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Save some dough?

Times are rough... they are rough for many of us... especially in the real estate industry. We are finding our belts and sucking them in a few notches... But not just in the real estate industry.

Last night I was talking with some friends that are in the business of state and local government. Furloughs, hours reductions and no raises are just some of the ways they are being affected... Out in the private sector, pay cuts, layoffs and other cutbacks are all over the place.

But that isn't news...

One can barely turn on the radio, TV or computer without seeing rough news about the economy... and the news is getting rougher. Instead of stemming job losses with the "stimulus package", it seems that losses are still running heavily. Increased governmental debt and looming tax increases are keeping businesses from expanding. The dollar is remaining weak, keeping the cost of fuel high, despite lower worldwide demand.

But there IS something that we can do about it...

We can save money. Did you know that Google has multiple directories of resources to save money? I didn't... I know now, though. From ways to lower food expenses to coupons and freebies... there are all sorts of resources for all of us to use to help us enjoy life while saving a few more bucks. And even if we think the job is secure and our risk exposure is low, saving a few dollars can reap huge rewards... Think of the amazing investment opportunities that are out there right now... from undervalued, but healthy companies that might be great to own stock in, to super deals on real estate for investment purposes... Since the economy is tough, it is a buyer's market all over.

This is the time when solutions can be found and the foundations will be poured for future financial gains. And the first step is putting ourselves into a position to do something about it.

The baby-step for financial security is saving money... So, try this.

If you are looking for that investment property in Gwinnett County, let me know...

I'd love to hear from you...

Posted by Lane Bailey - REALTOR & Car Guy on 07/12/2009 02:39 PM

Comments (41)

Saving Money in the Mortgage / Finance Channel

financial crisis, crazy ideas, adding value

Originally posted at: Looking Out From the Garage: Save some dough?

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41 Comments on Save some dough?

JUL

I've been saying it for 3 years.

Save your money and stay out of the mall.

We are savers. We spend our fair share as well, be we know how to prepare for a rainy day. Great link you provided...I'm off to read it!

I'm not the best at saving....wish I were, especially at times like this.

Patricia

Nice find. it is a time where people can fundamentally change lifestyle habits. I parked my car at lunch today next to a brand new $100K Mercedes. I was happy for that person's prosperity, but for me luxury is having a lot of money in savings and real estate owned.

You can either spend money, or have money, kinda how I look at it. I try to be as frugal as I can, for the sake of the security of having the money. Security is worth a lot more to me than trying to keep up with someone way more broke then I am.

Dave Ramsey says it best... " Why are you trying to keep up with the Jones', they are broke too."

I'm past the stage in my life where I need to impress people with "things." Since moving to Texas I've found a simpler lifestyle. Life is about relationships and spending time with the people who are important to you. It can all be gone in an instant so life your life as if every moment could be your last. I found that out the hard way when my 45 year old brother passed away of a heart attack last October.

[We can save money. ] HELLO!

GREAT resource and spot on the point!

I'm like Sinead O'Connor sans bald head and Pope problems) . . . haha

"I do not want what I haven't got" :)

We were brought up saving. We were prepared for rainy days, set backs, accepted them as part of life's ups and downs. You can not have everything going and money in the bank is an expression my Dad preached. But boy isn't it nice to have savings and be able to buy it if you wanted but to decide you don't really need it or that you will shop to get it at a better price? Credit charge and the high interest rate is a cancer, a financial hangover sometimes from poor impulse control. Lenn is right..stay away from malls, keep the wallet in your pocket.

Thanks for the helpful link .... I've taken a quick look and will research the particular sites in more detail. Suze Orman says that everyone needs an 8-month emergency fund in case you lose your job ... good advice.

Carol Pease

The older I get the cheaper I get. We buy clothes for the kids and ourselves at Goodwill or Walmart if we go new. Shop the sale ads and go to the bag it yourself type grocery store. This years vacation is camping.

Saving the dough is easier said than done.. Many industries have seen rough times.. It is liable to get worse before it gets better

Lane- I have a post in draft about this too. I find that most of the time people are so used to living on credit and beyond their means. Saving is the most important thing but also, food storage and water storage. We who live in Florida are used to hearing about preparedness. Stock up when there are sales. We just had one of our clients sell one of their cars. The wife stays home during the week, the husband takes the car they kept to work out of town, he comes home on Thursday nights. Fridays is set aside for him and his wife to go do all the errands, shopping, etc that needs to get done. They are living on the money from selling the car right now. But this is a blessing in disguise, as it is usually. They have learned about frugility, saving time and more. Many times the things we think we need, we do not really need. Katerina

Don't spend more than you make!! That is what my Dad always taught me. I tried the alternative in my young and stupid years and spent five years of my life climbing out of debt. I like his plan better!

Lane, good thing I wear classic clothes they don't go out of style. LOL

Lane, what a great post. You are right. There is no reason not to be SAVING money! Thanks for the thoughts & reminder!

Agree, stay out of malls and do not buy anything you do not need - not want , need.

I'm glad I was raised to be frugal because otherwise I wouldn't be able to sacrifice like I have been for the past year or so. Even so, when money is tight you'd be amazed at all the ways to save even more money. The positive thing that will come out of the persistent state of the economy is that many people, including me, will never go back to spending money on non-essential items without heavy consideration.

