LA Business Daily
How can I live to maximize my discretionary income?
I am in debt at a level that I consider not dangerous to me yet but, steadily approaching that level. I am considering giving up my life insurance, my membership in a fraternal organization that I've not been active in for well over ten years, stopping memberships with any dating or adult sites on internet which are all useless anyway. I'm all over the place with this I know. I'm also wondering if there are more ways to pair down living costs that I've not considered and thanks in advance for your answers.
Public Comments
- if your not married or counted on to provide income to another, you need only enough life insurance to bury you if you don't have enough in your checking account. I'm retired, only 45, but live on a budget. Your first clue is get yourself on one, then stick to it - it is not as hard as you may think. Forget payments, pay cash for items you want, even cars - that is not that hard either. I still use credit cards, but pay them every month. Think about your purchases before you make them. And large purchases (what ever that means to you) think about over the course of a few months. Eating out can be a big use of money as can frequent runs to the grocery or liquor store. If you have a cell phone and land line, delete one of them. Shop your auto insurance as well. good luck
- Get the minimal life insurance. Buy disability insurance to cover at least 2/3 of your monthly income. Give up dating sites. Gym memberships are okay if less than $40 a month and you use them. Write grocery lists and stick to them and make yourself only shop on a certain day or two of the week. Clothing is ridiculously expensive, so shop at discount stores for at-home&weekend clothes and better stores for work clothes. Wash your car yourself. Don't use credit cards for dining out or clothes or entertainment...pay cash. Pay cards off monthly. Don't loan money. Kick bad habits...drinking, smoking, strip clubs, buying new vehicles, etc.. Utilize thrift stores for the small crap you might want. Volunteer and be active in your community to network.
