It’s tempting to ask, isn’t it? What is wrong with so many Americans spending more than they make. Don’t we know how easy it is to allow credit card companies to seep into your life and gain out-of-control access to your entire financial life? (You don’t own credit cards – they own you).
No, we know how bad things can happen to good people. We are adults who try to balance more and more work for little additional pay or none at all for seeing co-workers downsized while we are expected to do their work, too. We are parents boosting kids back and forth to boy scouts and school obligations along with a million other priorities that seem to be competing with the less and less time we have to accomplish our life.
We simply must fight back. We must say “enough is enough.” Where do we start? We are going to go out on a limb and say that “It starts with family.”
Get everyone to the kitchen table. Have everyone talk about how they feel about the financial crisis. Review family goals (college, debt, retirement). It is time for Americans to be straight-forward with our kids and lay it out there. The idea is not to frighten everyone, but we recommend that a new awakening should be taking place. We should recognize the strength of our own families.
Consider taking the time to create a contest among your spouse and children to create “savings.” This does not just mean cutting back on things you do for fun or pure entertainment (or eating out). It means finding ways to leverage savings.
Some examples? Okay – start with these. Go to your credit card companies and ask them to eliminate the interest until you pay off the credit cards. If they won’t do this (don’t take no for an answer), ask that they reduce the interest rates. If you do this and they respond positively, you will save thousands. But work to pay them off. You can’t own credit cards – credit cards own you.
Call your insurance company and talk with them about deductables. If it makes sense to have a slightly higher deductable, you could save hundreds on your insurance bill.
Look for ways your family can create passive revenue streams. Remember: Your family members have talent. There is no negative to teaching your children that you can create wealth by using imagination and hard work.
Review your monthly budget. See if there is something you can eliminate and take the savings directly to…you guessed it….savings.
Many times people make the same mistakes over and over. They save 10% by purchasing an item on sale, but they fail to take that 10% and put it in emergency savings.
It is time to re-tool our thinking. The rich people are literally “skimming money” from the middle class. You should be aware of this. If you are not aware of this, be aware that our job as a blog and our main http://www.stickyasset.com site is designed to help you identify how this “skimming” takes place and how you can avoid it and save thousands (maybe more).
It is time to begin saving. If you are not doing this automatically, we urge you to start. Check out past blogs on this site for tips on how to save effeciently and effectively without destroying your lifestyle.
You can do this.
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