In today's struggling and debilitating economy, most people are having a difficult time keeping up with their daily expenses and their overall finances. With price hikes, staggering unemployment rates and increasing reports of bankruptcy at the left and right, it hasn't been an easy economic era to live in. Fortunately, there are ways for low and middle-class families to survive these harsh times.
1. The Basics
The most obvious way to save money is to cut expenses, or simply spend less. This step basic, but crucial if you are dead serious about being saving in the long run. Sit down and review what you spend and where you spend it. For instance, you can consider making phone calls only during off-peak times. Do you really need to get your daily newspapers and magazines delivered to your front door? Can you live without drinking those overpriced coffees that you purchase before work? If not, maybe consider bringing a flask or jug of coffee with you during work to save money. Don't ignore those simple expenses that you incur every month. Although small in amount, these costs may be significant in saving your hard-earned money.
Establish a budget that you can strictly adhere to in the long run. This is essential to improve your monthly finances. However, you should always make it a point to stick to the budget plan, or it won't work. Divide what you can spend into all your necessary expenses, including food and utility bills. This will help you determine if you are able to cough up that money and whether you you are overspending on one aspect and spending cheaply on another. The hard part is keeping your budget in mind anytime you buy anything. It takes more than making a plan to save money!
3. Buy in Bulk
Consider shopping in bulk. Of course, this only applies to items that are non-perishable. For a thrifty buyer, bulk-buying is good. One can save a lot of money by planning your meals in advance and buying in bulk to stock the fridge. Moreover, you can also cook food in bulk, in order to save gas and time. You can cook meals that can last for many servings. Also, refrain from buying imported products. Even though they may taste uniquely better than your local brands, they are also more expensive. Additionally, purchasing generic brands can definitely be a money saver.
4. Shop Timely
If you are bulk-buying, time it during a sale. Sales come every month or so. You should capitalize on this and make sure that you are shopping during these events. It can really prove to be a money-saver. Moreover, if you have something in mind that is quite costly at its regular sticker price, shop for it during sales in order to get it for a cheaper cost, without having to sacrifice quality.
5. Stay In
Another great money-saving tip is to eat at home, rather than go out of town to eat dinner. Dining in expensive restaurants is definitely a No-No when it comes to money saving. Not only is it unpractical, it consumes much of your time in traveling to and from the place (plus gas money).
6. Save Smart
Open a savings account. Having a bank account where you can deposit in your savings can help you accumulate money safely and securely. It also allows you to be less tempted in spending the money you have from your last month's paycheck or your extra money from your monthly budget plan. Make sure that you have easy access to banking services and not have to go the distance just to open and check your account. If you can do it all online, you are good to go. If it's a checking account, don't order checks. If it's a savings account, try to arrange it so that you are only allowed to withdrawal a few times each month. Don't even think of this money as spending money. It's for SAVING. The more you save, the more interest you'll earn! Also, many banks now offer rewards of $25-$100 for new savings accounts, so be sure to look around and ask about that.
Tom Beecher likes to write, cook and visit termlifeinsurance.org to save money.