We all know that we are going through a difficult financial situation, but when it gets to the point where Americans are relocating to other countries and renouncing their American citizenship, then you know that things are really messed up somewhere in the financial capital. We need the government, regardless of which political party you support, to get things in order, coz it’s really screwing everyone, especially those guys in the lower end of the financial ladder. But, while we wait for the big guys to get our house in order, we have to play our part to make sure that we keep our heads above water. This can be achieved through a number of ways as illustrated by Crystal Graham in the following article on ways to save money in a recession.
Below are seven secrets for saving cash that you can put into practice right now:
Saving Cash Secret 1 – Be On Top Of Your Cash
Yep – it all starts here folks! You must to be aware of exactly what is coming in and what your outgoings are every month. The key reason why folks spend too much money, and often money they can’t afford is because they are not in control of their money.
Saving Cash Secret 2 – The Things You Need Only
Work out each month what you have to spend money on. This will in all probability include home payments, groceries, commuting payments, utilities (phone,electric,gas), memberships, auto loans etc. Once you have subtracted this from your incomings you will have an amount available for you to spend on other things. It is here that you need to examine. Try not to waste money on non-essential items.
Saving Cash Secret 3 – Use Cash Or Debit Cards
Another great way of saving cash is by using a debit card or cash when spending. This is far better than using credit cards as you may think there is no limit when using credit cards. If you use cash then this will probably make you think twice about spending money on things, as it will significantly reduce the amount of money you have in your pocket.
Saving Cash Secret 4 – Keep A Note Of Your Spending
Saving cash is often a subconscious issue – because you don’t know your financial position you feel that you can just spend whenever you want. By specifically recording everything (every little detail) that you spend, you will soon build a clear picture of your spending patterns. If it’s possible to get a receipt for something then do so.
Saving Cash Secret 5 – Find Coupons And Use Them
Coupons are widely available. You probably receive newsletters from a range of supermarkets and other shops so try them out. You can also find coupons online. Search for the shops that you use, and see what money off specials are on offer today. You could even schedule your meals this week based on these offers.
Saving Cash Secret 6 – Keep Your Visits to the Shops Short
You can keep your visit to the store brief by creating a list of precisely what you need prior to visiting the shops. Studies have revealed that shoppers who stay longer in shops are more likely to spend more money than those that opt for the short stay. Also shoppers that visit the stores without a “list” will be much more prone to impulse buying as they do not have a plan to follow.
Saving Cash Secret 7 – Turn Everything Off
Saving cash on your electric bill is simple – just switch everything off that you are not using or you are no longer using. How often have you left your TV set on “Standby” the whole night? Don’t do it – it will cost you a fortune over the time. Also if your heating and/or air conditioning is controlled by thermostat turn it down to a comfortable level. When you are out at work or elsewhere set the timer to turn it off, and turn it back on again a few minutes before your planned return time home.
Saving cash is really all about discipline and conditioning your mind to not only keep tabs on your expenditure, but also to examine your purchasing habits and those of the rest of your family. It can be difficult initially, but once you get used to it it’s pretty straightforward. A technique that will really help you is just to think to yourself “Do I really need this?” when you are considering buying an item that is not essential for you. This will really work for you if you try it.