Suze Orman is great, but not all of us can get a 2nd job or give up Starbucks or manicures to get by... ideas?

Question

It seems that every talk show I see with guests like Susan Orman features guests with easily solvable money problems. They have all the time in the world for second jobs, or they spend $50 a week on Starbucks, or they get hair and nails done every week. NORMAL people already aren't wasting money like these "no-brainer" problems. What can WE do?

Answer 1

You need to budget. You may not be wasting money on Starbucks but there are other ways to waste money as well. Eating out instead of brownbagging it, buying cokes or bottled water instead of tap, smoking, buying candy or chips here and there, there are many nickle and dime things that really add up. Money really is easy. It is adding and subtracting that is all. You start with your income subtract necessary living and transportation expenses (and be honest about what is necessary) Then you list luxuries and a cell phone with 1500 minutes and unlimited text counts as a luxury, so do satellite and even high speed internet when you are really scraping by. Then you evaluate. Is there anything you can cut back on or eliminate? Do you owe too much on your car? Should you move to a more affordable place? If you do this all this and still have nothing, then it is time to look for extra income. This can be by selling what you don't need, doing odd jobs like lawn mowing on the weekends, taking an extra shift or, yes, a second job, or look for a hirer paid position or career.

Here are a few tips for cheaper living;

Turn the air up in the summer and down in the winter (more so when you are not going to be there)

Buy only energy efficient products when it it time for something new.

Switch to energy efficient light bulbs

Line dry whenever possible

Turn your water heater down

Caulk around doors and windows

Use weather stripping

Fix any leaks or drafts

Wash only full loads

Buy in bulk

Buy generic (sometimes quality is sacrificed with generics so you may have to do some testing to find a good quality for the price)

Limit high priced meats. Fill up on mostly veggies and carbs (if you aren't in serious need of limiting them)

Save all leftovers and have a left over day for dinner.

Limit driving and organize errands logically to make the best use of time and gas.

Save on postage, pay bills and correspond on the internet.

Clip coupons and comparison shop at stores like Wal-Mart where they will match lower prices.

Do your own oil changes and maintenance when possible.

Wash your car at home

Water the lawn less often

Be creative! There are many other ways to save, and just as nickle and dimes add up when spending, so do they when saving. None of these things will save you a fortune alone but all together they can be substantial.

Answer 2

Save on your food bill by cooking at home BUT the key to that is buying only what your great grandmother would recognize in the store. That would mean nothing but fruits and veggies, meats and items that were made WAY back when foods were wholesome. If you look on the bottom shelves as you go down the isles - that is where you will find most of those items.

Might take a few extra minutes to cook but well worth the taste.

Answer 3

You still need to take a serious look at where you are spending money.

Far too many people get homes they simply cannot afford.  They need to either move or get paying roommates or become a roommate themselves.

Answer 4

I think a lifestyle change is a very difficult proposition and in general you will find that we are hesitant to change the way we behave or give up the things we are used to.  To REALLY save, you have to change your whole out look.  You have to look at each and everything that you spend on, and see if it makes sense to switch to a cheaper provider.  I mean, cell phone, telephone, cable, even your clothes and grocery shopping.

Many people don't pay attention to switching costs, which is really important because they can eat up the savings that the switch would provide in the first place.

A budget is the most important document when it comes to save.  Plan your budget for 1 or 2 years at a time and really stick to it.

Answer 5

Giving up Starbucks should be EASY!  Im not one to spend $5 a day at coffee houses but some people are & that $150 a month that could go toward the cable, cell phone orther bill.  

I think the point is to cut out friviolous spending on unnecessary items.

Bring your lunch to work in lieu of going out, Make dinner at home, have a pot luck with friends instead of going out, so everyone contributes, do your own nails, make your own coffee, rent movies instead of going to the theater, etc etc..