Cheap Living Tips » Entries tagged with "living on less"
My Notes – February 8, 2010
- Make More Money: How to Use Your Other 8 Hours
- Financial Literacy: Kids Get New Money Lessons
- Retirement Planning: Cut Your Debt Before You Quit
- Chris Farrell: Dumb Debt vs. Smart Debt
February 3, 2010 – This is good reading and excellent advise. I recently watched a video (sorry I forget where) in which an group of people shared how losing their job changed their lives for the better because they used that opportunity to start doing something they loved. Pagliarini points out that you don’t have to wait until you are unemployed to start exploring your talents and passions. I give it a 9!
February 3, 2010 – This is long overdue! Nothing irritated me more than to watch my friends’ kids spend money on foolish things and not have a clue where that money came from.
February 3, 2010 – I really blew this one…instead of paying everything off I went out and bought a new car the year before I retired so I’m stuck with payments for another three years. Told myself it would be like getting a raise at the end of the contract when I no longer had that payment. I also ‘borrowed’ to buy an additional year of service credit for my retirement fund. This however almost balances out as the increase in monthly income ALMOST covers the amount deducted to pay for added time. Again, in four years time I will give myself a ‘raise’ because this will be paid off and I will get the full benefit added into my monthly check.
I did do well with the credit card issue though. I only use credit cards for expenses I can pay in full at the end of the month or purchases that come with a no interest for 12 months option. I find that using a card gives me a more visual handled on what I am spending and helps me keep it in check.
February 3, 2010 – Must read for the frugal minded! I do take offense that Farrell says no one wants to be known as cheap! A rose by any other name….
I highly recommend putting CBS MoneyWatch RSS into your feed.
Filed under: cheapliving
My Notes – February 1, 2010
- Buffett Watch: Should You Own Berkshire Hathaway?
- Make More Money: How to Use Your Other 8 Hours
January 27, 2010 – I recently read that Berkshire Hathaway owns 10% of BIY, a Chinese company that builds batteries for hybrid vehicles.
January 27, 2010 – This is an excellent place to find ideas about making money and making your money go farther.
Filed under: cheapliving
Comments on Other Articles – January 25, 2010
- Reader Story: Rental Properties for the Average Joe
January 25, 2010 – I personally experienced one of the “rental horror stories” mentioned in this article. Although I had in the past worked for a rental management firm and my family had owned a few rentals over the years, my first attempt at owning rental property on my own was a disaster. I made a couple of mistakes that ended up costing me dearly. The first was letting a prospective tenant supply their own credit report, the second was not waiting until I had checked out their references thoroughly before allowing them to move in.
I ended up with an activist who belonged to something called a “renter’s coalition” who deliberately set traps in an effort to entrap me into violating their renter’s rights. While doing this they flagrantly caused damage to my property and violated health and safety standards in such a way that I was required to give them an eviction notice.
They counter-sued me and I ended up paying out thousands of dollars to see the end of them. Do be careful, there are people who are not nice and do not respond to your efforts to treat them with kindness or fairness.
Filed under: cheapliving
How to Live on Minimum Wage
The Truth About...
To be perfectly honest I haven’t had to face this dilemma in several decades but this morning I came across a “How To” article on this subject and it looks to me like the authors have covered the topic very well. Therefore I would like to pass this on to all of you here at Cheaper Living Tips.
The writers presume that you have an income of roughly $1000 a month after taxes. With that some to work with they outline an excellent guide for budgeting those funds to get by.
$500 (or less for rent & utilities)
$200 Food & household necessities (toiletries etc)
$100 Leisure
$30 Cell phone or Cable (pay as you go or drop entirely)
$170 (balance) Medical insurance or save for emergencies
Read the full article “How To Live On Minimum Wage” to get more tips on how to actually manage within these parameters.
Filed under: budgeting, cheaper living, frugal living, living on less
Good Ideas About Cheap Living – August 16, 2009
- Educational Toys As Baby Gifts – Finding Unique and Educational Baby Gifts
August 16, 2009 – I was always thrilled when some gave my daughter an educational gift… so much nicer than the slot machine ‘piggy bank.” Somehow that seemed like an oxymoron.
Filed under: cheapliving
Good Ideas About Cheap Living – July 9, 2009
- Where to Find a Gardening Gift
July 6, 2009 – This would be my site of choice if you are shopping for me!
Filed under: cheapliving
Good Ideas About Cheap Living – July 2, 2009
- Bicycle Commuting Survival Guide
July 2, 2009 – It was tough to decide which blog to include this in so I’m putting it on both my being green and living cheap pages. Good idea!
