Six easy ways to Minimize spending

Are you hoping to buy a house but don’t have the downpayment? Been there. Are you planning a wedding for a daughter or sending a son to private school but don’t have a special savings account or any savings account? Been there. Do you have a line of credit that has crept up and up until you wonder of you can pay it off? Been there.

Are you in a money pinch and looking for a way out that doesn’t include adding more hours of work to an already full schedule?

I’m no financial guru and in fact I’m not even very good with money–

• I have bought things on impulse, especially where children were concerned.
• I have spent more than I made.
• I have lain awake on Dec 25 wondering how we’ll dig ourselves out of this one!

But there is one thing we have done, over the years, that has resulted in saving up a down payment, paying for weddings, and paying off credit lines. And it works every time. Are you ready for it?

We radically reduce our spending.

Perhaps I use the word radical carelessly. I once knew a Judy who needed about $50,000 to pay off a debt (she lost half her farm in a divorce and wanted to buy it back from the ex).

She stopped spending. And I mean stopped! Literally, no withdrawals were made from her bank account.

• If she didn’t grow it or raise it, she didn’t eat it.
• If she didn’t already own it, she didn’t wear it or use it.
• If she needed it, she borrowed it or went without it.
• In two years, working a very small farm, she bought back the half she lost.

So if Judy defines radical, then I should say we simply reduced our spending. Here’s how:

• we stopped eating out. If I was invited to a girlfriend’s birthday bash at a restaurant, I ate at home, ordered tea at the party and paid my share of the birthday girls’ meal. I was the token “talker” while everyone else ate.
• I gave homemade gifts like sweets, crocheted dish cloths, the gift of help (painting, cleaning)….
• we stopped coffering out. No more designer drinks from convenient drive throughs. Remember the humble thermos? Dust it off, or buy one, and make your hot drink at home.
• always carry food in your car. (It sounds like all I do is eat!!! Sorta true). I have a ziplock bag of roasted nuts and another of energy balls in my car at all times. Chocolate melts and fruit freezes so be wise about your car menu.
• I stopped buying clothes and started shopping in my closet. It’s amazing what you can find there when you really start looking. Put things together in new ways. Accessorize with different scarves or jewelry.
• I borrowed stuff, including clothing. If you have friends or relatives who let you borrow from them then you can handle weddings and galas like a pro. Plus, no one will see you in that outfit again–oh the shame!–because you will return it to the rightful owner.

These are simple things anyone can do. Simple but effective. You will be shocked at how much money you can accumulate in a short time. You’ll pay for the wedding, get that downpayment, reduce your credit line, and more.

Let me remind you, my husband and I are in Christian ministry and our income is not large  so don’t presume that this method is only for people with large cash flow. It’s not. This will work for you too. This is for the rest of us!