First of all, be sure of this one thing. I truly believe in the philosophy of Dave Ramsey. Bottom line principle, get out of debt and stay out of debt. NEVER borrow other people’s money. If you have done it in the past or doing it now…STOP! From my experience, there are only two exceptions, a home or an education. Both will increase your personal net worth almost every time.
1.One hour commute one way. I live 65 miles from where I work. Gas prices are killing me. Not sure how to fix this, my Kia already gets 34 miles per gallon.
2.Eating out for lunch. Not having a set lunch time due to meeting schedules and the way I work, I have to eat out a lot. I used to eat the fast food combos, but since you can’t get a combo anymore for less than $6, I am now a proud dollar menunaire and a $.99 nugget man these days. Easily stay under $4 by taking your drink and ordering from the value menus.
3.Groceries are outrageous. My sole example is that milk costs more per gallon than gas. Huh, which one do you think is more important?
4.Clothes for kids. Oh my! I cannot understand how people pay mall prices for clothes that kids wear for a season, literally three to four months. I don’t pay mall prices, do quote my wife, “We look for Clarence’s rack !!” I still wear shirts I bought 6 years ago.
5.Entrepreneurial endeavors. Don’t fool yourself, any additional income you try to generate costs something even if it is your time. Opportunities do not always come along, so most of the time, the ones that are truly worthy of investigation can cost you something.
This is actually a good exercise to go through. Sit down with your spouse or a friend for you singles and discuss this. The knowledge you gain from your own introspection sometimes is more valuable than gold or silver. You will never be able to express yourself until you really know who you are.
Thanks for the idea, Donna (http://peanutwalker.com) and Angie (http://www.thriftyfloridamama.net).
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