Posted by: GregDeTisi | October 25, 2010

How To Save Money In The Current Economy

Dollar Pictures, Images and Photos

I am talking about the fact that we are currently in a financial crisis or economic downturn. Now this can actually be a good thing. How? Well it is because it will get people to think outside the box when it comes to spending. Actually when there is mass panic about money is when most clever people make money because everyone else is hanging on for dear life to what they have and taking no risks. So how can you save more money now and create a secure future? You can start by looking at your shopping list. How much rubbish do you buy? How much is spent on Cereals for example? I know me and my girlfriend will buy just one cereal that is healthy so not only are we spending less but we might even live longer. Pretty Cool huh! It doesn’t take much imagination to begin breaking down your monthly expenses and cutting back on wasteful items.

What you might even do is go for a smaller car? Or wipeout an expense that is not actually needed. Let’s say you go to the Gym ok, well how much do you pay per month? $30, $70? Well try,swimming,walking,badminton,cycling,press ups, situps? You can save your monthly Gym costs right there. What about getting your hair cut, do you go expensive or cheap? You are getting the idea by now huh!:)

So first of all look at all of your outgoings, then eliminate any that are not needed at all, then adjust the outgoings to cheaper versions of what you buy, like value groceries. After that you can look at your fixes, what do I mean? Well Alcahol,smoking,junk food,commercial coffee shops, general luxuries that you really could do without especially for your health.

Let’s say that you save $50 per month well that’s $600 per year or $6000 over ten years, or $18,000 over 30 years. Cool huh! It won’t take much to get to that level of saving and then when you retire you will have maybe $20k in savings that you didn’t miss. This all depends on your ability to save more and then either live much more comfortably in the now or have a hefty lump sum when you retire. Hey it might even allow you retire a few years earlier.:)

Here are a list of helpful ways to start saving! (Fun isn’t it!:)

1 Drive the car less (if you can!) OR buy a smaller car, it will save you a ton of money on fuel/Gas not to mention Insurance and Tax.
2 Quit the Gym membership and use free exercise mostly like running,swimming,Yoga or walking.
3 Cut out luxury food items all together or at least keep them to special occassions or weekends.
4 Cut down on drinking, smoking, junk food, and material spending (i.e clothes, jewellery). If you already have a Nice Black shirt why get another?
5 Make your own Sandwiches for work. Alot cheaper.
6 Drink less commercial coffee. Just 1 cup less a day could be $60 to $120+ per month in your pocket. Amazing really!:)
7 Try to download free information from the internet instead of buying books all the time. It’s an online library.
8 If you can grow vegetables then grow them. This includes growing herbs and keeping chickens too.
9 Break down Monthly bills and subscriptions and cut them in half. What are you spending on monthly that you could stop now?
10 Don’t be drawn into commercial adverts or shops. Walk away and realise what you have just saved money and space.
11 If you want a particular item let’s say sunglasses and they are $70. Look online first and buy the item for less, that’s what I do.
12 Check your car yourself, Oil, Water and tyres and you will need less services. Also keep the tyres pumped up as it saves on fuel.
13 Do you have old video’s or books? Or any items you can throw on E-Bay? Check the loft you might have an antique you could sell.
14 Start a small business on the side. ( I recommend an Internet Business because of low start up and low overheads!) Learn more Below.
15 Get rid of Credit Cards and just keep One because they are not money they are debt! Only buy what you can afford.
16 Look at your daily spending habits and work out what you are spending each week and month, then try and cut it in half.

Looking for an extra way to build your income?

How ever hard it is in the current economic climate there are answers to problems. Personally I have implemented many ways to cut back cut out and cut in half some of my expenses. Your lifestyle may well be affected by some of the tips I offer and you may want to continue exactly as you are right now. Maybe you have already cut back and you are still finding it a struggle to make ends meat. If this is the case then I can also recommend that you begin to start your own business, but wait don’t panic I am not suggessting you spend alot right now I am simply offering a solution to your longterm finances. Personally I am a member of a Business that’s securing my future and building longterm wealth for me and my family. If the job isnt cutting it for you then I strongly recommend joining myself In this Financial education blended with Internet Marketing system. To find out more just click on ‘Let’s Work’ and we can get you started earning and learning whilst building a longterm fortune.:)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: