Smart Choices: The Guide to Finances and Philanthropy

Increasing your income | close this description

You can find ways to increase your income by being creative. Never underestimate the power of positive thinking! Families that work together can produce great results. Here are some ideas to get you started:

	Family members might take on extra jobs. Even a few hours a week can make a big difference.
	Hold a garage sale. Garage sales can be great ways for making extra income. You can earn money while organizing your house at the same time! Do you have extra “stuff” around your house that you don’t need? It doesn’t take much planning to turn your “stuff” into cash. Have a weekend sale.
	Earn a raise. Is one of your family members due for a raise? Have you been working hard for a while without a promotion? If you work for a company, how do your efforts help the company succeed? Do some research to understand the value you bring to the business. If you’re not bringing much value, find ways to bring more. Then ask to be compensated for what you contribute. Sometimes a clear request is all it takes.
	Ask for ideas. If you’re struggling, you may benefit from the knowledge of others around you. Does your family know successful people who are achieving their goals? Ask them for ideas on how you might improve.
	Change your viewpoint. To make more money, it might be time for a change in attitude. Do you usually focus on what you’re missing? Or do you take time to be grateful for what you do have? Often families emphasize what they lack instead of expressing appreciation. Hold a special family meeting to acknowledge your achievements. You might wish to hold a “success” meeting once a month. Make a list of all the income sources for which you are grateful. Even if your income is small, at least it’s a start! Keep your eye on your goals, not your obstacles. A good attitude can help you move forward.

Decreasing your spending | close this description

In addition to making more money, you can balance your budget by cutting costs. Take a look at each expense category in your spending plan. Where can you spend less?
Following a spending plan takes discipline. Here are some ideas for how you can make your money go further by reducing costs:

1.	Reduce bank fees. If you need to get cash from a cash machine or ATM, use the ATM at your bank. Your bank’s ATMs are usually free. Other ATMs can cost you up to $3 each time you take out money.
2.	Reduce coffee costs. Make coffee at home rather than buying it at a coffee shop. If a family member has been buying coffee each day, this can save $10 each week or more.
3.	Take lunches from home. If family members eat out at work or school, this expense can add up. Establish a routine to make lunches each day. Put the extra cash saved toward something important.
4.	Choose low-cost entertainment. If your family spends a lot on having fun, look for ways to save. You can rent videos and DVDs instead of going to the movies, for example.
5.	Reduce magazine costs. If you buy magazines at the grocery store each week, consider subscribing. Subscription costs are usually lower than store purchases. If you already subscribe, are you reading what you receive? If not, stop your subscriptions. You also might share magazines with neighbors or family friends.
6.	Buy in bulk. Some stores offer lower prices on items purchased in large quantities. Buy these items in bulk and store the extras until they ’re needed.
7.	Watch for sales. At the end of each season, sales are common. Clothing sales, for instance, reduce prices by as much as 75 percent.
8.	Pay off your debt. If you have debt, you’re probably paying interest. This interest can add up. Pay off your debt to reduce your interest charges. You’ll have peace of mind, too.
9.	Try store brands. Name brands at stores are almost always more expensive. Are the name brands really better than the store brands? Try store brands to see. Many store brands offer the same quality at a lower price.
10.	Buy fresh foods. Today’s stores sell many products for convenience. Prepared foods are more expensive because you pay for the preparation. Buying fresh foods helps keep your costs low. Eating fresh foods is healthier, too.
11.	Use coupons. Coupons can save a bundle at grocery stores. Some stores accept coupons even after the expiration date marked on the coupon. Each store is different in its policies. Ask at your store to learn what coupons you can always use.
12.	Shop with a list. Stores are designed to encourage “impulse buying.” Stores place displays in all the right places to tempt you to buy items. Avoid this trap by sticking to your shopping list. Even if you have a coupon, only buy items you were planning to buy.
13.	Research before you buy. Doing your research can save you a lot of money, especially on big purchases. Find out what experiences others have had with products. Some products may look flashy but don’t work well. Other products may provide you with more features than you need. If you won’t use the extra features, there ’s no point to paying more for them.
14.	Pay the best price. Shop around to be sure you’re getting the best price before you buy. Compare prices at different stores and be sure to look online. Online stores often offer the least expensive prices. Some stores will match the lowest price you find, even online. You can save hundreds of dollars below the store price.