How do you manage money?

[Axxman]

In 2004 I went to a Millionaires Conference in LA. One of the speakers said the #1 fastest way to get out of debt was to have a budget.

BTW...I am no millionaire, but I have high goals...lol.

[Marnie]

In 2004 I went to a Millionaires Conference in LA. One of the speakers said the #1 fastest way to get out of debt was to have a budget.

In writing. You should know where every penny goes. And live spartan until the debts are cleaned up. It can be done, and it's never too late.

[refugepsa91]

we try to keep an "uh-oh" savings....to do this I always roundup the amount of my checks in the register...for example: If I write a check for 12.32 (or use a debit card)...I will put it down as 13.00 in my checkbook register....then every month I balance my checkbook when I get my bank statement....to figure out exactely how much we've got extra....

Its honestly amazing how much extra you can build up doing this....

Love and Blessings,

Angel

[refugepsa91]

Forgot to add, that whatever amount we have above what we like to keep in our emergency fund...we make principle only payments on our house.....usually twice a year

Love and Blessings,

Angel

[Marnie]

Something else I thought of. You should always have an emergency fund easily accessible, ie., not in a mutual fund or something that takes time to get; put this in a bank account or money market fund, which will pay a slightly higher rate of return. Some MM funds actually will issue an ATM card and allow so many withdrawals a quarter. I have a Capital One MM fund, which is my emergency fund. I've never needed to break into it, and hopefully never will, but it's nice to know it's there if I need it. I'd say have two or three month's wages tucked away just in case.

[kat8585]

I can tell you from experience, the first thing you do is cut up your credit cards, or better yet, don't get them in the first place.

[Guest]

Something else I thought of. You should always have an emergency fund easily accessible, ie., not in a mutual fund or something that takes time to get; put this in a bank account or money market fund, which will pay a slightly higher rate of return. Some MM funds actually will issue an ATM card and allow so many withdrawals a quarter. I have a Capital One MM fund, which is my emergency fund. I've never needed to break into it, and hopefully never will, but it's nice to know it's there if I need it. I'd say have two or three month's wages tucked away just in case.

I call this my "Oh, nuts!" fund.

As in,

Oh, nuts! The water pump, alternator, tranny, A/C, refrigerator, etc. just quit.

[tah]

amen to not using credit cards unless you have the money to pay the bill off when it comes...

It is amazing what we do Not Need..Most of all listen to hear God's voice..

One of the things I am most sorry for is not listening to His voice a few years ago and bought something I could not pay for..I wanted it ..a small still voice said no....Bad mistake to not listen to it...

Now I want out of debt...

Lord Bless you as you get your financial matters all in order and may you be a testimony to the way the Lord would have you use the money He has allowed to have...

[tah]

You know a really good place to go for financial advice is a site Larry Burkett founded with a friend Steve someting..Larry himself passed away about July 4th a coulle of years ago..

This world lost a great Christian man when he passed away..

but do a search on Larry Burkett and find his succesors site..

I do believe you will be blessed with their sound financial advice...

I have babys to tend to right now or I would look it up for you...

[tsth]

Observations on spending:

One of the biggest places we found to impact our savings was discerning between luxuries and necessities. Many times we spend on things that are either of vanity or excess that we do not have to have, that would save a tremendous amount of money in the long run. Here are some of the places that made a great impact on our expenses:

Got rid of:

cable tv

unnecessary trips to WalMart just for an outing

cell phones (not everybody is important enough to need one)

hair and nail salons

excessive spending on kids/teens so they can fit in with their peers/don't be afraid to say no

car buying (and shopping/looking)

maintain the cars you have, if you can catch things before they get bad, you're better off.

We tend to set ourselves up for unnecessary expenses just by temptations alone. Stop putting yourself in places/circumstances where you might be tempted. Don't be afraid to say "no" when circumstances present themselves for unnecessary spending. Sometimes it comes down to pride and wanting to look as though we're keeping up appearances, when in the long run, it's much better to say "no thanks, I really don't think we should right now". I remember the times when we were not able to do the things that our friends were doing/buying, because we knew that in the long run it would be better not to. Now, we are watching many of those same friends in a terrible bind, due to debt. We are not in the same place financially, because we did things more like a turtle, rather than the hare. It's slow, to save, but once you start to get a handle on it, then you can begin to make money from money. You MUST BE PATIENT!!! Take it one day at a time, and be willing to wait it out, and set out of the game that others might be playing around you. Don't be afraid to say that you can't afford something, then stick to your guns! And first and foremost, be honest. Be willing to say what things you now are paying for, that are luxuries that you don't need....and get rid of them.

In His Love,

Suzanne