Ways to save money without feeling poor
Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money?
Although it looks like a pretty daunting task, it’s not impossible to do and once you get the hang of it and establish a routine, it’s not really so hard. In fact, as you become used to cutting down costs, you’ll even ask yourself why you just did it this year. Thank God for the recession right? I guess, if there is anything good that the recession has taught people all over the world is that no country is impervious and that you can save without really allowing yourself to be poor.
Here are some of the ways that you can save money without really making yourself feel or look poor.
1. Cut down on the luxuries
This does not mean that you will not treat yourself every now and then and just live in poverty. This can be depressing and at this point you need something to at least brighten up your month. This just means that you need to cut back on the frequency that you indulge in luxuries. For instance, if you are used to going outside to eat every weekend, cut that down into just twice a month. Restaurant food can be pretty expensive and besides they are not at all healthy anyway. Other things to give up on are movies and recreational trips. You can still go on trips but make sure that they will not involve a lot of fees.
2. Keep it simple
If you do not have the money to go out, you can still do so provided that you keep it simple. Go back to nature and have a family picnic in the park or maybe walk along the beachside. You can pack a lunch that you have cooked yourself at home. You don’t have to spend a lot of money just to be able to enjoy the weekend with the family. You just need the imagination.
3. Recycle
Instead always buying things that you think you need, why not use your imagination and creativity by recycling things. Use them for other than their uses. For instance, if you need a message board where you will be posting the chores, why not use that old chalkboard instead of buying a new bulletin board. It may not be much but if you do it for other things that you want to buy, you have not only saved a lot of money, you would have also cleared that garage full of junk.
4. Rework
If you cannot use something for another thing, why not transformed it into something that you can actually use. This is actually applicable to clothes and accessories but with imagination, you can even do it with other things in the house. Who knows, it may not even be just one of the ways to save money, you can even turn it into a business that will earn you more.
Simple Tips To Save Money
In these hard times, money is hard to come by so you should know how to save it until things get better. Since it is a balancing act that is somewhat challenging, here are a few ways that can teach you how to save money.
If you don’t want to lose your home like a lot of Americans have over the past year, you have to kill your debt first. You do that by calculating how much money you spend in a month and then see where the budgets can be made so there is money you can use to pay off those debts.
So you know you are reaching your goals, keep a record of all your expenses. To avoid confusion, write down each expense in a specific category like cable Bills, car insurance, car payments, entertainment, food, gas, phone Bill and rent. Keep it with you at all times and then balance it with every receipt.
But what if cutting down certain expenses is not enough to make you debt free? When this happens, you have to make bigger sacrifices like moving to a less expensive home, cancelling your land line or cable, not going out for some time and eating at home more often.
For those who are renting, try to invite someone to share the place with you so that you can share the rent.
Having a credit card or more than one is the reason why a lot of people are in trouble. This is because they only pay the minimum so whatever is left becomes higher because of interest. If you have a credit card, stop using it.
Right now, pay everything with cash that you have on hand. You can even do what some people practice at home and that is to bundle a certain amount and put a label on it or place this in a jar. That way, they know where to get it and be aware of how much is left since this should last for about a month.
There are even some who put a label on their wallets reminding themselves to save by writing on some tape that they have no money.
Saving money shouldn’t only mean cutting expenses. It also means earning a little more with what is available and you can do that by opening an interest-bearing savings account. This is different from the regular savings account and the best part is that the interest rates are much higher. Your other options are CDs or money-market accounts for longer savings goals.
The keys to saving money are discipline and self-control especially when the country is in a recession. If you have a job, good for you but think about the millions of Americans who don’t and have to live on unemployment checks until they are able to get a another job.
So set a goal and then stick to it. The objective here is to survive this crisis so you can keep a roof over your head and food on the table. If you need help, get a financial expert to help you plan how to budget things because it is their job to help you find answers when you are running out of options. You just have to do your share to make it happen since you know a few ways to save money.
How to Save Money on Transportation
According to the AAA or the American Automobiles Association, the average cost of owning and driving a car 15,000 miles in one year is about $8,211. This could go higher depending on the vehicle you own especially if what you drive is an SUV. If you think about it that is a lot of money so it is only right that you know how to save money on transportation.
