During periods of high inflation, most people have to "tighten
their belts," and watch their expenditures a bit more closely. After
all, buying on credit and attempting to spend more than you have coming
in is a sure-fire road to financial ruin.
In order to live within your income - keep the bill collectors off
your back - and not really lower your accustomed standard of living,
this report is made up of a number of proven ideas to help you.
One of the first things you should do is take write out a budget.
You do this by listing your total take home income on one piece of
paper, and all of your regular monthly obligations on another piece
of paper. A good idea is to set up a separate envelope for each of
your bills - use the envelopes from your incoming mail for these, marking
on the front of each envelope what it's for.
There should be an envelope for your mortgage or rent payment, for
any payments to loan companies, and of course your charge cards, for
your groceries, your lights, heat, water and telephone costs. Then,
as you get paid, cash your check and divide the money you have into
each envelope. If you're "strung out pretty tight," you may have to
contact each of your creditors with a request to lower your payments,
and extend them over a longer payback period. If after making out
your budget - and actually seeing on paper how much money you've got
to pay your bills - this is necessary, then by all means get in to
talk with your creditors. Tell them about your situation; explain
to them that you've taken a look at your income/outgo situation, and
have devised a plan and work with you in everyone off. In almost all
instances, they'll welcome your plan and work with you in every way
possible to help you get caught up.
Probably the biggest area in which you can cut your expenses is
with your groceries. To do this, always make a detailed and itemized
list of the things you need before you leave home. Total up the costs
and if it goes beyond the amount you want to spend or have to spend,
simply go back through your list marking off those things lease necessary.
Never go grocery shopping when you're feeling hungry!
When making up your list of groceries to buy, always check your
local newspaper for best buys - if you've had to discontinue newspaper
delivery - check your local post office about midweek and you'll find
"grocery shoppers' supplements" stacked up by people who don't want
them. Go through your papers with a fine tooth comb and compare prices.
Shop at the "no frills" stores, the "food barns" and liquidation sales.
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