Filed under: cheapliving
More about Getting By Without a Job
My apologies to my readers. I had full intentions of following up my review on Philip Brewer’s article, Things to Do if You Lose Your Job, more promptly but here I am playing catch up instead. So today before discussing Part 4, Get Free Stuff and I will take a few minutes to look at Parts 2 and 3, Boosting Your Income, and Cutting Your Expenses.
In his second article, Boosting Your Income, Brewer points the reader to a multitude of possible revenue sources that we often overlook. Sure, we really want a full time job in our chosen field of expertise but in the mean time, could we make a few dollars here and there painting a neighbors house, walking their dog or shopping for shut-ins? Do we have hidden treasure stashed around the house? BBC’s Cash in the Attic series illustrates this principle week after week as participants unload Uncle Milton’s comic book collection to pay for the kitchen remodel.
I find it interesting to see renting space in your home on Brewer’s list. In working on our family’s genealogy, I noticed that census data from the Depression years inevitably had large groups of non-related persons residing at the same address. Many of the adults were identified as ‘borders.’ In general, household sizes were larger too, often several generations of the same family shared a dwelling. Hard times makes this option often a necessity.
It may be time to adjust our perception of how big of house we need to how many people will our house actually accommodate? Brewer does caution readers to be aware of the legal ramifications involved if they entertain thoughts renting out spare rooms or taking in borders. I find it sad that such a caution is necessary but we do in live a sue happy culture so it is good advise. Unfortunately, some less scrupulous folks consider frivolous law suits a viable option as another source of income, one which Brewer doesn’t recommend and neither do I. Those that do are out there though, so do be careful who you take into your home.
Part 3 of the series Brewer tackles what I would called the BIG ticket items: downsizing your home and automobile. Lets face it, they are our biggest expenses and ones where we can continue to poor thousands of dollars in an effort to maintain our image or ’standard of living.’ Image may be one luxury we can’t afford if we are out of a job. Stay tuned for Part 4…
Filed under: cheaper living
Review of Getting by Without a Job Part 1 by Philip Brewer
It has been over twenty years since I have been in a position of not having a job, so if I was going to share my personal experiences on this subject, it would not be worth taking your time to read it. Friends and family, all around me, are facing this challenge though, so I think it important to include a post on this subject. Philip Brewer, a former software engineer, has written an exceptional article on the subject which you can read for yourself on the Wisebread forum.
In this first of a four part series, Brewer outlines a strategy for taking control of the situation at the very beginning. His no nonsense approach tackles the hard question of modifying our spending habits and budget planning before the money runs out. You often hear that you should look for that one nugget of value in anything you read. For me, that nugget in this article is “spending needs to be taken off automatic.”
This key phase triggers a second look at how much money goes out of my account each day that I up till now have paid no attention to. I am a great fan of automatic payments. I don’t like to be bothered with bill paying so if I can set a payment up to be made directly to the utility company or department store, I’ll do it. By doing this, I think I have saved a bundle in late fees and interest charges.
A closer look, also reveals numerous monthly payments going out for items that might not be essential and could be eliminated to reduce the budget. Do I need to continue that book club or online membership? When was the last time I logged in or read one of those books?
The second topic Brewer covers exceptionally well is setting out a financial plan. Do you know how much you need to meet your current living expenses? Even more important, if you cut those expenses to the real necessities, how much will you need to just get by? Pick a spot somewhere in between that you can deal with and project your needs into the future. Can you survive for six months without a job? I don’t know many people who could.
Brewer’s article recommends staging the job hunt. He suggests putting together a PLAN which studies prospects and time frames and takes a serious look at when it might be necessary to lower your sights and start applying for jobs in other fields or pay levels. It’s a hard lesson but well presented.
Third in Brewer’s list is the need to analyze your assets. What do you have that you can sell to increase your available cash when necessary? He notes that you need to be realistic about how quickly you can get cash from the assets. Stocks may have a quick (if less than satisfactory) return but selling a boat or car may take months.
Brewer’s last point and most critical is don’t wait until the money runs out to look for solutions. Analyze where you are now, make a plan for stretching what you have as far as possible, stick to it. With plan in place, you can start your job hunt with a little more ease of mind.
Filed under: job search
CLT Recommends!
Xin Lu on Wisebread
- Book Review: Where the Jobs Are Now February 25, 2010 Xin Lu
- Financial Timing: How Scheduling Important Events Benefits You Financially February 18, 2010 Xin Lu
Money Matters
