These days it seems that no one saves money like they used to; Money is spent nearly as fast as it’s earned. I know that in my house, there’s is usually very little, if any, left to put into savings. I realized a few months ago that I needed to make some changes and figure out some inventive ways to start saving. Here are some of the tricks that I’ve found work surprisingly well without putting any additional pinch on your pocketbook (well, some of ‘em might pinch a little).
Now, all of these things will work, IF you take that money you’ve just saved and actually put it into that high interest saving account we spoke about. Saving yourself money in a bunch of different places is great, but it’ll get you nowhere if you go and blow it on a night out on the town, or a great little dress that you just had to have. Make your money work for you, and take charge of it. If you don’t, know one else will… in fact they’ll try to convince you that you shouldn’t.
Have some other ideas? Have a great success story? I would love to hear them!
The American Financial Trap- I have nothing good to say about it. We are programmed to buy. We buy things just to buy them! The buying puts us in debt, which works out great for them; now we’re not just buying crap we don’t need, we’re paying interest on it too! Pretty soon, all your income goes to paying for stuff you bought 6 months ago and the stuff you’re buying now you will pay interest on for the next 6 months (or longer). I sound like a whiner, but I’m pissed! Mostly at myself for falling for it all, but I’m pissed at the system too. You know that if we were all to pay off our debt tomorrow we would completely trash our financial system in this country? “They” need us to be in debt; they depend on it. Do you think that this country is working for us, or are we working for it? For them? It’s the scam of the century! And we buy into one Starbuck’s Soy Mocha at a time.
Here I am (not unlike many American’s) up to my eyeballs in debt because when I was younger I bought into the “more more more” scam and so did my husband at the time. Everything from school loans to mortgages and car payments only exacerbate my situation… well, that and divorce. I take full responsibility for buying into the whole scheme, and I am where I am today as a result of the choices I made. This isn’t about “Poor me”. What gets under my skin is the fact that once you’ve fallen into the trap, it’s designed to keep you there. I have a good job, make decent money and yet it all goes to pay my bills. I am running to stand still, literally. It’s like trying to climb out of a pit with walls made of dirt and every time you start climbing out, the walls cave in just a little bit more. It’s not as if I go on a shopping spree every month (or any month for that matter), and I’m a responsible bill payer. I pay everything on time, but if anything happens in a month’s time… say car trouble or an emergency trip to the dentist, the credit card comes out and I put whatever I just paid off right back on my card. I have my very own perpetual motion machine… Sweeeeeet.
Let’s not forget that if you are to come to your senses- if only for a moment- you are quickly bombarded with ads and media and mail to convince you that you’ll be fine if you just buy more! More is better. More will solve your problems. More will make you feel better about your life. I’ve already won that battle and I know now that more is certainly not better! More is pointless to my end-goal in life, and if anything it’s detrimental to it.
Our financial “set up” here is all about the system winning and the people losing. They want you to spend, they want you to be in debt, and they don’t want you to figure it out! They… Them. I’m being awfully vague, but I don’t know who specifically to nail for it all! It’s a conglomerate, really. Comprised of government, media, financial institutions, and manufacturers who are all winning as long as we buy into the plan.
I may sound horribly negative, but in my heart it is really motivation and passion to get out. I want out and I want out for good. I’m gonna lay brick along the walls… good and sturdy. I’m gonna climb out and then I’m gonna fill that $*%# hole up with concrete so that neither I nor anyone else can fall in it again.
In my previous post about being your own financial adviser there are some handy links for blogs and websites that detail how to successfully dig out of debt if you find yourself to be in this situation. Keep on diggin’…
If you’re single, then chances are you’re well aware of your own finances. If you’re married or in a long-term relationship though, do you feel comfortably aware of where you are financially? Women in relationships often allow the financial aspects of their lives to be taken over by their significant others. This can seem like a sweet deal, really. He pays the bills, takes care of the mortgage and our investments and you go shopping! In the short term, maybe it is a good deal, but long term you could be setting yourself up for a nasty wake-up call.
I love my Mother to death- wouldn’t trade her for the world- but I also wouldn’t want to be in her shoes. My Mom has the setup described above, and for the most part she loves it. The thing is, if something happened with her marriage or even with her husband’s health, what would happen to her? Chances are she would be fine, but the real problem lies in the fact that she has NO IDEA if she would be or not. She has no idea what he does with the money, if the house is paid off, or even where their investments are! That to me is a scary situation. Maybe I’m a control freak, but there’s no way I’m going to work hard to earn a living and then let someone else determine my livelihood. Running through the McDonald’s drive-thru might be far easier than cooking a healthy meal, but that doesn’t mean it’s a good idea. Letting someone else handle your finances without being involved is no different.
Sometimes, regaining control of your finances can be tricky if you’ve already handed the reins over. If this is the case, try something diplomatic; suggest you go together to see a financial adviser someone recommended to you. Just going there together will allow you to get “current” on your financial affairs. Additionally, you can explain that someone you know was talking about their investments and you realized you didn’t know enough about your own to have a conversation. Explain you just want to learn about the things that are going on financially in the marriage or union. No harm, no foul. Soon, the more you know the more you’ll care about keeping your fingers in the cookie jar and he’ll just have to get used to it.
Another important thing to do is to get your own account. Your own credit card. Sometimes women don’t just allow all the finances to be taken care of, but they also give up their ability to have a credit history. If you don’t have things in your own name, don’t expect to have lenders offering up loans and services to you should you ever need them. Keep your credit current by opening up a couple accounts separate from your married ones.
There are also plenty of financially-related groups out there now specific to women. Some are online, but there are plenty of local ones as well. Do some searching and find a group of women that are taking charge of their finances to lend support and also teach you.
Good places to start:
Happy Friday… and happy financial independence to us all!