Unique Ways to Save Money in a Tough Economy

Unique Ways to Save Money in a Tough Economy

1. Operate on a Strict Budget.

Whether you are an individual or a business, a budget can help you find extra dollars by making you manage your money better. If you sit down during the last week of each month and map out every dollar for the following month you will feel like you got a raise or somehow you had a boost in sales all because you tracked where every dollar was spent. It is very important to keep all reciepts and make a report of what you have spent. This will help realize where your money is being spent.

2. Operate with Cash.

Studies have shown that people who use actual cash to purchase items spend 12%-18% less money than those who a debit or credit card to make purchases. There is something about seing that cash leave your hand that makes it hard to give up.

3. Fix Your Credit

Your credit score can save or cost you thousands of dollars over your lifetime. If you have a low credit score, raise and refinance your loans to lower interest rates. This move can save you hundreds of thousands of dollars. Find a credit repair company to help you with this endeavor, otherwise you will feel like you just got a second job with no pay.

4. Live on Rice & Beans

Fast food is becoming more and more popular due to convenince. People make a mistake thinking it is so cheap. What they dont realize is how expensive it is. Don't literally live on rice and beans, but cut your lifestyle back to help increase cash flow. This could help you save money for an emergency in case you fall victim to a job loss as the result of a down economy.

5. Buy Used

Instead of buying brand new clothes, cars and other accessories, buy them used. Use online classifieds to find bargains on things that you need. This will help if you need to replace anything in your house or life. There is also many thrift stores that are available. Often you can find incredibly nice clothing and other used products for pennies on the dollar. One well known store is The Deseret Industries.

6. Save Your Change

At the end of every day make sure to pile up your pocket change. Over time this adds up. When you are ready to cash it in take it to a credit union. Many have free machines that will count the coins and allow you to reedem it for cash.

7. Keep Your Reciepts

One couple we talked to kept their reciepts for a full month, at the end they added up and categorized where they had spent all of their money. After the calcualatios they realized they spent $600.00 on fast food! Writing your expenses down can help you realize where your money is being spent and where you can cut back.

Bottom Line:

Saving money is very important. Follow these tips and others on the web to find to help you put away a decent savings for a rainy day.

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