10 Ways to Save Money in a Recession
In order to get through the current recession, more people are looking for those extra ways to save a little money. Even if you are already doing a number of things to save money, there is always something that you may not have considered. These 10 tips for saving money should be helpful:
1. Rent out a room. The number one expense for most Americans is their housing. You could take on a roommate if you have a two bedroom apartment and are single. If you own a house and have an extra room, you could rent that out as well. Not only do you save on the cost of housing, but you can also split the costs of utilities.
2. Carpool/share a car. Instead of being a two car family, make the arrangements you need to make to survive with just one car. You can ask coworkers about carpooling, or take the bus to work. This will allow you to sell one of your cars for cash now, and it will save you the cost of fuel, insurance, and auto maintenance.
3. Quit smoking. You should really quit smoking because of the health risks it poses, but if you just could not find the inspiration to quit before, quit for the money it will save you. A pack a day habit can cost about $150 bucks a month. That's money better spent elsewhere.
4. Avoid store sales. This recession is not only affecting individuals, but is also causing stores to be in danger of going out of business. To try and stay afloat, many stores are having major sales. However, if you think you are saving $60 on that item that usually costs $100, remember that you are really still spending $40. If you don't need it, don't buy it, no matter how good the sale price seems.
5. Don't finance purchases. Although offers to buy it now, and have two years to pay may seem like a good deal, you can be saddled with massively high interest rates when the time comes. Make sure you have the money on hand to pay cash for big purchases.
6. Turn off the electronics. You are probably using much more electricity than you realize running things you aren't even using. If you are done with the computer, turn it off. Turn out lights when you don't need them. Keep the TV off when you aren't watching it.
7. Disconnect your internet and cable service. If you really need to catch up online, you can go to a cyber cafe, or a public library. You can hang out with friends or family to see those "can't miss" tv shows. Spend the rest of your unplugged life reading books, cleaning the house, or getting out and doing some exercise.
8. Quit your gym membership. Exercise doesn't need to cost you money. You don't need to pay for an expensive gym membership and do all that commuting to get a good workout. Walking and jogging don't cost anything. Elastic bands are inexpensive and will satisfy most resistance training needs.
9. Compare expenses. Make a spreadsheet that outlines the costs of your alternatives. Factor in costs of taking the train, parking expenses, fuel costs, and whatever other costs are incurred in your commuting. See which is the cheapest alternative. Apply this to other areas than just transportation. You will be more able to see what is the best alternative.
10. Track your expenditures. By using an expense tracking software program, or even a simple spreadsheet, you will be able to visually see where money is being spent. This will help you to spot areas that maybe you are spending more than necessary.
These money saving tips should help you to cut your expenses. Eventually, the economy will improve, but until then, you will be more equipped to survive the tough times.
1. Rent out a room. The number one expense for most Americans is their housing. You could take on a roommate if you have a two bedroom apartment and are single. If you own a house and have an extra room, you could rent that out as well. Not only do you save on the cost of housing, but you can also split the costs of utilities.
2. Carpool/share a car. Instead of being a two car family, make the arrangements you need to make to survive with just one car. You can ask coworkers about carpooling, or take the bus to work. This will allow you to sell one of your cars for cash now, and it will save you the cost of fuel, insurance, and auto maintenance.
3. Quit smoking. You should really quit smoking because of the health risks it poses, but if you just could not find the inspiration to quit before, quit for the money it will save you. A pack a day habit can cost about $150 bucks a month. That's money better spent elsewhere.
4. Avoid store sales. This recession is not only affecting individuals, but is also causing stores to be in danger of going out of business. To try and stay afloat, many stores are having major sales. However, if you think you are saving $60 on that item that usually costs $100, remember that you are really still spending $40. If you don't need it, don't buy it, no matter how good the sale price seems.
5. Don't finance purchases. Although offers to buy it now, and have two years to pay may seem like a good deal, you can be saddled with massively high interest rates when the time comes. Make sure you have the money on hand to pay cash for big purchases.
6. Turn off the electronics. You are probably using much more electricity than you realize running things you aren't even using. If you are done with the computer, turn it off. Turn out lights when you don't need them. Keep the TV off when you aren't watching it.
7. Disconnect your internet and cable service. If you really need to catch up online, you can go to a cyber cafe, or a public library. You can hang out with friends or family to see those "can't miss" tv shows. Spend the rest of your unplugged life reading books, cleaning the house, or getting out and doing some exercise.
8. Quit your gym membership. Exercise doesn't need to cost you money. You don't need to pay for an expensive gym membership and do all that commuting to get a good workout. Walking and jogging don't cost anything. Elastic bands are inexpensive and will satisfy most resistance training needs.
9. Compare expenses. Make a spreadsheet that outlines the costs of your alternatives. Factor in costs of taking the train, parking expenses, fuel costs, and whatever other costs are incurred in your commuting. See which is the cheapest alternative. Apply this to other areas than just transportation. You will be more able to see what is the best alternative.
10. Track your expenditures. By using an expense tracking software program, or even a simple spreadsheet, you will be able to visually see where money is being spent. This will help you to spot areas that maybe you are spending more than necessary.
These money saving tips should help you to cut your expenses. Eventually, the economy will improve, but until then, you will be more equipped to survive the tough times.
About the Author:
Michael James reviews Obama merchandise and funny economic recession humor at his conservative humor site.
posted by Credit Counseling at
3:25 AM
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