How To Save In A Tough Economy

With the crumbling economy we are now living in, we should always be looking for ways to save money. Saving money can be particularly difficult when the economy is at its all time worst though. However there are some things you can do to keep a little extra cash saved up. This article is going to give you 5 tips on how to save money in a tough economy.

Stay At Home ($60 a month)

I know going out is fun, but it’s also expensive. You have to cut out little indulgences such as going out if you want to save money. For example, going to the movies is almost $20 per person and that’s not including the food. Going out to a restaurant is going to cost you even more than that. Why not stay home, make a home-cooked meal and get a subscription to Netflix. It is much cheaper. This is not to say you shouldn’t go out at all, just limit or cut down to maybe one or two weekends a month.

Credit Card Use ($25 a month)

Do not make your purchases on credit cards. It may feel like you’re not spending any money, but you will not only need to pay those off, but you’ll need to pay off the interest as well. Originally, credit cards were only supposed to be used in the event of an emergency so keep it that way. The bottom line is this, if you don’t have the cash – you can’t afford it and you shouldn’t buy it. If you carry a debt of $1,500 on your credit card you’ll be forking over $25 a month in interest. Had you paid with cash, you’d be able to save that money.

Carpool and Consolidating Trips ($50 a month)

Carpooling has always been popular, but now it is the economical way to go. Share rides to work and split gas costs and vehicle maintenance fees. Carpooling is a win win situation. Another thing to consider when thinking of gas prices and cars, you should make a list when you have errands. Do everything all at once, so you can avoid multiple trips, this definitely cuts down on gas. With the cost of gas as high as it is now you can easily save $50 a month by cutting back on your driving.

Shopping Sales ($25 a month)

There are things you need to buy, such as food and clothes. Just because these are a necessity doesn’t mean you can’t shop smartly to get them at a good price. All stores have sales. Sometimes you may have to wait for what you want but a good sale can be invaluable to saving money.

Create A Revenue Stream ($100 a month)

If it’s impossible to cut back and save any more, then perhaps you can make a little money on the side. Are you good at something? Or have a hobby? Maybe you can get paid for that. You don’t need a ton of money to get started either. You could babysit, become a tutor or even a dog walker to make some extra cash to supplement your full time job.

About The Author

Edwin is a marketer, social media influencer and head writer here at Daily Finance Options. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.

1 Comment

  1. Warford Designs

    some great money saving tips everyone can use, thanks for the great read.

    Reply

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