Archive for January, 2009

The grocery store is one of the places where it is easy to overspend. If you want to learn how to trim your grocery budget, try some of these tips from extremely experienced grocery shoppers:

• Know what you spend the most money on. Consider starting a price book that keeps track of your “buy it now and buy a LOT of it.” Track this price book for at least 3 months. As you become more familiar with the prices of the groceries you buy, you will know which items are a good deal and which ones aren’t. This will lead to a lot of savings for you.

• Do not be brand loyal. Be flexible. If your special ketchup brand is $3 a bottle but another brand is on sale and has a coupon that makes it $1, then do not hesitate to give it a try! You may end up liking the other brand better. Just open your mind a little bit and try new things.

• Don’t assume the bigger package is a better deal. Compare the unit price on the shelf tag. Sometimes, a smaller sized package is cheaper with a coupon.

• Plan your meals around what’s on sale. Make your shopping list with each week’s circular nearby and stick to your plan. For instance, if salmon is on sale for $4.99 a pound put salmon on your menu for the week. That will give you a 50% savings from one week to the next.

• When a product you regularly use goes on a rock-bottom-price sale, buy enough to last several months. Most sales run in 12-week cycles and will usually be on sale again in a few months. Figure out how much of each product your family might use and stock up!

• Most stores employ sale tactics such as Buy One Get One Free or Buy 10 for $10. Most BOGO’s ring up half price and the 10/$10 ring up $1 each. Do not be fooled into buying 10 pieces when an item is on a “Buy 10 for $10″ sale. That’s just a grocery trick to get you to buy more.

• Know your store’s coupon policies and rebate programs. Does your store allow double coupons? If so, up to how much? Also find out if a nearby rival grocery store is cheaper.

• Always get a raincheck when your store is out of the sale product. This allows you to buy the product at your convenience.

• Keep your coupons and your menu planning organized. This will save you time and money in the long run.

Are you at the point in your life when you are ready to shed that heavy burden called debt? Do you have the means and patience to do it now? If so, educate yourself with our checklist of elimination.

With some dedication, patience, and knowledge, you will find it possible to eliminate credit card debt and regain control of your financial future. Note the word patience as your progress won’t happen overnight. Just keep in control, follow this checklist and eliminate debt from your life now!

Debt Elimination Checklist

1. Know the Details: Gather all your credit cards, loans and other financial information together so that you can study each one thoroughly. In the day and age of internet bill paying, many people never bother to actually look at their credit card statements and end up paying higher interest rates or fees because of this. Now, on a sheet of paper or a simple spreadsheet, record the monthly payments of each of your debts along with the total amount due and interest rates. Now list your total monthly income along with an estimate or summary of your other regular expenses. Once you have this information complete, move onto the next step.

2. Check the Figures: Calculate how much you actually spend each month paying your debts. It is also a good idea to determine exactly how much you are paying in interest fees and charges. Decide which of your debts you want to pay off first. Some people choose the smallest debt as this will take the least amount of time to pay off. This creates the feeling of power and reassurance which you need as you go through the process. Others choose to pay off the card with the highest interest rate first. After you pay off the first debt, take the money you were paying on that card and combine it with your minimum payment on the next debt you have chosen to address. This is called the debt snowball and many people swear by its effectiveness.

3. Re-analyze your Budget: After being aware of your financial and debt situation, analyze every possibility of lowering your bills. Is it possible to refinance your home or car? Can you cut out unnecessary or frivolous items in your budget? Can you transfer balances of one credit card to another with a lower interest rate? Can you ask your credit card company to lower your interest rates? Go over and scrutinize your budget to “find” extra money. When you do, take this extra money and apply it toward your debt snowball. You will feel empowered as you track the amount owed and watch it dwindle away. By simply lowering the amount of debt you owe (and improving your credit score at the same time), you can save a considerable amount of money in unnecessary fees and interests. In turn, you can use the money which you would have paid the credit cards on YOURSELF! Doesn’t that just sound rewarding?

4. Stay on Course: Consider signing up for automatic bill payments through your bank to stay on schedule. This will help a lot on a day that you might begin to falter or second guess your resolve to get out of debt. Create a calendar with the due dates and amounts of all your debts clearly marked. Continue to keep track of all money spent and always be on the lookout for ways to trim your budget. The faster you get out of debt, the happier you will become. One last way to stay on course is to consume yourself with all things budget related.

There are many avenues you can turn to when learning about budgets. Blogs, TV, Podcast, and radio are just a few ways. These will all help to keep you on track while giving you other ideas to assist you on your trek to financial freedom.

Remember your goal is to be debt-free. Keep that in mind and don’t lose your focus. I can guarantee you that once you know what it feels like to save money, you will never go back to your old ways or habits again.