Lane, I wish this was something I was taught as a child but unfortunately it wasn't. The way I used to save was by buying real estate. That didn't work out to well :) This is an area where I can certainly use improvement.

I really disagree with your whole premise. We should all be out there spending money and helping to keep the stores, restaurants, car dealers etc. etc. in business. The economy is built on spending money, not saving it. If you saved every penny you made, we would live in ghost towns with only walmarts.

Seriously, go spend money and help spread it around. Help save a job!!!!!

Saving money is the key to anybodies future and paying off the house. You need to plan for the future.

Hi Lane~ It is about time we learn to SAVE and NOT spend. How many material things can you really use or need anyway? There is NO excuse for being wasteful with any of our resoures and money is one of them! Can anyone that is tremendously in debt say that they enjoy it? The truly happy people are the one's that have very little debt and have a cushion for emergencies should they arise.

So many ways to save. I've cut coupons forever, it's like cash in hand. i don't go the grocery store that offen, however when I do, between the buy-one-get-one-free deals and the coupons...I usually save $50K a shop or at least 20% of my bill.

I also have sealed my windows. My bill 3 years ago for electric was up to $244.00 a month for heat. I have it down to around $80.00 a month. I turn the A/C up to 78 when I leave. I take advantage of the cooler nites and chill the house to around 74 when I get home. This stays for most of the nite until the sun comes up.

I only do laundry when I have a full load. Not a few pieces every nite or 2.

I don't waste food. If there are vegies getting to the end of their life...I makes some kind of soup with them. I prepare food in bulk and freeze the extra for later.

If I can work from my home office. I do. I save printing flyers for a day when I know I will be at the office.

Just a few things I do...I would guess that changing my lifestyle has put about $400.00 a month back in my pocket... :-) Then again, I was always a coupon clipper...it's like change in your pocket...it adds up!

We tried it for a while but it seems like too much trouble for the benefits.

Great timely post. It seems that being cheap is IN!! I love listenting to Dave Ramsey on the radio and he has great ideas for people in debt.

I also have a friend that does The Grocery GAme and saves so much money on food! It is online by the same name. I just need to buckle down and get organized!

We have become rotten as a country about saving. Thanks for the link.

JUL

Hi Lane -- Sage advice in ALL times, but most especially now. Doing a lot of little things consistently, can reap decent rewards over the long term.

The shear cost of living makes it impossible for the average family to save anything. Having to feed house and educate a family of 6 is a job in its own.

My husband retired last year, and although we were doing fine with my business and his retirement, we took a hard look at where the money was going. With just a bit of focus, we saved over $2000 per year by changing insurance, cell and land line plans, and electric provider. That's $166 per month! You've got to live on less than you make.

Thanks for the link to the frugality section of google. Maybe I'll save some $$$ there. At the same time, i feel like if I invest my time in prospecting new business, that may provide a better ROI than spending my time looking for food coupons. Gotta hang in there...

There is a real balancing act that takes place when we talk about saving more.

I agree that on a personal level that everyone should be saving. However, when everyone does start saving more and spending less that is not good for the growth of our econcomy.

I think we probably wished there were more people at all income levels out buying a home right now to make up for the last several years when they have not. Since they have not it has certainly had a negative impact finanacially on our industry.

No simple answers to make everyone prosper.

I like to say, when you have money, alot of things just merely become a small inconvenience. For some, even lunch is an "emergency" when you dont have any money.

Who is that investor/financier that says the time to buy is when there is blood in the streets? That's usually good advice.

I wish I was a better saver - My sister still has her communion money as they say! My car no longer is on auto pilot to the mall though so some progress has been made!

Thank you all for the comments...

BB - I should have learned it as a kid... but apparently forgot. After I got divorced in 1998, I didn't have cable for 3 years, now I have a big screen and couldn't have too many channels. I lust after new cars... and spent decades driving stuff that required a knowledge of tools. It is a habit that can be learned AND unlearned...

Andrew - Was that tongue in cheek?

Brian & Andrew (if you weren't tongue in cheek)... If people DON'T spend more money that they make, savigs rates and investment rates will rise. That means that there is more capital in the system. That capital in the system makes borrowing easier for businesses (and people buying things like houses and cars). When businesses borrow, they tend to do it to expand. The expansion leads to more jobs. More jobs lead to more people being able to spend...

Saving money actually increases jobs and raises the standard of living...

On the flip side, spending beyond our means leads to a lack of capital for lending. Banks don't want to lend, and begin to raise rates. The cost of the federal debt goes up, and taxes have to rise. As taxes and interest rise, jobs are lost.

There is an adjustment period... but that is the way it works.

Nice post Lane. I will have to work on this saving money. I do shop a lot at walmart, and even go to goodwill sometimes. I love to get a second hand treasure! Thanks for sharing!

My wife and I use coupons all of the time and I mean all of the time. Numerous times our friends have wrinkled their noses or said they wouldn't be caught dead using a coupon for something and my wife and I laugh and pull out the coupon and save 10, 20, 50%. You show me a better ROI than 50% and I will show you a Bernie Madoff groupie.

JUL

Lane - there are some great resources here ... I must admit I learned very early in life that frugality pays having lived through the loss of my dads store when I was a teenager and my husbands shortage of work in our early years.

JUL

Thanks - Saving money is a great thing...

AUG

Hello Lane. Any person who tries to save me money is a friend of mine!

Mark - Thank, bud.

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