If you have a large family, you should get a used minivan, because it can be used for all sorts of things that would otherwise require an expensive vehicle or Uhaul. During moving, outings, and vacations, you can use it instead of renting something else, borrowing a friend’s pick-up truck, or flying. Spending a lot on vacation airfare each year is not a good idea. Spending a ton of money on going on expensive vacations is not bright either, so pick up a family farm or relative’s house to go to to stay at instead of heading to Disney World.
It’s easy to run up credit card debt trying to deal with an expensive mortgage, but if you consolidate your loan repayments and put them in a tidy new loan, you’ll pay out more interest over a longer period of time, but actually have a better chance of paying back your debt. However, if you think you’re bringing in a lot more money because of a new job promotion, try to pay it off at a lower interest rate at a much faster rate. This still doesn’t change the fact that you should consolidate your loans though, just saying 😉
Buy a house in foreclosure at a discount, that you have to fix up later. If you have a pair of safety goggles and can use the Google search engine, you are well on your way to learning how to do all your own home repair work. You can get a really cheap house with great potential through foreclosures, as long as you’re using a discerning eye. You may have to spend a little more fixing it up, but at least you will be able to afford it. You will spend a lot less in monthly mortgage payments too, which may not seem like a big deal, but it will a year after you’ve taken the plunge!
4. Green Thumb?
Instead of buying tons of new plants and seeds, as your neighbors if you can take one plant from each, and then use this to make your garden or yard look plush. Don’t worry if your yard looks a little browner either. Do some research to find out how how much water is necessary for your plants to thrive, and stick to that limit. You’ll save money on your water bill.
5. Get Used Stuff From Relatives
Try to get as many hand-me-downs as you can. Get an old family TV that is inexpensive and spend a little on basic cable each month. You can get inherited items from dead relatives or hand-me-down furniture. There is a lot of stuff people want to throw away or give to charity, but you can ask to keep it. A lot of people put out furniture on their front lawn once a month for monthly pick-up. Be on the look out for this when you’re out and about, and don’t forget to check Craigslist for free and cheap furniture.
Tyler Fieldman likes to write about personal finance, economics.