I have a monthly personal finance column in one of the local papers. I need your advice. My next article is the first in a series on how to free up money in your monthly budget to save. This first one is the hard one, because it's kind of an intro of the basics. Then, I'm hoping to do more specific articles after, like on no spend months, debt snowflaking, etc.
I guess I don't know where to start. Any ideas?
And, I have a column coming up about Christmas and Holiday gifts on a budget. I really don't know where to start with that/. HELP!
What do you guys think....
September 19th, 2011 at 10:54 pm
September 19th, 2011 at 11:13 pm 1316470398
BTW, what a neat gig! I am jealous.
September 19th, 2011 at 11:27 pm 1316471272
1. Brown bag your lunch - work and school. Start with logging for a week how many times you eat out (anything bigger than a vending machine purchase!). Now stop making 3 of those purchases a week. Or stop making all lunch purchases. Switch to home brewed coffee in a to-go cup (if they are coffeehouse indulgences). Make a hearty home made soup (in the slow cooker even) and take a tureen for lunch with an added crusty roll from the grocery. This tip can fill several columns already!
2. Do a similar column on entertainment expenses. Log for a week the expenses made on movies, books, etc. Change one or more of those into a less expensive alternative, ie rent a movie, visit the library, and try something FREE such as a visit to volunteer at the Humane Society or another charity.
3. Ditto for clothing expenses.
4. Finally, get their craft on for holiday gifting.
September 20th, 2011 at 03:43 am 1316486635
Is your first one an overview? Saving as a lifestyle vs saving for a goal? Hmmm debt paydown?
September 20th, 2011 at 03:56 am 1316487399
I am stumped on the holiday one. I want to offer useful advice for those who are buying gifts-- which is just about everyone-- and how to be realistic about what to spend, and how to avoid retail traps, etc. but it seems like such a big subject to tackle with so little space.
September 20th, 2011 at 05:02 am 1316491375
My approach is to just save the money first. I would sign up for $10/$20 transfer from checking to savings at payday or the day after, then try to feel the frugal burn and not put the money back. See if you can adjust your financial set point down that hair. Try it for a couple of paydays. Then I would put a monthly note to myself - Outlook works well - to add $10 to the transfer. See if you can adjust it again.
I think in a sense we all do this here. I don't really remember reading about anybody planning on the freeing up of money first. We save and we see if we can get away with it. Its harder to free up the money to save than it is to save.