Ever car owner knows that gas is just one of the expenses when owning a car. You also have to deal with car insurance, maintenance, registration, financing and a lot more. For people who don’t own a car yet, it will probably be better to buy a used car instead of a new one since its value depreciates even if the vehicle is still in good condition.
When gas went up to more than $100 per barrel last year, a lot of people were feeling the crunch. If you managed to survive and still held on to your SUV, trade it in for a smaller vehicle since this does not consume that much fuel.
This does not mean though that your first choice is a hybrid vehicle since there are still a lot of regular cars being made that can do 25 miles per gallon.
Ever thought about how much you actually pay for car insurance? Believe it or not, some companies give a better and lower rate than others. Since you have to get one every year, compare what you are currently paying for with those offered by other companies then decide whether or not to change your insurance provider.
The best way to save money on transportation is to shop and compare gas prices. If you haven’t noticed, some gas stations sell their stock at a much cheaper price compared to others. So go around your neighborhood and see which one offers you the best rate. A 20 cents difference on 60 gallons of gas per month adds up to $12 per month or $144 per year.
Cars should be maintained at all times. When you go to a gas station, see if they offer a card that offers you cash back every time you gas up. Some companies offer a 5{c52a10b7e08e9c2d7a1926146b17d7677c51e665563998c7b5df51c724457d14} cash back which you can use to refuel your vehicle or avail of maintenance services. You may even find one that offers other discounts which you can use for other purchases so ask about it the next time you drop by the pumps.
If you live in an area that has a good public transportation system like a bus or a train, take this to work instead of driving. You will save a lot of money here since you don’t have to pay for gas, auto maintenance or parking fees.
The best way to save money is to car pool. If you and a few friends travel the same route when going to work, assign among yourselves who will drive today and the day after. When you car pool, you get to use a special lane that does not have that many cars which means you could get to work faster especially during rush hour.
You will save a ton of money when you learn how to save it on transportation and you should continue to practice it even when the country is not in a recession.
How To Save Money On Food & Everyday Essentials
All of us need to eat but we don’t have to spend a fortune just to fill up our stomachs. One way to save money is by watching what we eat and this is how you do it.
First, try eating at home more often instead of going out. Sure, we don’t want to cook or are too lazy to do this chore but if you don’t cook, how do you expect to eat? You save more money buying groceries than eating in a restaurant. If you aren’t married yet, this could impress whoever you are dating because they know you can do this on your own.
But don’t deprive yourself from having some fun. You can still go out in a restaurant but instead of ordering the usual, try to get something else in the menu that is slightly more affordable.
Eating in instead of eating out is good so you have to visit the grocery frequently. Before you walk in, make sure you always have a shopping list and never deviate from it. As much as possible, buy everything you need once a week because going to the grocery two to four times a week will tempt you to buy things that were never on the list.
If you are used to buying a certain brand, try buying its competitor. Chances are, it is cheaper and it could taste just as good or even better. You can also save money when you buy generic baby formula and prescription drugs.
For those who have babies, one thing you will buy a lot during this stage is the baby diaper. Since they grow quite rapidly, don’t stock up on too much diapers of one size because you may not use everything. Only buy what you need so before you put it in your cart, always compare the unit price.
You may be a regular customer in one supermarket and have been happy going in and out of there for years. For once, perhaps you should shop elsewhere and compare their prices. If the prices here are cheaper then you will probably shop here more often.
A lot of people eat out during lunch time when they are at work. If you have successfully prepared breakfast and dinner, you can surely prepare lunch which you can eat during your break.
The same goes for coffee because a cup of Starbucks daily translates to more than a thousand dollars a year. You can have the same taste at home when you have a coffee machine that can churn it up after several minutes then all you have to do is put it in a mug and bring it to work.
A lot of establishments are feeling the recession and one way they try to stay alive is to come up with promos and hand out coupons. If you know where to look, you can cut out these coupons or print them from their website. With a few of these around, you can save from 5{c52a10b7e08e9c2d7a1926146b17d7677c51e665563998c7b5df51c724457d14} to 25{c52a10b7e08e9c2d7a1926146b17d7677c51e665563998c7b5df51c724457d14} on selected items.
Discipline, proper planning and smart shopping is essential when you are thinking ways of how to save money on food and basic goods. Is it going to be easy? No but if you have the willingness to do it, you can save thousands of dollars.