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Cutting down on spending.
Probably one of our biggest wastes of money is buying things we don't truly need, especially if we have to use credit cards to purchase them.
We had to declare chap 13 bankruptcy back in 2003. We owed in excess of $100,000 from various things, from my sons hospital bills, to plain and simple wasteful spending. Right before we filed, we were paying so much in interest on so many bills that we were having to resort to using credit cards to pay for our weekly normal grocery bills. That's when it came to a screeching halt.
The payment schedule for the bankruptcy was so severe (we had to pay back every penny we owed in 3 years), that we could barely make ends meet each month. But there was no easy escape route in the form of a credit card this time.
If we ran out of money, we didn't eat. We had to keep the heat down (this was in Michigan) to the point we had to wear coats indoors. It was turned off more than once, too. There were no Christmas gifts to give to family. There were no new clothes. It was not a fun time.
But when we finally got through it and were debt free, it was the best feeling in the world. We've been out of bankruptcy now for 3 years. We've learned a lot about buying what we need.
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-The biggest savings is buying things with cash or a debit card. We never, ever violate this important rule. We do have one credit card with a zero balance, and it lives locked away in my locker at work, for emergencies such as vet bills. This saves a tremendous amount in charges that inevitably accompany using a credit card frequently.
-We never let our bank balance get below $100-$200. This will help avoid overdraft fees.
-Big ticket items such as cars and Mr Peeks beloved motorcycles are bought with cash. I'm saving up right now for a new car, probably in the next 3 years or so.
-We are slowly remodeling our other house, in cash, bit by bit.
I always look at things and say "Is this a want or a need"? Living through the bankruptcy taught me to do that, and it is something I practice to this day. Sometimes you will buy a "want", of course. But be sure you have the funds available to do it easily, without using credit.
Mr. Peek is more of a wild card, but even he does not buy on credit. We haven't been able to see eye to eye on his purchases at all....but even he refuses to be in debt again.
We are fortunate now, without the mountain of debt on our backs, to have more money for the things that make life enjoyable. I don't have to scrimp and plan and save every penny. But that mindset has never left me.
We had to declare chap 13 bankruptcy back in 2003. We owed in excess of $100,000 from various things, from my sons hospital bills, to plain and simple wasteful spending. Right before we filed, we were paying so much in interest on so many bills that we were having to resort to using credit cards to pay for our weekly normal grocery bills. That's when it came to a screeching halt.
The payment schedule for the bankruptcy was so severe (we had to pay back every penny we owed in 3 years), that we could barely make ends meet each month. But there was no easy escape route in the form of a credit card this time.
If we ran out of money, we didn't eat. We had to keep the heat down (this was in Michigan) to the point we had to wear coats indoors. It was turned off more than once, too. There were no Christmas gifts to give to family. There were no new clothes. It was not a fun time.
But when we finally got through it and were debt free, it was the best feeling in the world. We've been out of bankruptcy now for 3 years. We've learned a lot about buying what we need.
-------------
-The biggest savings is buying things with cash or a debit card. We never, ever violate this important rule. We do have one credit card with a zero balance, and it lives locked away in my locker at work, for emergencies such as vet bills. This saves a tremendous amount in charges that inevitably accompany using a credit card frequently.
-We never let our bank balance get below $100-$200. This will help avoid overdraft fees.
-Big ticket items such as cars and Mr Peeks beloved motorcycles are bought with cash. I'm saving up right now for a new car, probably in the next 3 years or so.
-We are slowly remodeling our other house, in cash, bit by bit.
I always look at things and say "Is this a want or a need"? Living through the bankruptcy taught me to do that, and it is something I practice to this day. Sometimes you will buy a "want", of course. But be sure you have the funds available to do it easily, without using credit.
Mr. Peek is more of a wild card, but even he does not buy on credit. We haven't been able to see eye to eye on his purchases at all....but even he refuses to be in debt again.
We are fortunate now, without the mountain of debt on our backs, to have more money for the things that make life enjoyable. I don't have to scrimp and plan and save every penny. But that mindset has never left me.
Its a hard habit to break I fall into the catagory of using cards too much, then moaning when the bill comes in, with interest rising it gets ridiculous and I bet I am not alone in this , I say to the DH we dont need them we should cut up a couple but we havent so far...we are just set in a nasty habit of spending when we dont need to .Both of us are generous and if I go shopping I try to cut corners but he still goes for the expensive items , he wont look at prices, I leave him at home a lot as I know the shopping bill will be double when he comes with me ...
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