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Last month my husband and I paid off our remaining credit card debt. When he was sick with cancer, we racked up quite a bit in order to pay for the chemo co-pays and car services to and from all appointments (he was too sick to take the subway). That was four years ago and we have finally, finally paid it all off.
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At least three days a week after school at the playground, we buy Lily (and at least 2 of her friends) popsicles from the ice cream truck. They're pretty cheap - only $3.00 a day for 4 small popsicles. However, since my husband was laid off....again....I've been taking a hard look at our finances. Fortunately, I've been busier than ever however, we need to be more careful with money. We still have $3 for popsicles but should we be spending $9 a week on popsicles from the truck when they're cheaper to buy from the supermarket? I don't think so.
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"Obama said he hopes the terrorists don't follow us home, but if they do, and they want to bring down a building, the CitiCorp Center is at Lexington and 53rd." --Bill Maher
I have always tried to shield my child and other children from bad news or tragedy....which both apply to this economy. However, there are some invaluable lessons to be learned from the current global financial crisis. My in-laws, frugal as they are (admittedly sometimes embarrassingly so), grew up in the post-depression era Midwest. Consequently, they really know how to squeeze a penny and have never lived beyond their means. They, like my Hungarian refugee father, live by the mantra, "If I don't have the cash I can't afford it." Very wise words indeed.
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by Kris
Last year, way before I knew what truly horrible shape the economy was in, I started bypassing the type of exchange that centers on cold hard cash and began bartering for a couple of things. What skills do I have to trade, you may wonder (and I did too). Well, they're pretty darn basic - knitting and cooking - but they are standing me in good stead thus far. In fact, I am proud to say that I am now bartering for the following things:
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Oh dear, the annual teachers' gift collection is not going well for my younger son's class. As a parent who spearheaded not one but two of said collections last year, I completely sympathize with the mom (Yes, it always seems to be a mom, doesn't it?) who is in charge of it this year. That said, I have a few pointers (some learned the hard way) for anyone who ever finds themselves in this somewhat stressful and largely thankless position. Believe me, heeding them will make your job a lot easier.
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With the stock market slip-sliding every day, it can be tough to figure out how it relates to your personal financial situation. For example, are you considering leaving the workforce to become a stay-at-home mom? One of our site users posed this very question to financial expert Carmen Wong Ulrich:
"I am 12-weeks pregnant with my first child and thinking about becoming a stay-at-home mom. Right now I make more than my husband, have two car payments, rent, along with many other expenses. How do you turn your finances around to live off of one low income? Or how do you make money from home?"
Here's what Carmen said:
We're scrimping here and cutting back there, but are we missing opportunities to save? When one mom sought out money-saving tips, we called on CNBC's Carmen Wong Ulrich for advice. Question: We've cut down a lot! We've had basic phone and basic cable for several months now and I wash dishes by hand instead of using the dishwasher. We eat at home most days, which saves a lot of money, and we run errands the same day. What else can we do to save money? Any other suggestions? --redrose46 See Carmen's response below -- and share your own. What are you doing to save money?
Plus: Watch Carmen Wong Ulrich's 'On The Money' Weeknights 9PM EST on CNBC!
In this economy, we're all asking questions about family finances. But what about pre-family finances -- the money moves you make before baby is born? We asked personal finance guru Carmen Wong Ulrich to weigh in when one mom-to-be had a question about her upcoming maternity leave. Question: It's never a good time to go through an economic depression, but it's even worse if you're not going to be working for three months. I really want to go to part-time after the baby is born, but with the way things are looking how are we going to manage on one reduced income? Our neatly packaged plans are seeming less and less likely as the economic news gets worse. -- carreonme See Carmen's response below -- and share your own. Are you worried about the economy and taking maternity leave?
Plus: Watch Carmen Wong Ulrich's 'On The Money' Weeknights 9PM EST on CNBC!
How about this?? Instead of bailing out Wall Street why not just give the money directly to the American people?! That's the kind of financial Viagra we could all use right now. Go ahead Mr. Bush, with your bad self, and stimulate my economic package already. That sounds like a much better idea to me than giving more money to the Wall Streeters who lost it in the first place.
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