With more job uncertainties than ever in our lives today and the recession on the tips of everybody’s tongues, it is always a good idea to save for a rainy day. It is not a case of if the next rain cloud is coming but when. While some rainy days may not be as extreme as a job loss, people who do not prepare for storms in this tough financial climate we are in now are delusional.
Prices are increasing as well, and luxuries that we once took for granted before now seem a little difficult to reach without overspending your budget unnecessarily. There are several discretionary spending items that we can control to help save for the impending rain.
Eating Out. The first thing that can be done to save money especially during recession is to stop going out to eat as much. Eating out at restaurants or going to the movies and other places can make you dish out more money than you initially planned on doing so. On the other hand, if you stay home and eat, the money you save on not going out to eat or watch movies can be used to bolster your savings.
Track Every Dime. Tracking you’re spending regularly can make all the difference in your budget. Do you know how much your really are spending eating out? It might surprise you if you are not tracking every dime you spend. Try writing everything down for a month or even a week and see. It will blow you away.
Cut Expenses. You can cut down unneeded expenses that can be avoided such as phone line services that you can do without, expensive toiletries, snacks, pricey designer clothes, and other things. Many times we all have trouble designating things in our budgets as wants and needs. We think that they are needs, but many things really aren’t. Buy marked down goods and necessaries instead of designer ware. If you like to grab a coffee before going to work, then take a thermos full of coffee too work instead. It seems a little difficult initially but once you get the hang of staying within a lower budget, it becomes a lot easier.
Sell Stuff. Saving accounts can also be given a good boost with garage sales. Take out all the clutter in your home that has no particular use (we all stick on to things that have no specific use) and hold a yard sale to sell it away. Not only do you make extra room in your house, but you can make money out of it. I have learned that if I leave items in a box from my last move for over a year, then I obviously did not need that item anymore.
Make Things. Similarly making things can also prove to be a great idea for those who are looking to increase their savings account up a notch. Make handmade items using woodworking and many other talents may help you make a profit in these hard times.
Creating an extra income stream by selling items, filling out surveys online, and even freelancing on the side or online can help you save more money and to cushion the effects of any financial situation or rainy day that you may encounter. Make no mistake about it. The rain clouds are coming. They are always coming. But, are you ready?
Comments on this entry are closed.