There are a host of books on the subject of how to save for retirement, buy homes, payoff debt quickly: Suze Orman, Thomas Stanley and William Danko (authors of The Millionaire Next Door), Robert Kiyosaki and Sharon Lechter (authors of Rich Dad/Poor Dad) All of these authors advocate lifestyle changes which could be dramatic in order to spend wisely. Do dramatic changes work for everyone? Not in our “in the moment” world!! Some folks learn to budget when they file for bankruptcy as I explained in a blog over at Bankruptcy Law Network earlier this year. Däna Wilkinson, my colleague from South Carolina, explains that good budgeting is vital for all. I found some excellent tips in an article in the June 2008 issue of Reader’s Digest, entitled “Mind Over Money”. Author Jean Chatzky summarizes why Americans cannot psych themselves up to make the dramatic changes necessary. However, in a collaberation with Jeff Yeager, author of The Ultimate Cheapskate’s Road Map to True Riches, they came up with ten excellent suggestions on how to begin:
1. Adjust withholding taxes
2. Limit trips to the supermarket
3. Use coupons whenever/wherever you can (not just the grocery store, but movies, eating out, clothing)
4. Use the bus, transit or carpool.
5. Unplug appliances when not in use.
6. Eliminate long distance service
7. Pay attention to your bills (check to see if you are on the best possible plan for cable, internet, long distance)
8. Buy in bulk (they recommend health food stores)
9. Buy whatever you can online (such as pet medicine, supplies and food)
10. Figure out what things really cost you.
There you go, even in our “in the moment” world, even implementing half of the recommended ways will cut a person’s budget immediately…..and next month? Time to take steps on that road to being a millionaire! Maybe you will be the next success story in an Orman, Yeager, Stanley/Danko book!
