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Where to Start When Your Financial Ship Is Sinking

Week 2. Stop treading water and plug the holes.

Rhonda Robinson


July 6, 2013 - 9:00 am
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It wasn’t until the last perfect storm hit, and our financial ship began to take on water, that I started looking for leaks.

In general, I consider myself a fairly frugal woman. So you can imagine my surprise this week, when I discovered how much money has trickled out with little notice or concern.

With a critical eye, I began to go over all our expenses using online banking. When I did, it became clear that many seemingly small amounts of automatic debits were draining us a few dollars at a time.  The amount of those little debits here and there was significant enough that I really should have done this a long time ago.

At first, I thought I needed to create my new budget. However, it quickly became obvious that cutting costs had to come first if the new budget would be realistic.

So, I spent the week plugging dollar-size holes.

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All Comments   (4)
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Largest hole plugged: paying off my mortgage. Yes the house is small and old, but darnit, it's paid for! Meant double payments and doing without, but there's spendable money now.

Second largest hole: don't carry car payments; don't buy luxury cars you can't afford that lose value instantly.

Third: never carry a balance on credit cards.

Then do what you can with the auto debits, except for the $5 to PJmedia, of course. That a good auto-debit.
1 year ago
1 year ago Link To Comment
See a NYT article today by David Kocieniewski that tells of how Goldman Sachs is making millions off consumers by keeping aluminum stored in Detroit warehouses (International Trade Services) and charging their customers more by doing so and thus delaying shipment times. So, each time you purchase a soda in an aluminum can, a car, electronics and/or house siding, you are adding to GS' bottom line of increased profits because of how they have manipulated, and continue to so manipulate, the aluminum commodity market. It only adds fractions of cents to the cost of a soda & most electronic devices, but it adds about $12 to the cost of a car and pours millions of dollars into GS coffers.
1 year ago
1 year ago Link To Comment
I haven't paid ANYTHING for movie or TV DVD rentals in 13 years. Use your public library! If you are willing to wait, you can watch almost any movie or TV series for free.
1 year ago
1 year ago Link To Comment
I used to do that with my children when they were young. If all schoolwork was completed, and chores done, we would take a trip to the Library on Sat. morning for some weekend movies. We never had cable when they were growing up. And at the time the library was my answer to the horrid onslaught of pathetic Sat. morning cartoons.
1 year ago
1 year ago Link To Comment
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