Let’s face it – the economy is in chaos. More and more companies close their businesses each and every day. The line at the local job fairs seems to be doubling by the moment. It is getting more and more difficult to get extended credit to buy large purchases or even get a credit card.
Times are tough and it could end up getting even worse. One of the best things that you can do during these tough times is to figure out how to save money and make it happen. When you’re financially strapped, figuring out how to save money can be frustrating and seemingly impossible. However, it should be your number one priority.
Being able to save money during these tough times can end up being your lifesaver. Believe it or not, figuring out how to save money might not be as difficult as it seems. The first thing that you need to do is make a chart or a spreadsheet and figure out where every single cent of yours is being spent.
Do you buy a cup of coffee each morning? Keep track of that. Buy lunch at work a few times a week? Write that down. Do you find yourself walking out of the grocery store wondering how you spent so much money on so few items?
Keep track of every single cent you spend for a few weeks. Before you figure out how to save money, you need to know how you’re spending your money and how much you’re spending.
Realizing how to save money is a huge step in keeping yourself from drowning in today’s economy. Once you take the time to itemize every single cent you’re spending, you can figure out how to change everything. Those expensive grocery store visits that you’re having regularly, well, you can cut them down considerably.
One of the most highly effective ways in learning how to save money is to utilize coupons and taking advantage of discounts. Manufacturers will often place coupons in weekly newspapers or circulars. You can scour the internet for coupons. Buying generic brands instead of those famous name brands can cut your grocery bill in half.
Nowadays, people trying to figure out how to save money are finding that they can shop for items in their wardrobe or other household items or accessories at consignment or thrift shops. Sure, your new shirt isn’t really “new”, but who will know? You can get a $50 sweater for $10 if you are a savvy shopper. Being cheap has never been more in style.
Figuring out how to save money can be incredibly stressful. Why not make it more fun? Take an old shoebox, or any box, and tape it shut. Cut out a slit in the top for a small opening. At the end of your day or your week, slide whatever leftover cash you have into it.
Whether its one dollar or several, it is a way of saving money and not letting it be wasted. Before you know it, you may have enough cash to pay a few bills or some small emergency funds.
The point of taping up the box is so that you aren’t as easily tempted to take the money back out. Try it. You may find that being creative and finding way to be “cheap” may not be as hard as you imagine it will be, and could benefit you greatly in the long run.