There are lots of ways you can save money and live more simply…if you just plan ahead! Homeschooling mom Lisa Baughn talks about how to do just that, on today’s Home School Heartbeat with host Mike Smith.
Lisa Baughn has joined us this week with some great tips for being frugal in tough economic times. Lisa, for homeschooling families facing unexpected financial pressure, or who just need to watch their budget a little more closely, how important is this planning idea?
You know the old adage, “If you fail to plan, you plan to fail.” And the first thing that we always do is pray continuously, asking the Lord for wisdom. Start by spending every dollar on paper before it comes in. Yes, that is a spending plan, also known as a budget. If you really know where your money is going, it stretches it further. Get an emergency fund going. You will have emergencies. Many of the experts say start with a thousand dollars with the ideal being working up to three to six months of expenses.
We scrutinize everything in our budget yearly and look for savings. Our phones, insurance, utilities, all those little things. Has anything changed? Can you save money anywhere?
Plan for upcoming expenses, whether it’s new tires, an appliance that’s wearing out, gifts, a vacation. Budget it in.
And finally and most importantly, teach your kids everything about this process of budgeting, spending wisely, and help them grow up with solid, financial principles.
Lisa, you’ve given us some great ideas for saving money this week. Thank you for being with us! I’m sure our listeners have benefited greatly. Until next time, I’m Mike Smith.