Ok, so this weekend we talked about the difficulties that debt can create in our lives. As I have been wrestling through this myself I came across a book by Mary Hart. It’s entitled, “Debt-Proof Your Marriage.” It’s not written (necessarily) as a “Christian” book, but she certainly points people to better understand the dynamics of their spending and their giving. Anyway, within one chapter she gives 40 ways to start saving money. I thought I would pass along 20 of them to you. I hope you enjoy them or (at least) consider using them as a part of your plan to find financial freedom.
Here they are:
- Shop with cash
- Toss your catalogs
- Call your insurance company (look for discounts; raise deductibles if reasonable)
- Play games with your money (don’t spend your coins, at the end of each day put them in a jar, once the jar is full use it to make an additional payment towards one of your debts)
- Clean it yourself (use dry cleaning for as little as possible; most fabrics aren’t damaged by being washed in water)
- Self-Talk — Before purchasing anything ask, “Do we need it? If so, do we need it now? If so, is this the best deal?”
- Don’t overpay your taxes — If you are getting a big refund each year stop it. The only thing you are doing is lending money to Uncle Sam until he gives it back to you later.
- Learn to cook
- Never pay full price — Wait for sales or come with a coupon
- Get supermarket savvy — Go with cash, determine what you are going to buy ahead of time, don’t go when you are hungry
- Grocery shop less often — Use up what you have already purchased and don’t run out to the store every time you get the urge
- Use the library — It lends not only books but also videos and music. So, “check them out.” :-)
- Empty the trunk of your car and fill up your tires
- Stop Shopping
- Hair Today/Gone Tomorrow — Guys: Learn to cut it at home; Ladies: Don’t get it cut as often
- Turn down/up your thermostat
- Make your own cleaning supplies
- Use coupons
- Extend the useful life of products
- Make one big, bold move — Whether it’s downsizing to a smaller home, getting a second job, or selling something significant.
September 29, 2008 at 7:59 pm
I think that getting my hair cut at home has been a great choice. A clippers at Walmart cost $25, and I have been having my wife cut my hair for almost eight years. If a haircut cost me, say $15 every 6 weeks, that means I have saved $1040-$25 = $1015.
The buzz cut, what an investment!
September 30, 2008 at 3:24 am
This sermon series and the ABC’s book has been “VERY” convicting to us. We had booked a cruise for next March. It’s been planned for 2 years. Noone enjoys cruising more than us. But, after a heart to heart talk, we decided that we needed to put the money toward debt rather than a vacation, at least for now. With airfare and the cruise plus all the extras that a vacation like that would cost, we’re lookin at approx 6 thousand bucks. Yeah, we treat ourselves pretty nice. Anyway, after cancelling all the reservations we both felt like a burden had been lifted. I guess we both had been thinking the same thing but didn’t want to disappoint our spouse. We’ll do another cruise sometime, just not next year! The bread is going toward debt!
September 30, 2008 at 7:03 am
Becky and I have not made significant changes yet, but have saved some money. Our thinking has certainly changed significantly. We dropped our premium channels on DirectTV, saving us $360 per year, and dropped our ISP (Internet Service Provider) and switched to Verizon, which also saves me roughly $360 a year. Plus I get the first 6 months free, so that gives me an extra savings of $360 for at least the next 6 months.
September 30, 2008 at 11:09 am
Great thoughts!!!
It is really something we all should consider in this financial situation that our nation is in.
October 6, 2008 at 5:39 pm
As the church goes through this period of financial commitment, I think it would be beneficial to talk about reigning in the rates we are paying on existing debt as well. 15 year mortgages from HSBC are at 5.25%, Decatur EarthMover Credit Union has 3.3% home equity loans up to 80% LTV (think, pay off all credit cards or other debts with the equity in your home, dirt cheap), and there are many 0% balance transfer options out there.
In our discussions it’s important to remember it’s all relative – credit card debt is not evil, necessarily, but generally. For instance, we paid of our car loan which was 5.9% and moved it to a credit card at 2.9% APR fixed for life. That saved several hundred dollars and means I will keep that debt as I focus instead at paying off the mortgage which is obviously higher than 2.9%.
October 23, 2008 at 9:50 am
I thought the debt proof book sounded really good so I ordered it off of amazon…thanks for the tip. I have been listening to the mp3’s of your series and have to say a have been convicted by what you are teaching. Thank you so much for taking on this difficult subject.