Money Tips When Budgeting on a Low-Income

[Harrison]

MONEY TIPS

1. Don't keep cash in your wallet if you can help it.

2. Use your cash card, NOT your credit card, for all purchases and keep careful account of how much you spend. And what you spend it on.

3. Use your credit card only when you already have the money for the item or service you are purchasing, or at least most of it. Nothing puts people on low incomes into debt as easily as incorrect use of a credit card. You need to be able to pay off the debt WITHOUT PAYING ANY INTEREST, which means the whole amount needs to be paid as soon as it's due. If you have are not able to pay your credit card off as it comes due each month, the only solution might be to cut it up and throw it away.


MISCELLANEOUS TIPS

1. Preferably, cut out long-distance phone calls and ask family and friends to call YOU. If you can't, at least cut down on the number of calls you make. Most phone companies have plans now where you have a flat-rate for all long-distance calls and your bills is "X" per month.

2. If you spend $5 a week on your state lottery, you could save $260 a year--with a 100% chance of winning!

3. If you smoke, make a determined effort to give it up. This may be very hard but it's well worth the trouble: you'll feel better and pocket a huge savings.

4. Concerts, plays, films, video rentals, etc, may also be off budget. Remember, if it's not necessary to survival...

I do hope at least some of these tips help you. They may even lead you to some more ideas of your own to save money.

[Harrison]

Tips for Stretching Your Dollars

1. Save Money on Lunches
A simple and easy way to save money every day is to bring your lunch to work with you a few days a week. If you bring leftovers from last night's dinner, your savings are doubled, as you are salvaging food that probably would have been thrown out anyway. Even if you manage to bring your lunch only one day a week, you can save anywhere from $250 to $1,000 per year.
2. Buy Staple Items on Sale
Most of us stick to the same brands when we go shopping for groceries or toiletries. Instead of just buying one or two items at a time,stock up on your favorite brands the next time they are on sale. The added bonus is that you won't have to run out to the store every week because you've run out of soap or shampoo.
3. Snack Smart Do you find yourself running to the vending machine at work everyday for a soda or a small bag of chips? By cutting out such daily excursions, you'll save yourself a couple of pounds as well as a couple of dollars. Try snacking on saltine crackers, fruit, vegetables, plain popcorn, and water instead. Buy your snacks in bulk at the grocery store and bring them into work with you. If you must snack on something sweet, shop for low-fat, low-calorie snacks that are made for the health-conscious.
4. Save on Entertainment
The next time you make plans to meet your friends or to go out with your family, why not suggest something that costs a little bit less? For example, instead of meeting up at an expensive restaurant, choose a restaurant that suits your needs but is a bit cheaper. Better yet, have a potluck dinner at your place. It will probably be more fun for all involved, and everyone will save in the process.
5. Save on Utilities
A little thought and planning can save you a tidy sum of money every month when it comes to utilities. First, be frugal about your electricity use. Turn off the lights when you leave the room, and don't leave the T.V. running if you're not watching it. Second, be sure you're getting the most out of your phone company. There is simply too much competition in the telecommunications industry these days for you to be paying anything more than discount rates for your long distance phone calls. Either switch carriers, or call up your current long distance carrier and get the best deal they are offering. Finally, make sure you're getting the best rate from your cable company. If you don't need premium channels, don't pay for them. However, if you happen to be a movie junkie, you can save yourself a lot of money (and energy) that you would have spent going to the movie theater or renting movies by simply signing up for a movie channel. Check the TV listings for the upcoming weekend to see what your movie channel is showing -- they generally run blockbusters on weekend nights. Instead of running out every weekend to the movie theater or renting movies, you can stay home and enjoy first-rate movies for about $10 a month.