Penny Pinchers

I have read various blogs, tips, editorials, and recently a book on the global financial crisis. Yes, it's scary. In fact VERY scary -- it knows no boundaries. Businessmen scratch their heads on how to cut costs and maximize profits to stay afloat. Employees are holding on to their wits for fear of getting fired any time now. No one is living in a cushion, the bubble has burst. And we are all going to make some sacrifices and suffer.

I have downloaded the e-copy of Suze Orman's recent book 2009 Action Plan from Oprah.Com. You can get it for free until January 15th.

If you've read her previously published books, you would know that Orman highly recommends us to be truthful about our finances. Because lying and cheating our way through a lavish lifestyle which we cannot afford is like digging our own grave to financial hell.

It pays to read books like this one. I often find myself enjoying a book if I get to learn a thing or two. As for the financial aspect, I've found myself having bouts of 'financial consciousness' where I make action plans. So far, we haven't fallen off the wagon and have made bold steps in pursuing our goals. Although it doesn't hurt to penny pinch here and there. After all we are at our most un-liquid state right now compared to a couple years back.

Here are things I thought might help you in making it right this year:

• BE HONEST! if you can't afford it, you can't. who are you kidding?
• SAVE! Set aside an emergency fund worth eight months of your living expenses. TOUGH! But this will come in handy especially if you find yourself out of job (heaven forbid). Try to set aside 20% more of what you intend to save each month.
  
• Pay off your credit cards, get rid of it. Don't live on credit. You're not doing yourself a favor.
• You might also want to try these:

- don't spend for one day
- don't use your credit card for one week
- don't eat out for one month
- and stop buying coffee!

Not easy. But I vowed to myself to do the following to manage our household finances:

• Watch movies online
• Ensure that bills are paid on time to avoid penalties.
• (TRY) Limit eating out to once monthly.
• Strictly follow the weekly budget for groceries.
• Switch to housebrands (they're usually a lot cheaper!), if I can save a dollar on ten items on my list that would be awesome!
• Save on electricity.
• Make more MONEY! Do what I can to optimize sales and profits. Seek out other business opportunities. (Hopefully I can get a job soon that can pay off groceries, Minglanilla mortgage, and childcare)

***

Since I am bedridden most of the time today. Reading this book and making some notes actually made my day productive. That along with watching TV and a movie online hehehe!!!

I have been dizzy for a couple of days. I hope it's nothing serious.