How To Be a Diva on a Budget
Posted: Saturday, April 19, 2008
by Jacquelyne Williams
Some see being a single women living on their own, making their own financial decisions as the best thing in the world. No husband to consult before buying a $300 purse and no children to pick up after. Women living on their own got it going on right?
For the most part yes, but those that spend $300 on a purse may not necessarily be able to afford it. And they have no children to pick up after because they cannot afford children.
According to a 2004 Consumer Federation of America/Visa survey, more than one-half of the women under the age of 45 lost sleep because of financial stress. Money woes hit us just like it hit single men, a single parent, a married couple or the elderly.
So, what can single women do?
Do what I did (and what I'm still doing). Believe me, I'm a diva on a budget (ask my family).
1. Re-evaluate your lifestyle. Going out to eat three nights a week and then wondering why your credit card debt is over the limit is called denial. To get out of debt you need to change your attitude and way of life. No, it doesn't mean only eating bread or drinking water, but it means pausing, considering what's really important to you and then making a decision to do something about it.
2. Write it down. When you first start your budget carry a pocket size notebook and write down everything you spend money on. No amount is too big or too small. Soon your eyes will be open to where all your money is going. At first you'll be surprised and embarrassed, but this feeling will pass if you are firm in your decision to get out of debt.
3. Tame your shopping. One way to get a hold of your spending is to shop once a month. I know, I know. You think that's hard, but running here and there to get this and that will only drain your pocketbook. Stock up when you do your monthly shopping; your freezer is your best friend.
4. Clip coupons. Cut only the one's you need for the products you use the most and search for a grocery store that doubles the coupons. At first the savings will be minimal, but once you get the hang of it, the savings will increase.
5. Learn to cook. Cooking allows you to slow down and enjoy life. Take leftovers to work for lunch, but do make room in your budget to treat yourself to lunch once a week.
6. Stay away from the vending machine. A 75 cent candy bill every day is almost $200 a year. Buy your sweets at the store and bring them with you from home.
7. Cut your payment in half. In his article, "9 Steps to Get Organized for Financial Success," author Scott Bilker suggest paying bills every two weekson payday. Or make your regular monthly payment and throw in an extra $20 on the next pay period. This will attack the balance quicker.
8. Consider getting a roommate if you're having a hard time paying your rent. Check with your landlord about getting out of your lease early to avoid any penalties. The object is to save you money, not cost you more. And get everything in writing.
9. Stick with your bank's ATM for withdrawing money. Another bank's ATM will charge you a fee from to $1 to $2, money that you can spend towards your debts. And be wary of cash back at grocery stores. I paid a dollar fee in order to get cash back. I don't know when it'll be nationwide, but it's starting now.
10. Depending on how much debt you have, a second job can be a quick way to earn some fast money. Calculate how long you'll need to work to pay off your debt and stay focused on paying off your bills.
11. Visit thrift stores. When I got a new job I had to improve my appearance, but stay within my budget. I bought nice blouses and slacks from Goodwill, but also mixed the old with the new by also shopping at local outlet stores, like Wal-Mart, T J Maxx, Ross and Target. I also went there when I decided it was time to decorate my house.
12. According to the 2004 Consumer Federation of America/Visa survey, 32 percent of women were stressed over unexpected car expenses. All women need to know someone that they can call on if their cars start acting up. I have one: my sister's fiance. I'll tell him what's wrong with my car, and even if he can't fix it, he'll know what the diagnosis is and can give me a rough estimate on what the cost will be when I take it to a professional mechanic.
13. Save something whether it be $5 or $100. Using credit cards to fill in the gap will only make the hole you're in deeper. Put the money in an account that is not easily assessable to you.
14. Ladies, do your own hair. I'll treat myself once a month to a professional beautician, but the rest of the time it just me. I have all of the necessary tools to stay beautiful and done up. And I think I do a good job.
15. And finally, get your credit report. Everyone in the US is entitled to one free credit report yearly. Go to www.annualcreditreport.com for your copy. A good way to stay on top of this is to order it for your birthday. Not only with identity theft on the rise, but also because a lot is riding on your credit score.
This Article has been viewed 2,788 times. (Not updated in real-time.)
Top-level comments on this article: (1 total)Jacquelyne, Some great tips, practical and sensible. Credit debt is going to drown the western world, I think. Once people saved up to buy things, now it's buy it, throw it away, and occasionally make a minimum payment on it. Good article. Cheers, Hannah
We want your comments! If you can read this, you don't have javascript enabled, so you can't use this comment system. Please enable javascript.