How to Save Money Every Day
Stretch Paychecks by Changing Spending Habits
With the recession, downsizing, layoffs, cutbacks, and slowdowns many people are victims or know victims of the slumping economy. Experts disagree about when the country’s economic situation will turn around for the better. In the meantime, read on to discover ways to make the most of one’s money.
It may not seem like it, but the following are luxuries that can be eliminated from a monthly budget if absolutely necessary. Less expensive alternatives may be considered.
- Buying books (use the public library, exchange books with friends, rummage for books at yard sales)
- Buying a new pet (adopt from and volunteer at the local animal shelter; raise money for spay/neuter programs)
- Cable television (some shows can be viewed online)
- Boutique hair salon/barber (go to a franchise salon)
- Franchise or discount hair salon (do it oneself)
- Eating at a restaurant (cook at home and eat leftovers when available)
- Internet (use public library access)
- Land-line telephone (use cell phones only)
- Lawn, maid, pool, auto wash services (do it oneself)
- Pedicure, manicure (do it oneself)
Spend Money Creatively
There are occasions when money must be spent, however. In these cases, use the following creative alternatives to save some money.
- Dinner Party (make it a potluck)
- Entertaining the kids (rediscover the outdoors: parks, trails, soft ball, basketball, or soccer games)
- Groceries (generics/store brands are often as good as the leading brands)
- Movie date (lunch and an afternoon matinee is often less expensive than dinner and a prime-time showing)
- Birthday presents for children’s friends (decide on a budget per gift and stick to it)
- Holiday gift exchange (decide among friends and family rules and limits for gift giving)
- Lavish wedding (have a simple civil or small religious ceremony, invite friends and family to share cake and light hors d’oeuvres in the early afternoon)
Unload Property to Survive Economic Crisis
If there is not enough cash to cover expenses after removing the extras from one’s lifestyle, it may be time to reconsider lifestyle choices. Downsizing one's home or choosing a more economical car may help bridge the gap between expenses and income. Unload personal property that may be a financial burden. Boats, recreational vehicles, and vacation properties may require more upkeep than they are worth right now.
When the above conservative measures are still not enough to make ends meet, call all creditors to make financial arrangements. Past-due accounts compromise negotiation power. Debt management companies and programs may also help. Some of these companies are free and others charge fees. Some provide education and others are advocates who deal with creditors. Debt management programs can provide specific strategies needed to survive on one’s existing income.
Beware of bogus debt management programs that charge high fees or do not really help solve debt delimmas. Consider using a non-profit debt management company that will likely charge less for their services.
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