The U.S.’s economic situation is being felt around the world. Last week was the worst week for the stock market. People are bailing out left and right. Is that a wise thing to do? No, it’s not. Fear is like a disease that infests one person and then spreads like wildfire to others. That’s exactly what is happening right now. Americans are scared to death and are salvaging what they can. On the flip side, those with money will find great bargains on wall street and will be able to turn a profit when the stocks go up.
Perhaps the “economic crisis” in America will teach people a valuable lesson or two. First, do not live beyond your means. People who knew they could not afford the $400,000 house are learning that lesson right now. Second, cut back on expenses. Is it necessary to eat out 3 to 4 times week? Why not prepare a home cooked meal with the family gathered around the table? This is a great way for parents to interact with their children and find out what they are doing or not doing.
People who “tighten their money belt” now will save later. How do you save when you have a family of four or are a single person living on your own? Here are some money saving tips.
Tips to Save Money
- Cut back on going out to eat.
- Skip the Starbucks, donut shop, or bakery.
- Carpool if you can.
- Use coupons. Some grocery stores offer double and triple coupons and will accept competitors coupon.
- Sell items on Craigslist and eBay. Go through the house and see what can be sold. If something has not been used in a year, it will not be used at all. Sell it!
- Cut back on entertainment. Wait until movies come out on video and rent them from the video store or library. As far as concerts go, choose one that you will really enjoy. Before you agree to see Motley Crue (that’s another article), remember, it’s Motley Crue. Speaking from experience, go with the Metallica tickets. It will be a better show. Remember, your time is just as valuable as your money.
- Go to FREE events within your community.
- Take your lunch to work instead of buying it every day.
Money that you save can be put into a savings account (FDIC insured), Treasury Bills, or Treasury Money Market funds. Be smart with your money and it will take you far. Remember, you are the master of your money; it’s not the master of you.
Saving money is a mindset. You will either save money or not. Most people would like to own their own home, but it may not be feasible at this time. As mom used to say “patience is a virtue.” For now be happy with the things in your life such as good health, family, and friends. You may live in a one bedroom apartment, but at least you are in perfect health!
Bonus
- Do not grocery shop on an empty stomach! People who shop when they’re hungry usually spend more. Make sure you eat breakfast before going to the grocery store.
- If products come with a rebate, redeem them, and save the money!
How are you saving money? Do you have any suggestions you would like to share?