Saving During a Troubled Economy

Oct 2nd, 2008 | By Wise Snob | Category: Sustainable Living

Rating 4.00 out of 5

saving4 Saving During a Troubled Economy

It’s all over the news. The economy is crashing and we can’t be as free with our spending as before. So let’s tighten our purse straps and consider some simple ways to cut down our costs without cutting down our happiness level. A key to a better life is avoiding the trap of wanting more than we already have. By being discontent, we forget to enjoy the things we already possess. Here are some tips.

When eating out, order water. It’s free, and ten times healthier than a soda or some alcoholic drink.

Be sure to set automatic savings. ING Direct, HSBC Direct, and other high-yield web savings accounts allow you to set up automatic saving plans. Just allot something, anything to be put into the account monthly. That way you are saving money without even trying.

Pack lunch to work. I love to cook, so I try to cook a large dinner and pack leftovers for lunch the following day. It’s delicious and healthier.

Avoid junk food. Not only do I feel better, I saved money.

Don’t have cable television. I hardly watch TV, and I get my news from the internet. I therefore avoid tempting commercials for more purchases and save a hefty monthly fee for cable.

Use the library. I have found the most amazing books and films at the library—and it’s all free! I reduce clutter in my home by not having to pile up purchased books and DVDs in shelves. I love it. Besides, after watching a DVD twice or so, I’m so over it.

Cook at home. It’s an amazing learning experience, and I find it so relaxing. I also save a ton from not going out all the time. My advantage is that I have a lovely boyfriend who helps with the dishes afterwards, because the cook should never have to clean.

Purchase Starbucks sparingly. It’s great to meet up w/ friends for a chat there, but a daily stop at Starbucks can cost me about $1,400 in a year. That’s a roundtrip ticket to Europe! Plus, all that caffeine and sugar really does not help the waist.

Limit vacations. I used to just hop over to another state or country without thinking about what it would cost me. Now I really consider where I want to go and plan a special trip about once or twice a year instead of every few months.

Buy sale items. I used to buy everything full price, but have learned to just wait a bit, and eventually prices will drop. One warning is that sales may lead to needless spending, so I make sure to purchase what I truly need. Give SavvyCircle a try, as it lets you know by emailing you when items you are coveting go on sale.

Budget. I never budgeted, and now that I have started, I am very aware of where my money goes and am shocked at how quickly money is spent. I also noticed that carrying the cash I am going to spend instead of using my credit card helps me keep on track.

How are you saving?

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