Comments on: You Can Still Save For That Rainy Day http://mylafirecu.org/2009/03/27/you-can-still-save-for-that-rainy-day/ The LAFCU Blog Tue, 20 Dec 2011 08:38:45 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Tom O'Sullivan http://mylafirecu.org/2009/03/27/you-can-still-save-for-that-rainy-day/#comment-86 Tom O'Sullivan Mon, 24 Aug 2009 18:42:38 +0000 http://mylafirecu.org/?p=185#comment-86 There are many ways to save money in this difficult economy. 1.) One way businesses are saving money and increasing their cash-flow is to deplete their inventories through sales on existing sales items and by cutting their prices. One way consumers can save money is to deplete their own inventories of household items such as soap, paper towels or toothpaste by not purchasing new items until their own supply is substantially reduced to a week or two's supply. 2.) Another way to save pocket money is to not only clip coupons but target certain items and purchase them after checking on its price with several different retailers for a month or so prior to purchasing that item. This will increase the chances that you are paying an appropriate amount for the item and will eliminate the added costs associated with impulse purchases. 3.) Another way to save money is to reduce one's monthly finance charge expense on credit card or revolving lines of credit by paying down the balance aggressively to reduce the amount of finance charges due for the next month. If one has sizeable savings in their account, then there is no excuse to pay a much higher finance charge, especially in these times where finance charges on credit cards and unsecured lines are going up and rates paid on savings accounts are going down. Another way is to sell any used items that you no longer use or need. When you observe how low of a price you get for the re-sale item versus the amount you paid plus the finance charges you may have paid on it, this excercise will serve as a powerful reminder of how costly it can be to finance non-essential items on a credit card or unsecured line of credit. There are many ways to save money in this difficult economy.
1.) One way businesses are saving money and increasing their cash-flow is to deplete their inventories through sales on existing sales items and by cutting their prices. One way consumers can save money is to deplete their own inventories of household items such as soap, paper towels or toothpaste by not purchasing new items until their own supply is substantially reduced to a week or two’s supply.
2.) Another way to save pocket money is to not only clip coupons but target certain items and purchase them after checking on its price with several different retailers for a month or so prior to purchasing that item. This will increase the chances that you are paying an appropriate amount for the item and will eliminate the added costs associated with impulse purchases.
3.) Another way to save money is to reduce one’s monthly finance charge expense on credit card or revolving lines of credit by paying down the balance aggressively to reduce the amount of finance charges due for the next month. If one has sizeable savings in their account, then there is no excuse to pay a much higher finance charge, especially in these times where finance charges on credit cards and unsecured lines are going up and rates paid on savings accounts are going down. Another way is to sell any used items that you no longer use or need. When you observe how low of a price you get for the re-sale item versus the amount you paid plus the finance charges you may have paid on it, this excercise will serve as a powerful reminder of how costly it can be to finance non-essential items on a credit card or unsecured line of credit.

]]> By: TripAWeek.com http://mylafirecu.org/2009/03/27/you-can-still-save-for-that-rainy-day/#comment-85 TripAWeek.com Sun, 19 Apr 2009 20:26:45 +0000 http://mylafirecu.org/?p=185#comment-85 I always always always ALWAYS save at least 20% of my incoming revenue streams. Another 10-20% goes to charity/tithing. A full 30% get re-invested back into my business, and the remaining gets split 20% living expenses and 10% recreation. It wasn't always this easy. I had to save money when I thought I didn't have any to save. Over and over and over. But the discipline of saving money, rather the habit of saving money has helped me immeasurably over even just a few years. Now its easy with about 12 different streams of income coming in per month, not even counting the fire dept job. Why would u want to learn how to save money (as in budget), when u can just go out and make more money! I don't want to not have every single cable channel..... or save $100/month. BIG DEAL. How bout make 10 times more that what u need to live off of? Well, just an opinion. Great post Cindy!! I always always always ALWAYS save at least 20% of my incoming revenue streams. Another 10-20% goes to charity/tithing. A full 30% get re-invested back into my business, and the remaining gets split 20% living expenses and 10% recreation.

It wasn’t always this easy. I had to save money when I thought I didn’t have any to save. Over and over and over. But the discipline of saving money, rather the habit of saving money has helped me immeasurably over even just a few years.

Now its easy with about 12 different streams of income coming in per month, not even counting the fire dept job. Why would u want to learn how to save money (as in budget), when u can just go out and make more money! I don’t want to not have every single cable channel….. or save $100/month. BIG DEAL. How bout make 10 times more that what u need to live off of?

Well, just an opinion.

Great post Cindy!!

]]> By: Cindy http://mylafirecu.org/2009/03/27/you-can-still-save-for-that-rainy-day/#comment-84 Cindy Wed, 15 Apr 2009 19:52:17 +0000 http://mylafirecu.org/?p=185#comment-84 Hi Dick, Thanks for responding back. Yes, it has been a tough past 12-18 months. During these difficult times, it is harder to save. Many are just trying to keep up paying their bills, but if possible, it's still a good time to try and put a few dollars away. If people can do it now, when we start to come out of this recession, they will be in even better financial shape. Some of the things I have done are bringing lunch to work rather than go out or on weekends visit family and friends rather than go to the movies or shopping. Now that it's Spring, the weather outside is beautiful to spend a few hours outdoors at the park. Hi Dick,
Thanks for responding back. Yes, it has been a tough past 12-18 months. During these difficult times, it is harder to save. Many are just trying to keep up paying their bills, but if possible, it’s still a good time to try and put a few dollars away. If people can do it now, when we start to come out of this recession, they will be in even better financial shape. Some of the things I have done are bringing lunch to work rather than go out or on weekends visit family and friends rather than go to the movies or shopping. Now that it’s Spring, the weather outside is beautiful to spend a few hours outdoors at the park.

]]> By: Dick Smith http://mylafirecu.org/2009/03/27/you-can-still-save-for-that-rainy-day/#comment-83 Dick Smith Wed, 01 Apr 2009 18:16:31 +0000 http://mylafirecu.org/?p=185#comment-83 THE RAINY DAY IS HERE. WHAT TO DO NOW? THE RAINY DAY IS HERE. WHAT TO DO NOW?

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