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Old 01-12-2009, 01:58 PM
 
Location: Mississippi
3,927 posts, read 7,727,088 times
Reputation: 11390

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live within your means or a bit below your means. With today's economic outlook, jobs can be cut without notice.

Buy from farmers markets during season, and learn how to put up food. It cost much less than canned from grocery and is actually much better tasting.

plan out meals where you can have leftovers at least once per week.

What I do is buy ground chuck in larger quantities and cook it at one time, what I do not use I store in freezer thereby cutting the time spent cooking and saving on electricity as well.

If I know I am going to have lasayna today and once next week, I cook enough for both nights and eat one portion and freeze the other, saves cook time and electricity again.

I also try to incorporate fresh foods whenever possible, and am fortunant to have a garden.

I set my temp on the heater two degrees cooler than last winter, yes I have to wear long sleeves in the house, but the added savings of that plus less cook time with the 220 stove/oven is worth it....I also use a crockpot more than before, and use my grill.

DH adjusted our hot water temp as well.

Small things when done consistantly can add up to savings.

Other things we do is:

Instead of buying OreIda FF, I buy fresh potatoes and cube them and fry them. Love the taste much better and a heck of a lot cheaper.

I also especially with my clothes, when I put them in the dryer, I don't dry them completely dry, but take them out and hang them in my utility room until completely dry during the winter, and warmer months, I have a clothes line.

Last summer, I supplemented our central a/c with box fans and found I didn't have to have the unit down as much. I also use ceiling fans.
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Old 01-15-2009, 02:00 AM
 
Location: The land of milk and honey...Tucson, AZ
302 posts, read 1,394,964 times
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Cut the cable. With that extra part-time job that you're going to get, they'll be no time for watching T.V..
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Old 01-18-2009, 10:16 AM
 
16,301 posts, read 24,237,161 times
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Quote:
Originally Posted by Oildog View Post
I might pay off the credit card with the lowest balance first. When its paid off you roll that payment into the next lowest. It had a nice steamroller effect for me after college and car payments.
NO, you pay off the credit card with the highest interest rate first. There are many online debt calculators, and even programs like quicken have a calculator to show you how to pay down debt the quickest and cheapest way. Paying off the high interest rates first is the key.
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Old 01-19-2009, 11:10 AM
 
779 posts, read 2,965,192 times
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Quote:
Originally Posted by Oildog
I might pay off the credit card with the lowest balance first. When its paid off you roll that payment into the next lowest. It had a nice steamroller effect for me after college and car payments.

Quote:
Originally Posted by Asheville Native View Post
NO, you pay off the credit card with the highest interest rate first. There are many online debt calculators, and even programs like quicken have a calculator to show you how to pay down debt the quickest and cheapest way. Paying off the high interest rates first is the key.

I have heard both. Correct me if I am wrong but I believe Suze Orman says work on paying off highest interest first and Dave Ramsey says pay off the one with the lowest balance. I think Dave explained that paying off the lowest balance is the quickest and will get you motivated when you pay off that first one and it inspires you to keep going.
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Old 01-19-2009, 11:34 AM
 
779 posts, read 2,965,192 times
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Default Here are some from "The Millionaire Next Door" book

  • Always live below your means. Save to pay cash, instead of borrowing money. The earlier you start saving, the more you will have for a comfortable life. Poor people often remain poor because they spend any surplus income on short term gratification. (Buying Starbucks coffee or eating meals out is more likely to be the behavior of a person with a poor mentality than a person with a wealthy attitude. The "poor person mentality will be the one to "show off" by buying for others picking up the tab thinking they "deserve" to buy, always giving to others, outside they own family while admitting to their own family they don't have money. )
  • Don't buy new cars; buy used. Remember- you aren't what you drive
    Pay off credit cards fully each month and make sure they credit card company keeps your spending limit low--$2000
  • Stay in the same house. If its cramped then get rid of stuff! (Sell it to make money.)
  • Shop sales- use coupons
  • Don't eat out. It is expensive and they use tricks restaurants use to make food taste better cause us to eat more.)
  • Choose your occupation wisely
  • Work for yourself.
  • Stay Debt free (HOW TO BE DEBT FREE)
  • NEVER do a loan reconsolidation to be able to take on more debt.
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Old 01-19-2009, 11:40 AM
YAZ
 
Location: Phoenix,AZ
7,067 posts, read 11,443,347 times
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Use direct deposit if available. Transfer a portion automatically into a savings account.

Maximize your 401(k) savings. Take advantage of employer contributions.

Strive to keep your mortgage/rent to 25% of your net pay per month.

Credit cards are for emergencies only around here. Strive to pay off the balance to eliminate finance charges.

Buy what you need, use what you buy.
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Old 01-19-2009, 11:48 AM
 
Location: Weston, FL and Vero Beach, Fl
2,945 posts, read 11,939,494 times
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Due to a lot of planning we:
- Paid off mortgage in 2008
- Paid off all debt.

The one thing Americans need to "get" is to live within their means. Always ask yourself before making a puchase whether you can live without that item - most often you can. If you want to make a purchase and need to use a credit card, see if there is a no interest for 6 months or 1 year and then make darn sure you pay off the bill when it arrives. It's called planning.

Other ways to save:
- Share a meal
- Look for deals
- Buy a slow cooker
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Old 01-19-2009, 12:06 PM
 
779 posts, read 2,965,192 times
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Yaz said "Buy what you need, use what you buy".

Good tip!!

You can see what you already have in the kitchen and figure out lots of recipes: http://www.supercook.com/

For fun, I recently just tried potato and onion as my ingredients and was surprised at what all I found!) Ditto: flour, eggs, butter(I got a huge return on that, which included homemade noodles and cream puffs.)
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Old 01-21-2009, 05:24 PM
 
Location: Right where I want to be.
4,507 posts, read 7,827,141 times
Reputation: 3304
Quote:
Originally Posted by Asheville Native View Post
NO, you pay off the credit card with the highest interest rate first. There are many online debt calculators, and even programs like quicken have a calculator to show you how to pay down debt the quickest and cheapest way. Paying off the high interest rates first is the key.
For most people the math doesn't make that much difference in the end. (We paid off over $50,000 and the difference one way or the other was less than $300). However, paying off the little ones first, regardless of interest rate, can be very motivating. Say you have 10 debts and can pay off 7 of them pretty quickly if you start with the smallest....then work on the last 3. That is much more appealing to most people than taking a LONG time to get even the first few paid off. In fact, most people who work smallest to largest get so motivated they pay them ALL off sooner than they would have otherwise, saving $$ in the end.
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Old 01-26-2009, 04:33 PM
 
779 posts, read 2,965,192 times
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News Leader Online (http://newsleader.p2ionline.com/SpecialSections/ss/index.aspx?webstoryid=15917346&area=SS&type=page&a dgroupid=157300&adid=2122424&menu=-28 - broken link)
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