Get Financially Healthy
For those of us who spend too much and and are financially in over our heads, there is a way to see light of day. It takes perseverance and determination but it is worth while to undertake a happier way of life for ourselves and our children.
The number one thing if you have an adjustable rate mortgage is to shop for a fixed rate. Refinance to lock in a 15 or 30 year fixed rate mortgage. You should be able to find one for close to 5%. Do your homework and get the lowest rate available. If you are paying over 5% rate on a fixed rate mortgage, also look for refinancing. Check in your area and see what is available.
The next thing to do is get money in the bank. If you have a job now and a pay check coming in, know that it might not always be so. People are losing their jobs every day who thought their jobs were secure. Almost everyone can save 10% of their income. Just imagine you don’t have that 10% coming in. You couldn’t spend it if you didn’t have it so go on that premise. If you simply can’t consider saving 10% then save 5%. But do get in the habit of saving.
Cut out all nonessentials such as eating out, cable TV, gym memberships, and entertainment. Nonessentials take up more of your income than you think. Take your lunch to work instead of eating out. Don’t rent those videos. Take the kids for a walk instead. Go to the grocery store which sells the least expensive food. Don’t buy children’s toys. I’ll bet your kids have more toys than they can play with. If you are like most people you can wear the clothes hanging your closet for years without buying anything new. Do that and put your money in the bank.
Little things like turning off the lights when you leave a room, only running your washer and dishwasher when they are full, and when baking fill your oven full. Bake potatoes, bread, pies at the same time from scratch. This will save on your grocery bill and your utility bill. You can take time out on the weekend to do this and save money. Most people can save money they spend on groceries and eat healthier. Buy fruits, meats, vegetables and prepare them yourself. Prepared foods are unhealthy and are much too expensive. You and your children will be healthier by preparing your own food. You say you don’t have time! It doesn’t take much time to make salmon patties, steam squash, and make a salad. Simple healthy meals can be easy to make. You don’t need to go to extremes.
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Published in: Personal Finance
Comments: 16 | Post a CommentPost a Comment
RJ Chamberlain | Aug 19, 2008 | Reply
Excellent advice Ruby. Well done.
Lauren Axelrod | Aug 19, 2008 | Reply
Well done Ruby. I’m sure many will benefit from these tips.
Vivek | Aug 19, 2008 | Reply
Good one Ruby…most of these things are common sense and as it’s said “Common sense is the least common thing”…I hope people realize and benefit by taking these steps
PR Mace | Aug 19, 2008 | Reply
Well written with good advice.
Eden Emersen | Aug 19, 2008 | Reply
If we would all follow this advice, we would be better for it. Well said!
Anne Lyken-Garner | Aug 19, 2008 | Reply
Great advice Ruby
valli | Aug 19, 2008 | Reply
Excellent advice.
neelam pandey | Aug 19, 2008 | Reply
Excellent advice. Thanks for sharing!!
C A Johnson | Aug 19, 2008 | Reply
I agree with everyone. That was really great advice. Great job!
B Nelson | Aug 19, 2008 | Reply
Buying a house instead of renting makes all the difference in the world!
Ruby Hawk | Aug 21, 2008 | Reply
Thanks to everyone for the interest shown and the comments. You are all much appreciated.
B Nelson, In most cases you are right but after retirement you don’t want to be saddled with a house. Its so much nicer to be able to call someone to fix your stove or put down a new rug and it’s all covered in your rent. Also you can enjoy a beautiful lawn without any of the work. I do wish all you homeowners the best of luck but I am glad to be rid of mine.
Nick Kenney | Aug 22, 2008 | Reply
AMEN Ruby!! There is way too much waste. I still see people hot-rodding with gas at $4.00 per gallon…what’s the matter with them?! Our house is paid for (thank God) and so is our car. Frugality is the only way to go today.
IcyCucky | Aug 22, 2008 | Reply
Great advices..I agree with you on almost everything
Amos | Aug 24, 2008 | Reply
That is some of the best advise I have seen lately on how to survive these hard times. Just about everybody can cut way back from what thay spend and still have more than some of us ever had. You don’t have to live so high on the hog to be healthy and happy. What more does anybody need?
Harold | Sep 7, 2008 | Reply
Good advise if we would follow it we would all be better off.
Ralph Brandt | Dec 19, 2008 | Reply
Anyone who found this article helpful should look a the others by Ruby, go to her profile and just start reading. Here are three I have written on like subjects, there is some overlap on what she and I have written on the subjects but the overlaps are items you really want to look at. She tends to be easier to read, I give more background.
http://www.gomestic.com/Personal-Finance/Financial-Help-in-These-Trying-Times.369037
http://www.socyberty.com/Activism/10-Ways-to-Save-Electricity.150175
http://www.gomestic.com/Personal-Finance/10-Ways-to-Save-Money-on-Your-Phone-Bill.391771