College is one of the most expensive periods of your life. While there are obvious ways to save on costs while in college, there are many people don’t even think about. Most publications aren’t really helping either. We talk about better ways to find financial aids, but what about good old fashion frugality? We all know that state schools are cheaper than private colleges and that starting with a two-year degree at a good community college is a great way to save, but here are some other areas where you can trim the bill.
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Not everyone is lucky.
A Long Time Reader Writes:
I am an older single female, living alone in a small, yet expensive apartment. I am on disability leave from work and don’t get enough to live on, and make too much to qualify for food stamps. I am on budget for the electric bill, and I have bundled my phone, cable and DSL which is a good thing (really.). Here is what I have totally, for month to month (19th to 19th):
- Rent: $795.00
- Lights: $82.00
- Phone/Cable/DSL: $175.00 (this is the highest so far due to the overseas/long distance calls I needed to make)
- Prescriptions & Doctor Visits (Monthly): $198.00
Just with the above, I’m already in the hole about $75. I bundled the cable with the DSL and phone because it literally is cheaper than all three separately. DSL is $30. Cable alone was almost $300. Phone varied, but it could be as high as $180 a month. I’ve ‘dumbed-down’ my cable. I don’t have any movie channels, and it’s the basic with 200 other channels. The lower tiers don’t have the channels I watch in the middle of the night or any other time when I can’t sleep and I can’t find anything I really want to watch on tv and my package is going up $30 on June 1st.
I also need to pay for a cleaning lady once a month and that in itself is expensive. Where do groceries and laundry quarters come in?
I have no savings and nothing left in my checking account til the 19th. Help.
YIIIIIIIKEEEEEEES. Cut, cut, cut is what you need to do. Here’s what I mean:
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Can you imagine how much extra money we’d have every month if we lived together?
Over the last two months, my parents stayed over at our two bedroom apartment. They were visiting from Canada in anticipation for Sara, and have been a huge help. Last week, a thought crossed my mind and I asked:
Mom, can you imagine how much money we’d save if we sold our houses and just lived in this apartment? On top of the several thousand dollars extra every month in property taxes, extra utilities and the like, we’d be making a killing just on interests from all the equity that we have.
If we made that step, we could be pretty irresponsible and still come out ahead. We could buy something nice almost everyday. We can eat out everyday if we wanted, or we could just save up and leave our heirs a huge estate.
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The first experience I had with the difference cash makes when you’re bargaining was when I was trying to get a desk as cheap as possible. The seller wanted about $20 more than I was willing to pay (or actually had). I pulled cash out of my pocket and explained that all I had was right there, and the stack of dollar bills got his attention: he said that, since I could pay cash, he’d give me a $20 discount.
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We are rapidly approaching the fifth month of 2010. This year is notable for many things, and one of those is that this year it is possible for anyone — no matter his or her income — to convert a traditional IRA to a Roth IRA. There are some advantages to having a Roth IRA, one of those being that when it comes time to withdraw funds, you can do so tax free. Earnings in a Roth IRA grow tax free (but the contributions you make to a Roth IRA are after-tax to make up for this).
While the future tax implications might be tempting, especially if you believe you will be in a higher tax bracket. However, it is also important to consider the tax implications that come now. Here are some of the things to keep in mind with regard to taxes when you make a Roth IRA conversion:
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Whether you choose to entertain inside your home or out, there is no reason to exceed your budget. There are many wonderful ways to enjoy good entertainment that don’t require you spending a fortune. Even a formal dinner party can be managed with aplomb and a limited amount of cash, as I’m sure you know. Why spend more and not get more?
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