when i was growing up, my father developed expensive health problems. he needed many expensive medications, trips to doctors in other states, multiple month-long stays in the hospital. insurance did not take care of it, mostly because he had none. he ran his own company (successfully) and kept putting it off. we were not poor. we were destitute. utilities were often disconnected. we used food stamps. the bank regularly threatened to take the house.
my father still has expensive health problems that require expensive medications and hospital stays, but by being super frugal they can now breath a little easier: a household repair is not a devastation, all utilities remain connected, and holey socks can actually be replaced.
my point is this:
1. anyone can get in financial difficulty, even well-to-do college graduates.
2. being poor has nothing to do with the inability to save. savings are quickly eaten up during a crisis and near to impossible to replenish after having nothing left after food, utilities, rent, etc.
3. not having money is frustrating and often demoralizing (especially when some flippantly reply that all one has to do to crawl out of the hole is to save one’s pocket change).
4. getting money will take time
5. resolve yourself that getting money will take time
6. being poor is not a character flaw
7. although difficult, keep a positive attitude to stave off frustration (a negative attitude will probably lead to self-medicating with things that cost money).
THESE ARE SOME OF OUR MONEY-SAVING STRATEGIES:
make a list: list all home and appliance repairs and items (large and small) that you know you will have to fix or purchase. but beware the “it’d be nice” attitude, i.e. “the fridge is running fine buy it’d be nice to have one with an ice maker.”
always keep a grocery list so you can match deals with coupons.
research everything: there is no better way to find those so called ‘hidden costs.’ do extensive research on everything you intend to buy, be it an office chair, a phone service, or a major appliance. keep track of the best stores that have your item (internet and brick & mortar) and their prices (including shipping/delivery).
do research on repair parts and labor, too. a friend bought an inexpensive car that is now sitting in the driveway until he can save enough for the foreign parts and exclusive labor.
read and understand the fine print: know what the small print is saying about your money. interest rate changes, late fees, cancellation fees, shipping, returns, restocking fees.
i’ve been a signature away from spending a big chunk of money until I read the fine print. i had to wait a bit longer, but i later found the same item for less money.
shop multiple stores: over time, we have found the stores with the best prices. one store may have everything we need, but it would be more expensive. we shop at a discount grocery store (Aldi), a discount bulk grocery store (Bent & Dent), a local butcher, a dollar store (Dollar General), and look through big box store fliers to see which has the best deal—when combined with coupons—on whatever is left to buy after the discount stores.
it may seem time consuming to go to so many places, but it’s really not. most of the stores are in town or local. for the others—because we always have a list and know what we need—we shop when we coordinate errands for that area. the savings far outweigh the seeming inconvenience. why pay $1.49 for celery on sale at Piggly Wiggly when i can get it at a discount grocery store regularly for 79¢ ?
don’t look through catalogs: you have no money so will not be able to buy anything from the catalog anyway. seeing all the cool and pretty things you don’t have and cannot afford will only make you feel deprived and frustrated.
check your attitude everyday: it is too easy to become depressed when money—the not having it, the not spending of it, and the bill collectors that want it—is all you seem to think about. so, every day, find something positive to do or think about.
which leads to the next strategy . . .
budget some fun: it’s the best way to keep up your positive attitude, especially when you hear your kids laugh and giggle. after you’ve spent money on fun, don’t feel guilty about it.
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