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July 21, 2010


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I've been thinking about #6. Consider renting out a room for quite a while now. Not for me personally (I have 2 kids), but as a frugal maneuver!

People only see the negatives of such an idea, but there are positives too!

For instance, since you only live in a bedroom, you will be more apt to be active! After all, it's not much fun just being in a bedroom all the time!

Not only is this a healthier lifestyle, it means that you'll have more opportunities to make friends outside. Possible you'll be inclined to study harder if you are in college or perhaps you'll pick up an extra job, effectively increasing your income and decreasing your expenses at the same time!

I would really look into having a study abroad student stay over. Not only do you get some supplemental income, but it also provides your children with a wonderful opportunity to get to know someone from another country.

Using cash to buy everything is really a good idea. You are much more careful about your purchases when you think about your cash dwindling away (vs pulling out a card without little thought about the balance).

We rented a room in our house for a couple months (before kids) financially it worked out but otherwise it was kind of awkward. We're still friends, well casual acquaintances, with the person. This situation worked well because they needed a short term stay until they found their own place and they worked right next to my wife so we had good references but it's definitely not for everyone

i have a small business loan and the only way to get out of that debt is to work very hard and break even. The good thing is that the person i borrowed it from had given me a flexible credit period so i dont have to hold up a bank or do something stupid in-order to pay the cash back. I am avoiding the bad debts obtained to get things that you just don't need like another pair of jeans and whatnot. These things will come later when the business stabilizes.

Concerning #5 (moving to a less expensive place) - I am a big believer that this can have a huge effect on your finances. Since moving from the South to the Northeast (near Philadelphia), my monthly expenses have increased approximately 40%.

Concerning #9 (creative ways to make money) - I just learned that eBay has implemented a new fee structure for listing items. You can now list up to 100 items for free if the starting price is under $1. Pretty cool!

#5 When I started working to get out of debt I sold my house and move into an apartment that cut almost $800 from my living expenses and utilities. I also moved about 10 miles closer to work which saves me about $120 in fuel cost.

#8 I worked several temporary programming jobs netting about $25,000. I worked from home and was able to expense my internet cost back to the company.

#9 I sold over 1000 books making me over $5000 to apply to debt. I held a garage sale netting about $850 and sold some other stuff netting about $1500, all of which got applied to my dent.

#8 has bigger issues to consider.

Depending on your income level (investment income as well as salary) the extra funds of a part time job may raise you into the next tax bracket effectively making it not worth your while to work!

And don't forget that lovely AMT!

After keeping track of money spent eating out for one month then careful shopping and cooking at home we realized a significant savings.

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