Found Money:
How To Generate Quick Cash In An
Emergency
ARE YOU
READY TO START A GOOD SAVINGS PLAN?
You are ready but you feel at a loss as
to how you will come up with that extra
money. You are already barely eking out
a living. You can manage if you train
yourself to think differently. That is
the first part of any good plan. You
have to think right. If you don’t think
right towards your money, you won’t be
able to manage it.
Your First Step: Rethink how you think
about money
Saving money is a calm state of mind.
Before you can even begin, you have to
say NO to all of the spending—and stop
thinking that you actually need all the
stuff you’re spending all of your
hard-earned money on. Just don’t spend.
That is simple enough! Say NO to all of
the excuses and reasons for why you feel
you MUST spend. Tell yourself, NO MORE
EXCUSES, PERIOD! The very next time you
want to buy something, take the $50 or
$100 out of your wallet, instead and
stash it away somewhere. Do you see the
logic? That’s why you call saving. You
don’t end up with stuff; you end up with
the hard-earned MONEY.
Another new way of thinking will be to
think of frugality as your savior.
Become a confirmed cheapskate and do as
your most frugal friends do. Pay special
note to the fact that frugal friends fix
the shower curtain instead of buying a
new one. Sit down with Depression-era
relatives and ask about how they made
ends meet despite even desperate times.
You want to learn to economize.
The next step in rethinking is to become
inspired. Spend all of your spare time
online and search out those frugal Web
sites. Look at “living cheaply,” “frugal
living” and “voluntary simplicity.”
You’ll find a ton of good Web sites
devoted to living on less, such as:
thefrugalshopper.com*, simpleliving.net*
and frugaliving.com*.
Learn to turn shopping time into
activity time. Go for a bike ride, walk
down memory lane, take the kids to the
park; do anything and everything that
you can to take your mind off shopping
and spending. It works!
Step # 2: Time to Save!
There are any number of creative ways to
live on less. However, you don’t want to
make your life miserable. Here are some
great ways to economize without missing
quality of life.
Don’t think too much about it – just do
it! Direct deposit is now your best
friend! Your money is whisked away into
your IRA, 401(k) or money market
account—and you don’t have to do a thing
to make it happen. Just drop by your
payroll department and/or your bank and
fill out the forms. Do it today.
Eat meatless some of the time. Go
veggie. Prepare just three meatless days
a week (without substituting pricey
fish) and you could save $25 a week,
which equals $100 a month, which equals
$1,200 a year! Beans: You will learn to
love them.
Play the money game. Whenever you get a
$5 bill, put it aside for later.
Alternatively, do the same with ones,
with quarters or even all your spare
change. You’ll have a nest egg built up
before you even miss a nickel.
Never spend the extras. Save all of your
income-tax refund, your holiday money
from the folks, the $20.38 overpayment
check from the telephone company and any
other extras and save every penny.
Negotiate and Haggle. You will be
impressed by who will drop their prices,
fees and interest rates: airlines,
hotels, credit card companies, and even
computer/appliance/rug salespeople.
Before you even think about paying full
price: Haggle a bit first.
Re-evaluate your money before you spend.
That dinner out for the family will cost
more than you spend on groceries in a
week. That fancy pair of shoes is worth
half the cost of a commuter pass. Learn
what your money is worth to you, and you
won’t be so quick to dispose of it.
Don’t overpay on your taxes. Yes, you
love to get a big refund from the IRS
every spring. The fact is, though,
you’re effectively lending money to the
government and interest-free. Go through
your tax return and see if you can hold
out until Dec. 31 to maybe get a $150
refund. That way you can use your money
NOW should you need it for an emergency
and bank the refund when you get it
later.
Decide to raise your insurance
deductibles. Reassess each of the
deductibles for your various kinds of
insurance. If you can raise them at all,
your premiums will drop.
Bring your mortgage costs down. Look at
whether or not the rate is too high. If
it is, look to refinancing – this will
save you money. Now, let’s look at the
private mortgage insurance (PMI) you’ve
been paying because you didn’t have
enough money to make a 20% down payment.
If the equity in your home is greater
than 22%, make sure that it is
cancelled. It’s the law. Finally, pay up
on your mortgage. If you can manage an
extra $100 per month, you will save
thousands in interest costs over the
long haul.
Toss out those nasty, glossy catalogs.
The best-known form of spending
temptation known to man or woman is the
catalogs. Sure they are fun and look
good, but are they worth the risk of
spending? Chuck them straight out into
the trash.
Refuse those unnecessary fees. Like the
$2.50 you pay just because the ATM is
right there, right now as opposed to
walking two blocks to your bank, where
you don’t get charged at all every time
you use your cash card. Alternatively,
how about the late fees for returning
videos? These really add up. Don’t
forget those fat charges banks hit you
with when you write a check that, well,
bounces.
Clean it yourself. I’ve discovered a
very cool trick: When a clothing label
says, “Dry Clean Only,” I wash it. On
the other hand, dab out that little
mustard stain with an old-fashioned
cleaning device cleverly known as a
sponge.
Don’t pay for a pro. If you can fix the
neighbor’s garage door and she can paint
the kitchen: go for it and save.
Put your raise in the bank. Put that
tiny 3% to 5% boost in the paycheck on
your direct deposit and live on your
previous salary.
Pay smart for long-distance. Evaluate
all of the different telephone plans for
value. Pay attention to what you are
currently paying per minute. Some
dial-around codes or cheap calling cards
(one without a surcharge per call) may
give you a better rate. Not only will
you save, but also you may find you
won’t need to speak to Alvin in
Schenectady so often.
Just buy the basics for the pets. Say no
to pet pampering. Does your dog need
those t-bone snacks? Does your cat need
that rabbit-fur-lined toy? Probably
not.
Vow never again to pay full price. The
next time you must shop, hop onto the
World Wide Web. Look for eBay, half.com*
and craigslist.org* for excellent
sources of “lightly used”
goods—everything from books to jewelry
to office furniture—even the entire
first season of Star Trek on video.
When you are focused on being savings
minded, you’re thinking about money
changes. Before you know it, you have
substantial savings.
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