Economic hardship is a common occurrence, be it recession, the loss of a job, or simply dealing with the ever increasing cost of living. However, anyone can save money starting this month. An extra $100 or so every month would be a small windfall for many families, and it is not that hard to get. With a little financial discipline and some creativity an extra thousand dollars is an achievable goal.
Bring a Brown Bag Lunch
Eating lunch out can cost anywhere from seven to ten dollars a day. Over the course of a week this can come to as much as $50.00. Not only will eating out save money, it will more than likely be a healthier option as well. Here are a variety of healthy lunch-on-the-go options at most grocery stores that cost a fraction of the amount a take-out lunch does and will be better in quality.
Save Money on Groceries
One area of commercial life that is replete with opportunities for savings is the grocery bill. There are various way to save money while doing the weekly shopping from coupons, to wholesale clubs. However, while cutting coupons and taking advantage of specials is important, and over the long run will add up, the number one reason people overspend at the supermarket is impulse shopping. There are two strategies to avoid impulse buying, first, do not shop when hungry, and second, make a list and stick to it.
Live with a Budget
After learning to stick to a grocery list the next step is to stick to an overall household budget. Sit down with all members of the family and come up with a comprehensive budget that all can agree to. Items to include are any bills, loans, utilities, groceries, clothing allowance, entertainment, as well as savings. Most financial advisors also include an emergency account. A loss of job has the potential to destroy a budget so the emergency account could be the most important aspect of the household budget process.
Delayed Gratification Lead to More Satisfaction
Finally, putting off any major purchases until they can be paid for in cash will lead to a lack of credit card debt, which is the number one financial downfall of most families. In addition to going to a cash only system there are other strategies when it comes to purchases of more than a few dollars. When a larger item needs to be bought wait 48 hours before actually purchasing it. If after the initial waiting period the item is still needed or desired then go ahead and buy it. This should cut down on any impulse shopping.
While economic downturns are difficult, they do not need to be disastrous. With proper planning and a little self discipline anyone can save over $100.00 or more every month by using these simple to follow strategies.
Steve Brady - Steve is a freelance writer, a middle school English teacher and the owner of Quality-Resumes, an online resume writing and editing ...
