~This picture is of me with 2 of my financial mentors. This is my mom and dad!
~Saving Money~
This is a foreign concept to so many people. I'm a saver by genetics. My parents are AMAZING with their finances. My mom is constantly saying that the biggest tool to saving money is SELF DISCIPLINE. She is a firm believer that very few people apply that tool to their situation. My mom is the most disciplined person that I know financially. It was really annoying at times, just being honest. However, it is inspiring now. To see how she and my dad have built a legacy by making good financial decisions has been a great life lesson.
My Savings Background:
I had my first job when I was 14 at Big Splash Water Park in Tulsa, OK. The hourly rate was really pitiful, but it was such a fun job! At 14, who doesn't want a job that pays you to get a tan?! Anyway, my point here is that I saved all of the money that summer that I made. I only made 1 purchase at the end of summer and it was perfume. I was so proud of myself. I kept that momentum up each summer with my jobs until I went to OU. By doing so, I was able to have $10,000 saved to put toward my college. That helped out tremendously!
I did have to get some student loans, but not a huge amount like others that I hear. I worked all throughout college and that helped too. Without working, I would have really racked up the student loans! Fast forward to college graduation...By then I had met the love of my life and we were about to be engaged to be married. Luckily, I landed a job as the Director of Sales/Marketing just before I graduated. I lived very inexpensively with 4 other sorority sisters who were all getting their Masters Degrees. I was able to save enough money to pay cash for our wedding, put money towards the house we were building and still have plenty in the bank.
However, I fell into the trap of living paycheck to paycheck after we were married. Did we live above our means?? No. My husband was in school full-time and working also, but the school was expensive and we tried to pay it as he was going. So, there was not any money left over to save! Plus, we used all of our savings to pay for it.
Would I change the way we did it? No. We learned how to survive on very little and had a blast being newlyweds! However, the constant stress of money was not something that I want to revisit.
Fast forward a few more years and we were able to sell our precious home that we had built and make a substantial profit to move to Texas! We were able to put some money toward the new home and do some updating. Fast forward 3 years and we had sold our "dream home" (because I wanted to be a full-time mommy) and made a very nice profit. God is so good! By this time I was on the Dave Ramsey plan. We used the money to pay off the 1 car loan and our students loans. Plus, we put a down payment on our current home and paid cash to remodel the entire thing. Boy, did that feel good!
Today, I'm a couponing wife & Mommy who is back to my roots of savings money and loving it! I had forgotten how good it feels to have money in the bank. It is such a sense of freedom and security for me.
Can't figure out how to save money?
Do without things that you "want", but don't "need". There are so many things that we think we need, but that are actual wants. Before I purchase anything I stop and think do I need this or can I do without it and put that money toward my island vacation?
How can I bring in extra money?
*Sell items on Ebay (I should do this more)
*Sell things to friends
Example: we sold 2 sofa sets from our last home (had 2 living rooms) and were able to pay cash for our new set.
*Have a garage sale (I usually make at least $200 at each sale that I have)
*Consign clothing
*Sell baby equipment to friends or at a local children's sale (I'm getting ready to do a big sale in Dallas)
The best piece of advice I have to saving money is to simply say NO! When you are presented with a situation where you have the option to choose, say NO. It is hard to do, but worth it if you are truly trying to save money. Just yesterday some of my girlfriends at church were all getting take-out and it sounded SO GOOD, but I remembered that I had brought my lunch and so I said no thanks. Did I want the Mexican food? YES!...Did I need it? No! Was it in my budget? It could have been, but I would rather put that money toward going out to eat with my cute hubby. So, I did without.
On the way home as I was listening to Dave's radio show he spoke of taking his lunch most everyday. Does this guy have to bring his lunch? No way! Does he still want to be a good steward with God's money? Yes. I did not think that it was a coincidence at all that he discussed that on the very day that I declined one of my favorite restaurants ;)
Long story, well long...I hope that you all can find ways to start saving money for your family.
Mom & Dad~
Thank you for setting such a good example financially for me. You taught me how to not overspend and how to live below my means. You taught me the importance of saving money and of a college education. Most of all, I thank you for teaching me (by example) the importance of tithing. That was such a blessing to see you put the check in the basket each Sunday morning. At the time I was unaware of the importance of it all, but I fully understand now. Each time we pay our tithe I feel like I am not only honoring God with His money, but that I am also honoring you. Thank you again. I love you both!
Many Blessings~
SHO
