A simple tip that I came across while reading The Quiet Millionaire is to frame your spending in pre-tax dollars rather than after tax dollars. Assuming a 33% tax bracket(actual tax rate of about 25%), you need to earn $1.33 for every dollar you spend. So that $1.00 you spent in the vending machine for a soda, actually cost you $1.33. Thinking in pre tax dollars doesn’t have as big of an impact when the purchase is small, but as the purchase amount increases so does the impact. It takes another hour or two of work to cover the $33 [...]
Read MoreSeptember 2007
This is a guest from George Powell, editor of the independent financial portal Financial Web(other links in post). With so many individuals and families mired in debt (and sinking ever deeper as the days pass), it’s easy to see how the rapidly expanding debt consolidation market has grown into a multi-million dollar industry. The seductiveness of easy credit has lured countless numbers of unsuspecting people into its trappings of fine print, higher interest and long-term payments. Once inside, solid financial footing begins to give way to a quicksand of installment and revolving balances due, which can eat up a family’s [...]
Read MoreThe 104th Carnival of Debt Reduction – Digging Out Edition Getting out of debt requires intense personal action on our part. Sometimes we like to try and dig our way out of debt by using a small shovel, but the best results will come when we make drastic life changing actions. Instead of a shovel, use a back hoe or a bulldozer! Be willing to make major changes, and bury that debt. My editor’s pick is an example of a bulldozer decision, freezing your credit cards! My Credit Cards are Frozen! by Lynnae @ Being Frugal Here are the rest [...]
Read MoreA blog carnival is a periodic round up of blogger’s recent best posts related to a specific topic. The 104th Carnival of Debt Reduction(CoDR) will be hosted here on Monday. The carnival will be an excellent source of information on getting out of debt. Submissions are due by Sunday at 5pm eastern time and should be relevant to the topic of debt reduction. Off topic posts will not be accepted. Please submit your articles using the CoDR submission link. Here is the link to the 104th Carnival of Debt Reduction.
Read MoreWhat often happens in marriages with combined finances is that one person will assume control the finances. They pay the bills, watch the accounts, and retain all of the money know how. In our family that is me. Being the analytical numbers guy, I willingly take on that task. On of the pitfalls of combing finances is that one person often ends up with all the power. Power doesn’t have to just mean setting rules, but it can also mean bearing the financial stress and controlling information. The other spouse often becomes oblivious to the actual amounts and inner workings [...]
Read More“Cheaper Than Cheap” is a recurring tip series about frugality. The idea is to provide helpful frugality tips that border on fanatical to the point of being humorous. Love them or hate them, let’s hear what you think. Tip #2 was on saving gas by Hypermiling. Cheaper Than Cheap Tip Of The Week #3 : Separate Your Two Ply Toilet Paper Let’s visit the age old joke about the frugal grandmother who separates the 2 ply toilet paper to save money. The trick is to have empty toilet paper rolls to split the 2 ply onto. The process should go [...]
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