What Does It Mean To Be Frugal?

Filed under :Budget, Expenses, Income

Being frugal means being smart with how you use and spend your money, living BELOW your means, and saving as much money as you can.  To better understand where your money is going, you first need to create a budget.

Dave Ramsey has some excellent information about how to create a family budget.  Check out this link for more info:  https://www.daveramsey.com/budgeting/how-to-budget/

How do you get started on a budget?   Here’s a few easy steps to get you started and on the right track:

  • Make a list of all of your income
  • Make a list of all of your monthly bills and expenses
  • Subtract you expenses from your income

Your expenses should not exceed your income.  And, extra money should go toward either savings or toward paying down your debt.

Once you have established a budget, the next thing you need to do is track your expenses.  This is so important – you must have a good understanding of exactly where your money is going so that you can be in better control of your finances.  This quote is from Dave Ramsey’s website:  “After just 3 months of budgeting, 84% of people say they feel more in control of their money.”    And this is what your goal is – to get in touch and understand your finances so that you can better control your finances.

This process is going to take a little time to get started, but the results you’ll get happen pretty darn quickly – just 3 months – or 90 days and you are on your way to taking control of the financial aspect of your frugal life.  If you can just commit 90 days 🙂

Once you’ve gotten a handle on your monthly budget and tracking your expenses, your can then begin to make positive changes and adjustments that will benefit you in your effort to live a more frugal life.

So let’s get started!  What are you waiting for?  There’s never a better time than now.

Wait a Minute…. I Thought the Economy Was Supposed To Be Getting Better?

Filed under :Economy, Recession, Unemployment

Isn’t that what you’ve been hearing too?  But, I just ran across an article on Yahoo News entitled:

22 Cities in Danger of a Double-Dip Recession

Wow, most of these cities are in the South where I am located!  And, I am very, very close to 2 of them in particular (actually right in the middle of them).  With the economy being so bad, and not looking good in the immediate future, many families need help in the “finance” department.  Are you one of them?  If you are, or if you’re not, living a simple-frugal-life is still the best idea.  You never know what tomorrow could hold!

Here’s a quote from the online article:

In the 22 identified metro areas, Gledhill said private sector hiring is particularly sluggish, increasing the chances of a slowdown.

Without a substantial pick-up in hiring, Gledhill said the number of cities in danger of a double-dip recession could grow, possibly reaching the triple-digits.