10 Tips to Save Money during the Recession
If you’re battling to keep up your payments and are up to your eyeballs in debt, here are 10 tips to help you get back on-track:
1. Keep a tight grip on your credit cards. As useful as they are, credit cards make it too easy to buy things we don’t need. For instance, people who put their meals on plastic typically spend 30 percent more than those who pay cash. Also get into the habit of paying off store cards immediately or as soon as you can.
2. Rethink your automatic expenses. Go down your list of debited expenses and ask yourself what is absolutely necessary and what you can do without. Can you do without that satellite television subscription? You can always sign up again once the economy normalizes.
3. Cut out unnecessary luxuries like takeaway meals. Put the brakes on impulse buying.
4. Create a budget or ‘spending plan’. Firstly, track the money you spend over the course of a week or a month and also factor in any infrequent payments. Look closely at your discretionary expenses, like travel, entertainment, and eating out. These are expenses that are flexible (as opposed to fixed expenses such as your bond repayment or rent, which you don’t have as much control over). Then you can decide where to cut costs.
5. Get the family involved in your money-saving mission. Saving money as a family can teach your kids some valuable life lessons.
6. Get organized. Most of our lives are hectic and so bills tend to be the last thing on our minds. So it’s a good idea to schedule one day a week to pay them. If you stay organized you will also save money on late fees and charges. And your life will be a lot less stressful!
7. Pay yourself first. Yup, that’s right; you can save money by paying yourself. Give yourself a limited weekly ‘allowance’ to use for whatever you want. But once that money is gone, you don’t get any other money. Paying yourself an allowance to save money will at first be quite hard. But once you get used to it, you’ll begin to be far more prudent with how you spend your allowance.
8. Make more money. Think of things that you could sell online, or perhaps you could take on extra shifts at work. Be creative who knows you could land up making some extra money online!
9. Get professional help. Talking to a qualified professional (at no fee) will help you determine the quickest way to settle your debts.
10. Deal with the most urgent payments first. Look at all your expenses and determine what are the most costly and pay those first, such as store cards.
By:earnmoneyonline.co.za
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