10 Simple Tips to Save Money in a Struggling Economy
Posted By: hierh2dm; Category: Business, Finance & Industrial; November 26, 2008
Author Dana Hierholzer; Tags: save money, save, money, economy;
Simple ideas everyone can do to cut costs during an economic recession.
Although it is a hassle, it can be very cost effective to go over all of your bills in order to make sure you are getting all the best rates. Examples would be to check your cell phone bill to make sure you are on the best plan for your usage. Also check your cable and internet bills to see if you are getting the best prices. Companies often offer additional promotions during times of economic turmoil that you will not be privy to unless you ask!
There is a new phenomenon sweeping the nation called Red Box. These are kiosks that vend the latest movies for only one dollar. They can be found almost everywhere, most often in grocery stores. To find a location near you, go to www.redbox.com and type in your zip code. Being that the average price of a movie ticket is $10-$12 per person; a night at the movies can cost some serious cash. These little boxes allow you to entertain the whole family for only a buck.
There are websites out there that will do all the work in helping you search for bargains. If you are planning on making a purchase at a specific store, go to the internet first to see if there are any discounts being offered. One of the best sites is: www.searchalldeals.com. It is great because it covers all the deals from various sites. Never buy something from anywhere without first checking to see if you can take advantage of a coupon.
It is time to take inventory of all of your things and get the clutter out of your life. However, “one man’s trash is another one's treasure.” Look through some of the things you may be able to sell. If you have several books from the same author, consider listing them as a lot on Ebay. If you are computer illiterate, why not try having a good old fashioned yard sale.
Carpooling is both good for the environment and good for your pocket, so do so whenever you can. However, when that is not an option, try to become more aware of the things you have to do. Make a list of all of your errands ahead of time and plan accordingly. That way you can avoid making extra trips.
An oldie but goodie is cutting coupons in the Sunday paper. Stores are offering all kinds of incentives to get you in their doors, so make sure to take advantage of the deals. Grocery stores and drug stores also often have coupons that take a set amount off of a certain dollar purchase. Remember that these offers can be used in combination with all the other manufacturer’s coupons as well.
This next step may be a bit controversial and I advise you to use it with caution, but there are times when you might consider re-gifting. If you receive a present that you feel you may not be able to use, but you know of someone who would love it, re-gifting is an option. Just be careful not to get caught and possibly end up hurting someone’s feelings!
Look into switching to a cash back rewards credit card. These cards send you a check after spending a certain amount. Remember that you do not want to use a credit card if you can not pay the bill off at the end of the month. However, if you have the money, why not pay with the credit card and earn the reward. This is almost like earning interest on your purchases. It is a wonderful concept as long as you can be disciplined enough to not charge more than you can afford.
Save money on babysitting by forming a mother's out program. This is an arrangement where one mother watches all the kids in a group for one day, giving everyone else in the group a day off. This saves money and frees up a lot of time. If you know of other friends with children around the same age as you, this is a wonderful idea.
With interest rates low, it may be a good idea to look into refinancing your home. The first step is to sit down with your loan provider to see if refinancing is a worthwhile option for you. A reduction of only one percentage point can save hundreds of dollars per month. Maybe it is time you take a second look at that mortgage statement.
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