Margaret Thatcher said, "The problem with Socialism is that
you eventually run out of other people's money."
It's time for some practical advice.
While the government is failing to take effective measures that will fix the financial crisis we are in, we can take measures to personally survive the madness.
So much has already been written and said about how to pull us out of the recession, near depression, we are in that I won't waste time recounting the arguments. But I will say that I think the average American seems to understand the problem and solution better than those in Congress and the White House.
How many of us, when faced with a personal financial crisis, would handle it the way the government is handling this national crisis? At the risk of sounding too simplistic, would we, for instance, refinance our home in order to pay off debt and wait a year or two before using the money to do so? That's what the administration is doing with the 'stimulus' $800+ billion funding that they approved...only using about 1/3 of it to 'stimulate' the economy now when it is needed the most, and waiting to use the remaining 2/3 in a year or two. Does that seem insane to you?
Well, it's clear that we can't wait for the government to fix things. We've got to take action to protect our personal financial situation now and for the future.
In addition to managing our investments, two practical things that all of us can do right now to help us during this season is to evaluate our actual expenditures and real needs, and apply what I'll call the '25% rule' that author Cynthia Yates talks about in her books on money management.
Yates suggests that cutting spending by 25% is not only possible, but with a little discipline, doable.
1) Simply Skip - ie instead of having that latte every morning on the way to work; skip it 1-2 times a week.
2) Mandate a Moratorium on Spending - in other words, buy only what you NEED.
3) Say No to Impulse - 50% of spending for the average person is based on impulse. Wait to purchase something, unless you really need it. Play a new game with your kids rather than buy them a new toy. (You'll be modeling for them not to live by impulse spending).
4) Use Things Up - be creative with the food you already have in your cabinet and freezer; don't give in to the ease of take out pizza, etc; hold off on buying new clothes, wear what you have.
5) Don't Waste - ie gasoline by driving to the store for groceries once a week instead of every day. Eat/freeze leftovers; consciously think of items you throw away in terms of cost vs. just a spoiled head of broccoli or container of sour cream.
And asking 10-15 minutes to figure out your actual needed expenditures (click here for pdf download) can help you gauge your spending and help you save.
No matter how tough times get, they don't last forever.
You can do this. We can do this. We need to take charge of our money now, before the government takes any more of it.
Other Commentaries by Sharon Hughes
New Year Resolutions & Money
Where Is The Hope?
Confessions Of A Reluctant Prepper
Leave A Lasting Legacy
Worldviews Do Matter
Where Are The Entertainment Police?
Let's Talk Money
Stupor Tuesday & March Madness
Disappointment After Planned Parenthood Was Been Exposed
Take Your Place In The Public Square, Please!
The 'Silent Shame' Many Women Face
Jews Speak Up For Christmas!
Remembering The John Kerry Of A Few Years Back
Time To Rise Up & Take A Stand!
The Difference Between Socialism & Communism
The "Evolving" Gay Marriage Debate
Could You Have Passed The 8th Grade In 1895?
Al Gore Promoter Of Doomsday Cult?
What Does It Mean To Love Your Country?
Tears Of A Grateful Nation
The Unthinkable Is Never A Solution
Unbelievable Population Control Quotes By The 'Elite'
Climategate & Copenhagen
What's In The Healthcare Bill?
Envision All Women Free!
How To Survive The Insanity
Bill Maher Still Ranting On Religion And Politics
A Thanksgiving Legacy
Make Veterans Day Memorable
Not Your Father's Democrat
Al Gore Evoking The Wrath Of God To Validate His Claims
Sf Mayor Ecstatic Over Gay Marriage
Obama's "Typical White Person" Ought Oh!
Barack Obama's Very Controversial Pastor
What's With All The Candidate 'Faith Talk'?
Gays Mock Jesus & The Last Supper
Throw Away Babies
Al Gore Lobbying For The Nobel Peace Prize
Why Roe Vs. Wade Is Losing Ground
Responses To ‘Ahmadinejad’S Letter’
Ahmadinejad’S Letter To America
Raising Pagan Children, Scary
'Five Pillars Of Islam’ Vs. The Pope In Schools
True Colors Of Bigotry Busting Out All Over The Place!
War In Iraq Who Is Telling The Truth?
Anti Semitism On The Rise In Europe. Scary!
Preschool For All Initiative, What 'Meathead's' Not Telling You
Terrorism & Our Canadian Border
Teachers Debate Teaching Creationism
Left Wing Gives Ammo To Conservatives
Carter's At It Again
Gay Marriage Where Do Teachers Stand?
A Hamas Win Bad For Israel
Jews Speak Up For Christmas
New York Times Accepts The Unacceptable
Court Gone Mad! 9th Circuit Court Rules Against Parents
Red Alert On Codepink!
Media Fails To Report On Anti War Group's 'Letter From God'
What The Blinkity Blink Is Going On With The Liberal Msm?
Anti Military, Recruitment & Our Youth
Katrina Blows Sheehan, Gay Marriage Off The Screen
Real Racism, Katrina And More...
Yesterday Japan's Surrender. Today Jews Being Forced To...
Ny Times Only Tells Half The Story On Sheehan's Statements
Adult Vs. Embryonic Stem Cell Researh
Is This The End Of The Eu?
A New Face For Gay Pride
Absentee Dads A National Crisis?
The Effects Of Evolution's Racist Roots On Students
From Sci Fi To Sci Fact
To Spit Or Not To Spit, On Jane Fonda That Is The Question
Brave New World Re Visited?
These Are The Times (And Tough Questions) That Try Men's Souls
A Look Back
The Unanswered Questions Of Stem Cell Research
Gore Criticizes Bush's Faith
Compulsory Mental Health Screening Is Coming
Truth, Truth, Where Art Thou?
Stem Cell Wars & The Presidency
Traditional Marriage Wins In California
America Looks At The Wives
The John John Ticket Richest In History
Cloning Cats Schwarzenegger's 'Sixth Day' Has Arrived
'Memorial Day A Time To Remember
'Day Of Silence' Just A Foot In The Door
Anti American Professors
Crooked And Straight Cops
When Idols Fall
The Battle Over The "C" Word
The Pc (Political Correctness) Police
ON THE AIR
SUNDAYS 3-5:00pm PST
Tune in to KMYC 1410AM
LISTEN LIVE ONLINE HERE
SUNDAYS 10am-12Noon MTN
Tune in to KYAH 540AM
LISTEN LIVE ONLINE HERE
SATURDAYS & SUNDAYS 6-8:00am & 10am-Noon EST
SUNDAYS 3-5:00pm PST
MONDAY, WEDNESDAY, FRIDAY & SATURDAY
LISTEN HERE 24/7
News in Quotes
"The United States is designating North Korea as a state sponsor of terrorism,” “Should have happened a long time ago." -Pres. Trump
You Gotta Be Kidding! Quote
“The fact of the matter is without communication, we have no way of knowing of you are sentient or not,” the unidentified student said. “It’s no different than this tree. It’s alive, but is it sentient? I don’t know. I cannot communicate with it.” -Student At Tennessee University
Read along with us!
Questions: Email firstname.lastname@example.org
"I so appreciate all you do to help keep us informed." -Kris Seidler
"Truth Woman! Truth has fallen in the streets; we need the Belt more than ever!!" -Steve Simpson
"My reception is not very good so I have my ear plastered against the radio trying to catch every word!" -Sara Haskins