by Abram Mcconnell

Created on: September 24, 2008

There is a revolution beginning. Are you part of it? It's the revolution of paying with cash over credit, and saving money instead of paying those high interest rates with the credit card companies. It's the revolution of making sacrifices to pay off homes earlier in order to avoid instances of foreclosure and eliminate those dreaded ARMs. It's the revolution where Americans are deciding that the cost of credit is too high, and that it is worth taking ultimate moves to save cash. Are you ready to join?

Maybe you fall into the category of Americans that choose to believe that the only way to survive is with a high FICO score. If so, it is my sincerest hope that you will take a moment to walk with me through these ultimate moves to save cash- it may change your life forever.

Create a Budget- Then Stick to It

Creating a budget causes your dollar to stretch. It is your way of telling your money where to go. Creating a user-friendly budget is simple, and it will make you manage your money on purpose. To create your budget, begin by formulating a prioritized list of all expenses that you incur during a month. On a separate piece of paper, list your monthly take home pay. Starting with the most crucial items in your expense list, subtract the amounts you plan to spend in the next month. Remember to keep your budget very specific, but also realistic. Once the month is over you can compare your expenses to your budget to evaluate yourself. Make changes as necessary, and then look forward to the next month. When it comes to attacking your debt, list them from smallest payoff balance to greatest payoff balance, ignoring interest rates, and pay minimum payments on all but the one with the smallest payoff balance. This may not seem logical, but will give you traction as you eliminate your debt. This is an ultimate move that will provide ultimate efficiency with your paycheck. You will feel as if you received a raise during the first month of implementing this. As a side note, if you are married then your spouse has an equal vote on the budget. Having a spouse that will not stay on budget because they don't agree with it does no good. My wife and I have initiated a budget meeting night where we have a spaghetti dinner and do the budget on the night before the month begins. It works very well for us.

Build an Emergency Fund

Several studies have found that medical bills are the leading cause of bankruptcy in America. One of the best ways to combat this, and other pitfalls to hinder

• 1
• 2
• Next Page >>