Member Articles

F. Scott Fitzgerald was right: The rich are different from you and me.

When the wealthy need to trim expenses, they mothball one of the jets in their private fleet. How about the rest of us?

At the end of July, my husband’s job was eliminated two weeks before our daughter’s first college payment was due (exquisite timing). We didn’t just lose John’s paycheck. We lost his company-sponsored health insurance -- and the weekly unemployment check would cover, oh, about half of the COBRA payment.

We assumed a “financial lockdown” position and pared down everything but the essentials. Here’s how I boosted cash flow and “found” money during this fiscal tailspin:

1.) Medical bills: Everything is negotiable. Instead of paying two outstanding bills (totaling $3,500), I negotiated with the providers to spread the payments out over six months with no additional fees for doing so. Just ask. They’d rather get your money in six bites than “eat” your unpaid debt.

2.) School costs: As soon as my husband’s job ended, I contacted our daughter’s college. I faxed his letter of termination and asked for additional aid. Within three days, they had agreed to boost our daughter’s existing grant by 20 percent, which should see us through this bump in the road. If your kids are in private school, call and ask for a tuition break or scholarship.

3.) Cell phone charges: After seven years with Verizon Wireless, we upgraded our plan, adding an additional line for our daughter to use at college. With one phone call, I persuaded them to waive the “activation fee” and drop nearly $100 in additional minutes-usage fees left over from our original plan. A respectful approach and Verizon’s 30-day “test drive” policy gave me the leverage I needed (funny how effective the phrase, “I’d be happy to take my business elsewhere,” can be).

4.) Recyling dinner: Like a black skirt you can pair with several tops, I’ve learned to maximize grocery costs by stretching one meal into two. I’ll make my favorite Barefoot Contessa turkey meatloaf and pair it with baked potatoes and squash one night, then re-visit it two nights later with rice and steamed broccoli. Or I’ll roast a whole chicken one night, then use the leftovers in quesadillas on another.

5.) The library rocks! I dumped our Netflix membership and now we borrow movies for free from our library…but only when we’re nearby doing other errands so I don’t waste gas getting there. Speaking of gas…

6.) Ditch premium: The owner’s manual on my car instructed me to use premium gasoline. But an article in the New York Times confirmed that today’s engines run just fine on “regular.” I’m now saving 20+ cents PER GALLON by using regular unleaded gas... and my car is purring like a cat.