Sharon Hughes
Money management not madness!
FacebookTwitter
By Sharon Hughes
March 13, 2009

Margaret Thatcher said, "The problem with Socialism is that you eventually run out of other people's money."

Some practical advice.

While the government is failing to take effective measures that will fix the financial crisis we are in, we can take measures to personally survive the madness.

So much has already been written and said about how to pull us out of the recession, near depression, we are in that I won't waste time recounting the arguments. But I will say that I think the average American seems to understand the problem and solution better than those in Congress and the White House.

How many of us, when faced with a personal financial crisis, would handle it the way the government is handling this national crisis? At the risk of sounding too simplistic, would we, for instance, refinance our home in order to pay off debt and wait a year or two before using the money to do so? That's what the administration is doing with the 'stimulus' $800+ billion funding that they approved...only using about 1/3 of it to 'stimulate' the economy now when it is needed the most, and waiting to use the remaining 2/3 in a year or two. Does that seem insane to you?

While it's clear that we can't wait for the government to fix things, we've got to take action to protect our personal financial situation now and for the future.

In addition to managing and diversifying our investiments two practical things that all of us can do right now to help us during this season is to evaluate our actual expenditures and real needs, and apply what I'll call the '25% rule' that author Cynthia Yates talks about in her books on money management.

Yates suggests that cutting spending by 25% is not only possible, but with a little discipline, doable.

For instance:

1) Simply Skip — i.e. instead of having that latte every morning on the way to work; skip it 1-2 times a week.

2) Mandate a Moratorium on Spending — in other words, buy only what you NEED.

3) Say No to Impulse — 50% of spending for the average person is based on impulse. Wait to purchase something, unless you really need it. Play a new game with your kids rather than buy them a new toy. (You'll be modeling for them not to live by impulse spending).

4) Use Things Up — be creative with the food you already have in your cabinet and freezer; don't give in to the ease of takeout pizza, etc; hold off on buying new clothes, wear what you have.

5) Don't Waste — i.e. gasoline by driving to the store for groceries once a week instead of every day. Eat/freeze leftovers; consciously think of items you throw away in terms of cost vs.. just a spoiled head of broccoli or container of sour cream.

And taking 10-15 minutes to figure out your actual needed expenditures (click here for pdf download) can help you gauge your spending and help you save.

Remember, no matter how tough times get, they don't last forever.

You can do this. We can do this. We need to take charge of our money now, before the government takes any more of it. And believe me, they will.

© Sharon Hughes

 

The views expressed by RenewAmerica columnists are their own and do not necessarily reflect the position of RenewAmerica or its affiliates.
(See RenewAmerica's publishing standards.)

Click to enlarge

Sharon Hughes

Sharon Hughes is Founder and President of The Center for Changing Worldviews and the host of Changing Worldviews & WOMANTalk radio on KDIA in San Francisco, NPLR and online at Salem Web Network’s Oneplace.com. Her articles appear in many recognized news sites and publications, including FRONTPAGEMAG. She also blogs for NewsBusters.org, a division of The Media Research Center, and has appeared on FOX News and other national radio programs.

Subscribe

Receive future articles by Sharon Hughes: Click here

More by this author

 

Stephen Stone
The most egregious lies Evan McMullin and the media have told about Sen. Mike Lee

Siena Hoefling
Protect the Children: Update with VIDEO

Stephen Stone
Flashback: Dems' fake claim that Trump and Utah congressional hopeful Burgess Owens want 'renewed nuclear testing' blows up when examined

Pete Riehm
Like our Commander-in-Chief, America is clueless, feckless, and powerless

Selwyn Duke
Did anti-white, DEI bias steal a state final spot from a white basketball team?

James Lambert
It’s time to get a Republican (like Steve Garvey) elected to the U.S. Senate in CA. It’s been 30 years!

Linda Goudsmit
Chapter 10: Objective reality is required for a free society

Michael Bresciani
Gay is OK, but trans for kids is on the skids – Have Americans now become judges of evil thoughts?

Linda Kimball
Nihilism…all that exists is matter and energy: The worldview that caused the collapse of Christendom and Protestant Amer

Peter Lemiska
China doesn’t need a Trojan Horse – It has Joe Biden

Rev. Mark H. Creech
Revelation Chapter 22: Getting beyond doubt, Billy Graham’s example

Paul A. Byrne, M.D.
2024 International Gift of Life Walk – NYC

Cliff Kincaid
Biden’s bloody revolution for America

Victor Sharpe
Senator Schumer enters the annals of Shame

Linda Kimball
Prayer against evil, insane Babylon
  More columns

Cartoons


Click for full cartoon
More cartoons

Columnists

Matt C. Abbott
Chris Adamo
Russ J. Alan
Bonnie Alba
Chuck Baldwin
Kevin J. Banet
J. Matt Barber
Fr. Tom Bartolomeo
. . .
[See more]

Sister sites