Urban Thought Collective

What did rag man Oxy Woxy, ice man Mike, or milk man Joe all have in common?

Besides being service providers from the 1940s operating in various Houston communities, they all lived within their means and knew how to save money.

Why save money?

I never had a chance to meet Mr. Oxy Woxy, but from what I hear he was already into “green” initiatives by recycling rags and running a side-line vegetable business.

The other great thing about Mr. Woxy was that he did not use any fossil fuels to run his business because his horse-drawn carriage was used to reach his customers in the various neighborhoods.

If you save money, you free-up more funds to invest, enjoy your hobbies more often, expand your vacations, dine out more frequently and purchase more of you want.

Amazingly, the entrepreneurs of yester-year did not have access to credit so they lived within their means and paid close attention to their budgets.

These entrepreneurs were always looking for a “deal” or as we call it today a “hook-up.”

15 Ways to Save Money

Recently I had a conversation with a client who shared some ideas of how they save money and I’ve added several more easy to implement tips below:

1. Buy in bulk, separate into individual serving sizes and freeze.

2. Use coupons for dining out and to purchase retail products or services (don’t be ashamed).

3. Bundle utility services when you can (i.e. cable, internet, telephone, cell phone).

4. Have a utility check-up and replace inefficient pipes, windows, heating/air units (take available tax credits where possible).

5. Review all bills in detail especially those that change regularly including cell bills, credit card bills (look for extra fees and unauthorized automatic debits).

6. Car pool.

7. Bring your lunch to work.

8. Buy store-brand instead of name-brand products.

9. Take public transportation.

10. Use shared babysitting services.

11. Use the public library to read magazines and books.

12. Refinance your house.

13. Buy a used car instead of a new one.

14. Shop at consignment stores in upscale neighborhoods.

15. Search for grants and scholarships for college funding.

Visit this website to explore the many other tools available:

Where to start?
Take a look at where you are with what you own and what you owe (a summary of your assets and liabilities and the difference being your net worth). Secondly, use a spread sheet such as Excel or personal expense software such as Quicken to track your personal monthly expenses so you can determine where you might be able to save and re-deploy your funds for savings and other expenses.

Genevia Gee Fulbright, CPA is President & COO of Fulbright & Fulbright, CPA, PA, a business strategist, tax advisor and author of Make the Leap: Shift from Corporate Worker to Entrepreneur and most recent book Make the Leap: From Mom & Pop to Good Enough to Sell (Infinity Publishing). Her sound financial planning advice tips can be read regularly on www.urbanthoughtcollective.com. Visit Fulbright at www.makeleap.com.