Money, Money, Money
Get An Education
I have placed this first because it is truly the most important thing you can do. I don’t just mean attending college or a trade school but learning skills that will help you to save around the house. Take a night school class at your local high school and learn budgeting, computer skills, cooking, car maintenance, or anything that will help you to become more efficient and frugal around the house. Take advantage of on-line tutorials, books and friends who may be able to help you learn anything from tax preparation to plumbing to cutting hair. The more you know the more you save. Begin now by making a list of all the things you have paid people to do over the last year. Make another list of skills your friends and family possess. Make a third list of the skills you could teach someone else. Now go forth, choose a skill you want to develop and DO IT.
Don’t Spend Your Change
If you are participating in our Seven Step to preparedness challenge you will already be doing this. When we were first engaged we began taking our change each night and placing it in a jar. At the end of the month I would take the change to the store and purchase spices, pantry basics and cleaning supplies. When we were married and moved in to our first apartment the cupboards were stocked. We could never have afforded as poor college students to purchase these basics all at once. You will be amazed how much money you have at the end of the month with such little effort. You will also be amazed that you don’t miss the money. We have saved as much as $40.00 a month. If you have older children have them participate too. Designate the money for a special item for the family or for a family vacation the children can also get excited about.
Cancel private mortgage insurance
Once you owe less than 80% of your home’s value your lender no longer requires mortgage insurance. Keep a close eye on when you reach this level and cancel the insurance. It is usually a very poor value. If you have an illness or disability and need to insure your mortgage shop around and make sure you are covering only the balance of your principle. Your home owners insurance will cover the rest at a much better rate.
Barter
Make a list of the skills and talents that you would be willing to share with others in exchange for talents you don’t have. You may be a great baker and can make holiday pies and breads in exchange for haircuts for your family. Do you know a family who has children your children enjoy playing with? Rotate babysitting on Friday nights. Can you tutor math in exchange for auto repairs? Sit down and brainstorm all the skills you and your family have to share. When you have finished start a second list of all the people you know who have skills you need. You may be surprised how willing others are to trade with you thus saving money for both of you. Also include on your list any materials you may have or have access to at discounted rates. You may have firewood, if you are a contractor you may have access to scrap wood that can be used as kindling or even to build shelving. I am always amazed at the large pieces of wood that are discarded at job sites. You may have fruits and veggies from a garden. You may have access to or own a vacation property or cabin that you could trade. You may even have an extra car you are ready to get rid of. We have a friend who traded a summer of yard work and painting with a high school student. At the end of the summer the student had a car and our friends had a painted shed, house and a great looking yard.
We are now collecting our change and are anxious to see the results. I like your ideas about bartering and I think that I will make my list today. Thanks for the great ideas.