.
Then if you're not careful, you have a credit card debt that you can't pay in full each month and you end up paying those 18 - 20 % outrageous interest rates that are designed to never let you get out of debt.
So what can you do to get back control of your finances? Here are some of the things that can help - you learned to do them back in the days when you didn't make quite as much money:
🎬Family Video might be old school these days, but there's nothing wrong with cuddling up on the sofa and watching a Netflix movie in lieu of spending $50 for a movie and outrageously overpriced popcorn.
🍔Instead of always going to the steakhouse that you know is going to cost $50-$100 for your meal, once in a while hit up the taco stand, or go to that little grill that makes those awesome hamburgers you both love.
🛒Do some shopping at a resale shop. Everything doesn't have to come with a cash register receipt from a famous high-dollar store. We have a Habitat for Humanity Resale shop that is likely to have those same brand names, in like-new condition. And you are helping to support a charitable organization at the same time!
💸Fight the temptation to run out and buy the newest and greatest gadget. Do you really need the latest 25 attachment super-powered gold-rimmed blender? The Ninja Pro blender that you bought last year still works just fine.
🧘Avoid friend-envy. Just because a friend brags to you about her new $200 a month membership to a fancy gym doesn't mean you need to jump on the bandwagon. Until she mentioned it you were perfectly fine with your $30 a month membership to the YMCA. And again - the YMCA is supporting the community while the expensive fitness club is supporting their board of directors and stockholders.
I'm not suggesting that you go back to living like a miser and forgoing everything you enjoy but rather that making a decision to do the simpler, more cost-effective things at least part of the time might help to ease up the finances.
Now I'd love to hear what you think about these suggestions and also your own suggestions for getting control of your finances!
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It sure is easy to get caught in the trap of overspending. Those credit card bills can very quickly add up and paying all that interest to the bank is not much fun. I guess I have kind of stopped spending much on expensive toys. I like to think that what I buy is more something that improves my lifestyle without much cost. My tip for saving money: If you want a new disc golf disc just wander aimlessly around the course and look in odd places and sooner or later you might find one. (Maybe be careful about not looking too disheveled and talking to yourself while doing that, especially on full moon nights, lol.)
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Thanks @lightsplasher for trending my post! And that's a very smart way to get yourself some new discs! I know you sure got your money's worth and improved your life with your e-bike purchase!
Love this advice. We are trying to work on getting out debts paid off. We have been trying to pay it all of, but since the surgery, I haven't been able to find another job so we are doing a few more extra things. Fortunately, we have been given an RV so we are able to move out of the rental house. This gives us a full $800 a month to put on the debt. Thank you so much for sharing this post, it will help.
Ren
Sorry to hear your surgery caused you some problems, and more debt no doubt, but I hope you are recovering well. Debt is so hard to get out of. I'm glad the RV gift gave you some breathing room, that was a blessing. Hope your situation continues to improve!
Great advice, I think the best thing people can do is invest in their health and well-being. Find a job that is enjoyable, less-stressful or at the very least less hours. No one wants to be a debt slave or a slave of commercialism.
All such great tips, and it is a funny quirk of human nature for so many the more one makes the more one spends, breaking that habit can be a challenge for so many
You have great ideas! The problem today is that kids today have a sense of entitlement that we never had. We didn't expect anything unless we earned it. I can say that a lot of parents buy their kids their first car, pay for all of their education at Universities not close to home, and have already gotten them a cell phone when they were 11.
So, if these kids do the wrong thing, it is because we have taught them.
Okay, now. let me say that you have written a great post and if I were young and starting out, this advice is exactly what I need! And it is true about the same amount left at the end of the month. When I realized this, I immediately upped my investment $$. I paid myself first (after God, of course) :) and am happy that I was smart enough to not fall into the regular pitfalls. Oh, I do charge everything on a cashback credit card, but, pay it off at the end of the month. I have one credit card that gave me enough for a 10-day cruise for two. But, if you cannot pay it, stick to cash. It takes discipline, but, if you want to have an easier time in life, don't wrap yourself in a lot of debt. Don't be so on-demand. Do you want something? Save for it.
Savor the flavor afterward.
OMG... I think I was preaching. Sorry!
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Sound advice, put something into the bank every month from the day you start working, the pennies eventually become pounds as the old saying went....
Gone through my life never buying clothing off a card, never in fact had any other card other than a bank card, if you don't have the cash to buy you can do without, just try!
You have great ideas! The problem today is that kids today have a sense of entitlement that we never had. We didn't expect anything unless we earned it. I can say that a lot of parents buy their kids their first car, pay for all of their education at Universities not close to home, and have already gotten them a cell phone when they were 11.
So, if these kids do the wrong thing, it is because we have taught them.
Okay, now. let me say that you have written a great post and if I were young and starting out, this advice is exactly what I need! And it is true about the same amount left at the end of the month. When I realized this, I immediately upped my investment $$. I paid myself first (after God, of course) :) and am happy that I was smart enough to not fall into the regular pitfalls. Oh, I do charge everything on a cashback credit card, but, pay it off at the end of the month. I have one credit card that gave me enough for a 10-day cruise for two. But, if you cannot pay it, stick to cash. It takes discipline, but, if you want to have an easier time in life, don't wrap yourself in a lot of debt. Don't be so on-demand. Do you want something? Save for it.
Savor the flavor afterward.
OMG... I think I was preaching. Sorry!
!tip
@dswigle - not preaching at all! Everything you said is the truth. And you're also right about the kids today having everything handed to them and not valuing the working and saving ethic. It's today's mindset and the easy access of credit it doesn't take much to get in over your head. And here in America with no universal health care, you better hope you don't get a major illness or have an accident resulting in hospitalization, surgery, and months of physical therapy afterward. Even with your private insurance, you can still end up losing everything to medical bills.
And thank you for the tip!
My pleasure!
Thank you so much for sharing us all these useful ideas. May you have a great day ahead