If your family needs to find ways to get more money in the grocery budget WITHOUT pinching pennies, then
I highly recommend my friend Leo Quinn.... a financial educator from the Albany, New York area.
I've known Leo for a while now, and he has a program that is surprisingly simple and is very easy for anyone to follow.
Basically, it shows you how to finally get rid of your personal debt, and how it can be done very quickly.
I know many families are struggling with your paycheck every payday and I also know that Leo's ebook, "How To Own Your Paycheck Again" can help.
For the last eight years, Leo has been showing people how they can get completely out of debt (including a mortgage) in under 10 years!
--And you won't have to pinch pennies, get a second job or cut back your spending in any way!
Leo is an expert in guiding people on the important journey of financial freedom and showing them "how to make their paycheck mean something again."
I will let him explain it to you when you visit his web site -- since he says it a lot better than I can.
Here's Leo's website and ebook link....
How to Have a Millionaire Mind
on Your Way to Financial Freedom
I attended a seminar in Montreal in the fall of 2005 and came back with some great ideas.
The seminar was sponsored by Peak Potentials Training, a company owned by T.Harv Eker, the author of the best selling book "Secrets of the Millionaire Mind".
Here are some excerpts from the book...
1. Wealthy people are not any smarter than poor people; they just have different and more supportive money HABITS.
2. It may not be the most glamorous of topics, but it comes down to this: the single biggest difference between financial success and financial failure is how well you manage your money. It's simple: to master money, you must manage money.
3. As for those who use the "I don't have enough money to manage" rationale, they're looking through the wrong end of the telescope.
4. Rather than say "when I have plenty of money, I'll begin to manage it",the reality is "when I begin to manage it, I'll have plenty of money."
5. Saying "I'll start managing my money as soon as I get caught up" is like an overweight person saying "I'll start exercising and dieting as soon as I lose twenty pounds." It's putting the cart before the horse, which leads to going nowhere...or even backward!
6. First you start properly handling the money you have, then you'll have more money to handle.
At the seminar they outlined an amazingly simple money management system involving 6 or 7 jars.
The jars are labeled like this:
1.FFA - Financial Freedom Account: 10% of your after tax income goes in here and is not taken out for anything other than investments to build your PASSIVE income. Put something in this account everyday...even if it's your pocket change.
2.NEC - Necessities Account: 50% of your after tax income goes in here and is used for uh...necessities...food, shelter, clothing, car etc.
3.EDU - Education Account: 10% of your after tax income goes in here to be used to improve yourself. Do you spend more at the coffee shop than you do on your education...books, tapes, seminars etc?
4.LTSS - Long Term Saving for Spending Account: 10% of your after tax income goes in here to be used for downpayments on houses or cars...big ticket purchases like furniture etc. You could have 2 of these jars and put 5% in each.
5.GIVE - Giving Account: 10% of your after tax income goes in here to be used for charitable contributions.
6.PLAY: 10% of your after tax income goes in here for fun! You spend this money every month or at the most every two months. He suggests using this money to do or buy something a wealthy person would. A limo ride?...a massage?...fancy shoes?...a Rolex?...it's up to you but make sure it's something that really makes you happy and/or is fun!
If you are self employed you'll need another jar labeled:
7.TAX in which you put 20% of your income before you divide up the rest to be put in your jars.
Here are a few more quotes from the book if you need any motivation...
You must acquire the HABITS and skills of managing a small amount of money before you can have a large amount. Remember, we are creatures of habit, and therefore the habit of managing your money is more important than the amount.
Again, poor people thinks it's all about the income; they believe you have to earn a fortune to get rich.
The fact is that if you manage your money following this program, you can become financially free on a relatively small income.
If you mismanage your money, you can't become financially free, even on a huge income.
That is why so many high-income professionals - doctors, lawyers, athletes, and even accountants - are basically broke, because it's not about what comes in, it's about what you do with what comes in.
At the seminar we were reminded that "visible is memorable" so put your jars where you cannot miss them.
If those percentages don't work for you right now...just do whatever you can. Divide up whatever you can.
Remember, it's not the amount...it's the HABIT!