Ideas to Keep Your Home

Saturday, March 22nd, 2008 | Investment, Money, Statistics, The Economy | 3 Comments

If you are struggling with your financial situation, especially with your monthly mortgage and other fixed expenses, here are a few ideas that might help.

There was some statistics that were recently published saying the the average American is living on 110% of his income. Most of us have listened to so many commercials that we feel we need a lot more that we actually do need to survive. The “Get it now and pay later” attitude is prevalent in much of our society. Things like how to do a budget is rarely tough in our education system. So basically, we are ignorant in important financial matters and can use a little guidance.

Fortunately, we live a society that has unlimited ways of overcoming economic challenges. The proof is the exponential rise of millionaires attaining wealth in our country. This article will give a few bandages to help stop the financial blood loss. These band aids may not all fit every need or even be convenient. They are designed to slow or stop the digging of a larger financial hole. Then we can address some longer term solutions to get on a strong financial path.

First things first – track your money! Many of us, especially those of us spending more than we make, spend a lot of money in areas that we shouldn’t be spending. Things like fast food, cigarettes, alcohol, sodas, movies, and a host of other non-essential expenses burn our money at an enormous rate. Write down the absolute essential expenses and try to minimize each expense. Vegetables, fruits, dried beans, rice and pastas are cheap food. A good sized serving of beans costs about $.25, rolled oats are even less when you buy in bulk. That cost beats the fast food value meals and the food is better for you. We have been sold the story that we deserve to have it better. So we have the tendency to spend money on a lot of things could be used in much better ways.

After we become for efficient with our money and are not as ready to squander what we get, it is now time to bring in some more cash! Could you use an additional $6,000 per year? Take in a boarder!. A roommate can be a pretty inconvenient alternative, but $6,000 of $500 per month is a lot of cash to most of us.

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