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Hello and welcome to DrFrugal.com. If you've ever had the unfortunate experience of trying to find information online that has anything to do with money, you know most sites are worthless because they're trying to pawn something. Not here--there's nothing to buy. I've tried my best to only include pragmatic, realistic informtion to help you lead a simpler life by taking care of your personal finances.

Recent Entries/Articles

Sole Survivor: How to save money minus the big paycheck

So your paycheck isn't really doing it for you, is it· In fact, you're rather bummed that your bi weekly or weekly income is hardly making you richer or, quite frankly, allowing you to save money.

Must be the fault of the paycheck and the paycheck alone, right·

The truth is how much you make isn't going to preclude you from saving money, but rather simply force you to make better money decisions and allow your money to work better for you.

One of the bigger misnomers about money is that you have to have a lot of it to be able to save, but if you listen to one success story after another, you'll find a common and surprising thread to each of them.

The successes are hardly underscored with millionaires talking about how they made good. Instead, you get more of a middle class flavor to each tale with the individuals making between 30 and 50 thousand dollars per year, hardly what you'd consider an abundance of money. You also have to take into consideration that most of these tales include families with husbands, wives, partners, and children on those aforementioned incomes.

How exactly do they make it work and save money·

For starters, you hear one word as the prevailing theme of all the stories you'll hear: budgeting.

Most of those families and individuals alike start with making sure they've got their expenses and income down to a science so that dollar one doesn't leave out of the door without it being accounted for, whether it's a grocery bill or tickets to the big game.

All of it is budgeted out, accordingly.

The other key aspect of saving money minus the massive paycheck is making sure to live within your means and learn how to be creative and go without but still have what you want. That means meal planning takes center stage, along with grocery budgeting and thus avoiding dining out. You also have individuals who are smart enough not to overpay for entertainment, such as high end cable and satellite bills and high priced cell phone plans (when streaming and flat rates work perfectly fine).

Saving money isn't a magic potion or some sort of slight of the hand trick. Instead, you have real people making average amounts of money, and the most important part of that is they're perfectly fine with that notion, and thus learn to live happily and financially healthy as a result of knowing quite simply what they can and can't spend, leaving little blame on how much they make.

.... Keep Reading

Significant Druthers: Is your spouse or partner sabotaging savings plan

Plenty of individuals, couples and families ponder on a daily basis how they can save more money and, despite their best attempts, can't seem to accurately put their finger on why they're having so much trouble.

In some cases, the finger should be pointed directly at their significant other. Now, this isn't about casting blame or the proverbial finger pointing in the literal and figurative sense but rather more about understanding how two people can be together, a couple, and yet still have trouble with money when everything else is perfectly unified and fine otherwise.

Money truly can be the root of all evil, and that madness starts when you have two individuals who can't get on the same page financially, and that makes for a very tough road ahead with anything from saving to spending and budgeting specifically and what exactly the idea of things like retirement, nest egg or financial planning mean to each of you.

Having different money wants, needs and philosophies than your significant other is nothing new but how you talk about and broach the subject can make all the difference in the world as far as whether or not you taste an ounce of success in the process.

The first and most important element of this quandary is to sit down and discuss what money and saving means to each of you. A lot of times if you can avoid the finger pointing when someone has a money misstep (such as overspending or overdrawing an account), you can cut to the proverbial chase and come up with a game plan for the household.

A lot of times, the best move is to let the more financially responsible individual control the money but not in a way that is without opinion from the lesser party. The worst move you can make is putting the better and more financially sound individual in charge of money and that person fails to clue in their other half or even listen to what they have to say.

Just because someone isn't adept at saving or budgeting doesn't mean they should be completely shut out of the money saving process. You have to move forward with saving money, budgeting and financial responsibility as a united front, a team mentality, and it can't be one person talking down to the other.

If that's the case, you might find yourself saving money but the relationship will suffer, and money will be the cause of it.

So if a frank conversation and a sit down is all it takes to find a clear understanding and compromise, why wouldn't you want to do that to ensure a path to financial success·

.... Keep Reading

Food Trucking: Are you overspending on food·

If you aren't able to save money on a monthly basis, you'll most likely comb through expenses in the hopes you'll see some sort of purchase that stands out more than others, perhaps even something you can cut immediately from your budget.

More often than not, you can look to things such as getting your hair done, high and expendable utilities such as cable or phone, or even the shopping spree you treat yourself to every other week when you get paid.

But most thoughts don't center on food, but perhaps they should.

Overspending isn't just about buying clothes and shoes, DVD's and gadgets, like you'd assume, but also can center on the propensity to spend far too much on food, and if you're someone who is doing this, there's good news and bad news.

The bad news is the money you've spent is long gone and can't be retrieved any time soon, but ironically the good news is that you can adjust how you spend as long as you realize that you're willing to admit that is an issue.

