Going back to Basics

November 28, 2008

my-houseAmericans are faced with having to cut expenses at home as well as in their businesses. If people are living above their means, they need to discover ways of living on less money. The world’s millionaires live below their means and this is how they are able to accumulate so much money. If you are living below your means, you have more money to save.

When parents learn to master the art of living on a lower budget, then they can teach it to their children. When children learn this concept at an early age, then they will remember it at the time when they need this knowledge most. Managing the household budget well will help children to seek other ways of living below their means.

For example, instead of living in a house with a room which is not used very often, opt for a smaller house with rooms that will be lived in and utilized. The rent or mortgage will be lower. If a person is single, try living in a studio apartment even though you can afford a two or three bedroom house or apartment or room with a friend. The money you save on rent can be deposited into a savings account or invested wisely.

Instead of buying brand new clothing or vehicles, opt for well maintained second hand items. There are countless thrift and consignment shops available in your area. If you go to the shops in the affluent areas, you will find better quality clothing. If you already have your own vehicle, try car pooling with others in your neighborhood.

If you know how to sew, go back to making your own clothing with fabric purchased from fabric warehouses or outlets. Sometimes you can find fabric at thrift or antique shops at bargain prices. Visiting places like e-Bay or other places on the Internet will help you find other bargains as well.

Press Release: Gail Cavanaugh’s Business Solutions Informs Teens about Credit Cards

© Gail Cavanaugh and Cavanaugh Business Solutions Blog, 2008. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Gail Cavanaugh and Cavanaugh Business Solutions Blog with appropriate and specific direction to the original content.

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Exploring Business Solutions

November 14, 2008

Since my backgound is in financial services, I will be speaking from a financial perspective.  I am very concerned as are most people are, about the state of the economy.  As a nation we are suffering from the consquences of having too much debt.  Did anyone ever think that this attitude would catch up to us at some point in time?

I am hoping that someone has the answer to this problem.  We have to manage the debt that we have in this country.  Not only has it affected this country, but it has affected other countries as well.  Debt has become a way of life for us.  The only way to reduce or eliminate it is to stop desiring the things that would lead to living a lavish lifestyle.  This is going to take some discipline.  We’ll be suffering from withdrawal symptoms, but the longer we subject ourselves to this process, the easier it will be to say “no” to more spending.

Children should be educated on handling debt and using credit cards responsibly.  Ideally, they should not be approached by the banks unless they understand the responsibilities that go along with using them.  However, there are reports that the banks are targeting teens as well as college students about their services.

Press Release: Gail Cavanaugh’s Business Solutions Informs Teens about Credit Cards

© Gail Cavanaugh and Cavanagh Business Solutions, 2008. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Gail Cavanaugh and Cavanaugh Busines Solutions Blog with appropriate and specific direction to the original content.

Kids waiting by Anne Bradshaw, courtesy of Morguefile

Kids waiting by Anne Bradshaw, courtesy of Morguefile

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