Stretching your dollar

Being creative with your money, time, and energy means everything now.  Some people already live in areas where their money goes a long way. A story on CNN today said that Plano, Texas is better than New York City as a place to build wealth.*

Purposeful living is the big play, and here are ideas to help you. I will continue to offer tips like this on ifinance

When investing:

• Study the past. Look at how the economic wunderkinds of old made it through the hard times.
• Consider the potential power of alternative energy sources. Solar, wind, and coal are huge possibilities. Learn how to maneuver in that field of play. Ask yourself: Who are the lithium makers?
• Invest in improving your knowledge about money. Skip that burger or Starbucks and buy a book or a CD series about money. The book I’m reading now is, “Mentored by a Millionaire: Master Strategies of Super Achievers.”

Household budgeting requires the same kind of strategic thinking, even when meeting your family’s basic needs. Though times are tough, this is an opportunity realign ourselves with good money habits and teach our children those skills.

When planning your spending:

• Plan entertainment wisely. Go to matinees instead of costlier evening showings. If you don’t have a pool, buy colorful water guns and grill hotdogs in the backyard instead of paying more for a family visit to the waterpark.
• Plan trips as all-inclusive jaunts. Make one trip include a run to the dry cleaner, the dentist, the mall.
• Plan visits to stores like Wal-Mart and Target to shop for retail and groceries. Eliminate the second trip to the grocery store.
• Try the dollar store. Find items that give you the same value as the name-brands you usually buy at other stores, at higher prices.
• Load up on big items at Sam’s and Costco’s and split it with family and friends. By doing this, you both save.

Economic challenges are invaluable opportunities to grow. Don’t be discouraged by how hard things are or will become; take this chance to make your life, and the life of your family better by growing in wisdom about handling money.

 *This was confirmation for me. My wife and I moved to Plano, Texas earlier this month from Denver, Colorado. We moved to Texas because of lower living costs.

Flickr photo: day in the life: lunch money. Uploaded by emdot .