The average nationally for monthly expenses on food is around $400, so right away if you're eclipsing that number, you should have some concern. A family of four is around $600 so those numbers should allow you to plan accordingly and also take a look at receipts for what you're spending at the moment.

Going over that can happen, say if you're throwing a party or something of that ilk, but generally speaking that number is pretty spot on where you should be each month.

A huge pitfall is not only spending between $400 and $600 per month but also on top of that spending additional money on take out food or dining out to eat. If you're properly putting together a grocery list, you shouldn't need any more than what you're buying that goes in the cupboards or fridge, other than the occasional date night, for example.

Believe it or not, some statistics show that the average person spend their $400 per month on groceries and an even larger amount on take out food or restaurant dining. Imagine a food bill in total each month that is nearly $1,000, a number that quite frankly seems staggering when you consider it's just one thing: food.

Food is a necessity and that point can't be argued, but the way you spend and how much you spend to attain it certainly can and should be if the numbers simply aren't computing properly.

.... Keep Reading

Resolving Doors: How to fix finances for new year

When it comes to resolutions for the new year, two items are at the top of everyone's list: health and money.

And when it comes to money and stressing out about it, those two go hand in hand.

For most, "health" is defined as that bid for the new year to finally start eating right, lose weight and just get in better shape.

Why can't the same be said for yourself financially· Ask yourself the question, are you financially fit as well·

Most of the time that answer is met with a lackluster response or plenty of disappointment, since you're nowhere near where you want to be as far as money goes, specifically how you spend and what you've been able to save.

The new year gives you hope, much the same way you're hoping to drop a few dress or pants sizes, you also can turnaround your belief that saving money is only for those who make a lot of money or have an extraordinary minimal amount of expenses.

But as far as money goes as it relates to day to day life or the new year, you can always be certain that one aspect of saving goes a long way: budgeting.

Being able to look in the mirror and say you have a budget and it is one that you follow and also monitor closely is the true pathway to financial freedom. A lot of people will tell you they have a budget but really that's more lip service than actually practicality at work. Having a budget is only as good as how realistic it is and if it is all inclusive (that means incidental expenses also have to be accounted for as well).

Your budget and your wanting and willingness to save only exceeds another part of your financial wellness: your credit, debt and score.

Your credit score is something you should not only know but monitor. Knowing your score means more than just rattling off three digits but also checking that score periodically for mistakes, for starters, but also so that you know how to begin fixing it, whether you have too much debt overall or your debt utilization is too high, and you have to start thinking about paying down some of your credit cards, for example.

Being prepared for the new year can center on resolutions, but those often don't last for more than a few months (remember that gym membership you purchased in January and canceled in March·).

That doesn't mean, financially, you can't start the new year on the right track but more importantly have it last beyond just these next 12 months and instead usher in a lifetime of smart money decisions.

.... Keep Reading

Early Burden: Why smart money practices should start right away

When you were younger, you mostly likely heard from your parents, grandparents or any adult how to properly do things, whether it was holding a fork correctly or saying "thank you" whenever the situation called for it.

At the time, the explanation was perhaps either non existent or curt, but the overwhelmingly common theme couldn't be overlooked: it was done so that the good habits became like second nature or routine to the point that they're embedded in all you do.

For every piece of silverware you hold or modest gift you receive, you either held that fork properly and displayed graciousness for even the most inconsequential sequence of events, and you did so because you learned it over and over again, without fail, and never looked back.

The question remains, quite honestly, why money can't be that way too· The truth is those who have learned how to spend, save and budget money properly as a result learning, listening and doing are more apt to be successful at all of those financial aspects for their entire life.

The key is learning how to do it at a young age and, like your silverware and thank you's, never thought to change a thing.

The statistics are encouraging, if nothing else. About 60 percent of those between the ages of 20 to 32 have a budget and stick to it, something that seems a little out of place due to just how poor the average savings account is (around $1,000 for that same 60 percent). That $1,000 number might reflect those older than 32, most of which you'd assume never learned the value of a dollar, how to save and then spend accordingly.

The 60 percent of those 20 to 32 year old individuals would suggest that budgeting and knowing just how paramount it is as far as saving money goes doesn't go unnoticed by that particular demographic. The more than half of those individuals in that age group who are budgeting and saving bring great hope to a lagging average as far as money saved is concerned.

Being able to budget and save money when you're young is no different than anything else that becomes routine, financially speaking. If you're always used to not having a car payment or buying used instead of new, why change that· The same goes for rent: if your rent is always kept modest, why would the mortgage on your first house be any different.

Learning how to handle money when you're between 20 and your early 30s allows you to be the same kid who was taught how to not slouch at dinner or talk with food in your mouth and grew up being mindful of those same requests.

Money shouldn't be any different.

.... Keep Reading


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