Although four years have passed since the devastating financial crisis
that wrecked the global economy, many families are still finding it
difficult to make ends meet. In this environment, it is essential to
protect yourself by saving as much money as possible, but you may not
know where to begin. If you are struggling to find ways to cut your
expenses, you may wish to consider some of the options below:
Eat at Home
Other than your rent or mortgage, food is likely to be the single
largest expenditure in your budget, especially if you eat a lot of
your meals in restaurants. By reacquainting yourself with the kitchen,
you can learn to make many healthy meals at a fraction of the cost of
eating out.
Make Your Own Coffee
Like many people, you probably can’t function properly in the morning
until you get your daily fix of Starbucks coffee, but your wallet pays
a heavy price for this luxury. Instead, consider waking up a few
minutes early to become your own barista.
Buy Generic Brands
Although many generic products have the exact same ingredients as
their brand-name counterparts, premium goods often sell for many times
the price of their cheaper alternatives. How do you think companies
pay for their massive advertising campaigns?
Clip Coupons
Every week, you can find valuable coupons on the Internet and in
newspapers that can save you hundreds of dollars over the course of a
year. However, be careful to avoid buying stuff that you wouldn’t
normally purchase; otherwise, you may end up spending even more money
to buy things you don’t need.
Increase Your Car Insurance Deductible
If you are a safe driver who hasn’t been in an accident for a while,
you may want to think about reducing your monthly car insurance
premium by raising your deductible. Just make sure that you have
access to extra cash in case you do end up in an accident that
requires repairs. Also think about shopping around for cheaper auto insurance rates online.
Buy Used Goods
People love new stuff, but they pay dearly for the dubious privilege
of being the first person to own something. For many goods – cars,
clothes, cell phones, furniture – you could save yourself a small
fortune by going to Craigslist or Goodwill before heading out to your
local mall.
Finder Cheaper Entertainment Options
Do you remember when your grandparents told you stories about how they
used to go to the movies for a dollar – with enough left over for soda
and popcorn? Unfortunately, those days are long gone! However, you can
still save a lot of money by getting creative. For instance, you can
start your own movie night by renting a DVD and making popcorn in the
microwave.
Explore Your Library
Your local library isn’t the quiet, stuffy place that you remember it
to be. Today, the library is a veritable treasure trove of free books,
magazines and movies. In addition, many libraries now offer free
Internet access, which makes it a great place to get some work done –
or to play FarmVille!
Reduce Your Utility Bill
Most people have no idea how much water and electricity they waste on
a monthly basis. By taking shorter showers or turning off the lights
when you are out of a room, you can help your finances and the
environment at the same time.
Cancel Unused Services
Recurring monthly expenses can be the scourge of any budget. If you
have a gym membership that you haven’t used in a year or a
subscription to a magazine that you never get around to reading, it is
probably time to pick up the phone and cancel these extraneous
expenditures.
Image from split-milk
