Tryin To Make A Dollar Out of 15 Cents

No, this is not a post on the famous rap song, nor am I recommending that you follow any of the lyrics from the Tupac or Master P songs.   However, I am often asked the question: “How can I get more out of my paycheck?”  There are plenty of things you can do to stretch those dollars in your pocket.

A few years ago there was a Wall Street Journal survey1 that asked “If you were to face a $2,000 unexpected expense in the next month, how would you get the funds you need?”  Only 24.9% of respondents reported being certainly able to come up with $2,000 in 30 days for an unanticipated repair or expense.  It begs the question you should ask if you have the emergency reserves for these expenses.

Here are a few things you can do to prepare for that unexpected expense:

  • Know the difference between wants and needs
  • Pay off credit cards (you probably do not need the item if you can’t pay the bill at the end of the month)
  • Pay yourself first
  • Reduce grocery bills
  • Reduce phone  /  cable bills
  • Clip (and USE) coupons
  • Save your pay raises, don’t spend them
  • Shop smarter (especially big ticket items), learn to negotiate
  • Learn to say “NO

Let me know what Your Smart Money Move is for turning 15 cents into a dollar.

1 Wall Street Journal 5/23/2011 – ‘Nearly Half of Americans are Financially Fragile’

Written by: Van Pappas CFP®
Vice President and Private CFO™, oXYGen Financial, Inc.
Request a FREE consultation: www.oxygenfinancial.net

About the author  ⁄ Van Pappas

Van Pappas

Van Pappas, CFP® - Van is a native of Atlanta. He holds his undergraduate degree in Finance with an emphasis in Real Estate. As a planner for 15 years, he earned his CFP designation from Kaplan University. He is currently the Chairman and founder of the Chamblee Chamber of Commerce and sits on the Downtown Development Authority for the City of Chamblee. In 2012, he noticed the value of helping the X-Y Generations and decided to merge his practice with oXYGen Financial. Background and qualification information is available at FINRA's BrokerCheck website.Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

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