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Jean
Tips if you are struggling:
Downsize your apartment or home . Never mind what others think.
Sell what you can and stop buying on credit.Stop buying anything you don’t actually need and use every penny to pay off debt
Start saving a few bucks a week into the emergency fund.
Having some cash to pay for that car repair or medical deductible is a lot cheaper in the long run than paying the bill, plus interest, over time.
Start a savings account for recurring payments, like car insurance, regular maintenance, vet checkups for your pets, property taxes, etc, that you know are coming. Same rational as above.
Cheaper if you pay cash than payment plans, and you have to pay them, anyway.
Take advantage of your employer’s 401k plan if they have one.
Once your emergency fund is to your requirements, start putting a few bucks towards blue chip stocks with a dividend of at least 5%. Reinvest the dividends.
KEEP QUIET ABOUT YOUR FINANCES !!!
Something like 80% of Americans, including your friends and family, are in debt, have virtually no savings, and are living way beyond their means.
If they know that you have money, they will start looking at you as the solution to all their problems.
StaceyAs a side note, how do you find out about investing/blue chip stocks? Is there a good website that teaches newbies?
MaryAlso keep the maintenance up on your vehicle. Change the oil on time. Check your tire pressure regularly and keep it at correct psi.
If something sounds off or makes a weird sound, get it looked at and fixed as soon as possible.
It’s much cheaper to fix something when it is a small fix than let it become a big problem and expensive fix.
Same with your house if you own it.
StaceyGood advice. I am at the smallest size I am willing to stay in (kids) for housing. Got a good deal for the area. Once my kids graduate I plan to move states unless things change drastically here.
Sometimes downsizing requires moving. I plan to have a small lot and small house but own it.
Realistically can’t do that here.
Plus want to be closer to family. So having short and long term goals are important too. Writing things down (steps included) helps.
JadedI will say keep your mouth shut abt your income and any windfall. Ex so called friends and exes used me as their own checking account.
Never again. Once an ex had me pay 3 times in a week for us and his daughter and I spent 200 on 3 meals which at that time was my groceries for a month.
I could count the times on one hand in almost 2 yrs he paid for us to eat out and he would always “car sales” me into upgrades for his own dinner when I needed gluten free buns or pasta. I say that because he was a car salesman.
I’d get sick after eating stuff. God forbid I went into Walmart with him he’d throw stuff in the cart for his snacks for work and also throw clothes and personal hygiene in too.
Ugh that jerk owes me thousands. And so called friends scammed me saying they were getting a settlement and I think they gambled it.
I am just so angry abt how so called friends and exes treated me and I will say this if you meet people off dating sites do not fall for anything and do not loan anyone money.
It’s one thing if you help a loved one or close friend out who is truly struggling but just no or don’t expect it back.
BrendaA written monthly budget is also necessary. I spent years wondering what happened to my paycheck! Now I assign all income to a category before the start of each month.
There are of course unexpected expenses such as car repairs, etc but I have savings for those.
Knowing how much I plan to spend on each category upfront keeps it in check.
KimberlyI have always had 2 checking accounts….one for the “house” and one only for bill paying. I move what I need each pay into the bill acct FIRST!!
what’s left is what’s left! I also have an auto transfer into our savings, we max the 401k.
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