Financial tips Part 1 from the self proclaimed economically sound brotha

Being that I'm a financial person as well as a numbers person, I feel inclined to give some financial tips that have helped me over the years. I've been living on a tight budget since well before the recession. Now I'm taking it to the next level by getting into couponing more. 11 is one of my favorite numbers so here are 11 quick financial tips I have learned over the years.

- Drive on regular roads whenever possible, and try not to speed to save on gas.

When you go at blazing speeds, (60 mph or higher) you tend to burn more gas. This is because your engine is working harder to go faster and thus burning gas at a faster rate. Therefore, stick to the scenic routes whenever possible.

- Bring your lunch to work

You would be surprised how much the average person spends on lunch/week. Some folks spend about 60/week, well over 200/month, just on lunch. Bringing your lunch is very practical and economically sound. Whether its bringing leftovers from dinner the night before, or buying cheap lunch meat and bread, you can feed yourself lunch for about $5/week, or even 20/month. Makes sense, doesn't it?

- Try to refrain from running errands on your lunch break

I understand there are times where you only have that 1 hour window to get things done. However, even driving 2 miles every day on your lunch hour can burn gas like a 20 minute road trip, especially with the A/C blasting. Try to keep the car parked at lunch. Better yet, carpool.

- Don't shop or eat out unless its a sale or a special

I feel buying nice things and eating at nice restaurants is a treat. However, waiting for a sale or a special makes it all the more sweeter, as you save money in your pocket.

-80/10/10

Use this basic ratio when budgeting. Use 80% of your check for miscellanei, 10% on your tithes, and the other 10% on saving. The Lord must be paid first, then save some money, then use the other 80 to help out with other various expenses.

- Layaway

As mentioned in an earlier blog, layaway can be awesome. Don't turn your nose up at the idea.

- Coupon, coupon, COUPON!!!

Couponing has become more popular with the recent TLC show Extreme Couponing. Now most folks wanna do it. However, give it a try, use your Sunday papers and various couponing websites. Also, find out which stores double and match coupons.

- Buy wholesale

You have Sams Club, Costco, and the unsung BJs. Wholesale ( buying in bulk) is especially effective when you have a large family and your grocery bill is in the 100s every week. Membership to these stores is a low yearly fee, and can be well worth your while.

- Let go of the SUV

Sure its great for family vacations and the like. But that gas bill will kill ya. Try downgrading to a sedan or a compact. Think about it, theres a reason Hummer was discontinued last year.

- Unplug anything at night you don't use or need.

A woman on the Oprah show did this years ago and it worked. I decided to try it and its very true. The electric company will charge you if you have an outlet occupied. So why have something unplugged that you do not need.

- Give up that Starbucks

I also previously blogged on this. You can make coffee cheaper at your home, and you don't even need a coffee maker.

This blog is definitely incomplete. These are simply some quick tips that have helped me save money during tough times.

Stay tuned for more!

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Do They Have Layaway?

Chris Rock once described layaway as one of the best things ever, especially when you're financially strapped. Most folks, including myself, have forgotten about layaway as an option to buy things that you need but don't have the cash all at once for.
Layaway is typically popular around Christmastime, but one can utilize layaway year round. It works better than credit in that little to no interest is required, you can set up a reasonable payment schedule, and you don't feel as financially strapped. Wal-Mart had layaway for years, but discontinued it. Currently many stores such as K-Mart and Sears still have layaway.

Obviously you have only a limited window in which to take something out of layaway, often 60 days or less. You can risk losing your money paid and that item if you do not have the full amount paid in time. This turns many folks off right there. However, if you budget your money carefully and your payments, it can be very effective. Of course you shouldn't put something on layaway that's beyond your means. For example, you shouldn't put a $4000 television on layaway if you only have 2 months to pay it off and you only net $2000/month income. That's insane right there. Layaway, again, helps you get things that you can save for in a quick time, NOT live beyond your means and keep up with the Joneses.

I personally only used layaway once in my life, 8 years ago, to purchase a leather jacket. I plan on using it on a couple of items I need in the near future. I believe in paying cash for whatever you get unless its a house or a car. However, like a vacation or saving for college, we need some thing that cash on demand do not cover.

So next time you need a new TV, washer/dryer, etc, don't panic! Consider layaway.

I plan on a financial assistance blog in a few weeks so consider this the introduction. Layaway is a great start to getting the things you need and even some you want.

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