How To Save Money in Hard Times

Spending is easy, and to make money is difficult. There is no such thing as easy money. Have you noticed how your paycheck seems to barely glide on your palm - and before you know it, it’s gone? Money management is important if you really want to get the most out of your money and still save some in the bank.

Each day, try to keep the following money-saving tips in mind.  If you practice these steps at every opportunity, you'll soon get used to saving your hard-earned cash.

  1. Cut your expenses. Record your everyday expenses and review it. You will see that you constantly buy coffee or juice during break time. Why not bring a flask of homemade coffee or juice to office for a change? Instead of watching movies in cinemas, try to wait for a few months. VCDs and DVDs for new movies are already available after a few months and you can rent them from video rental shops for a cheaper price than a cinema or buying a new VCD or DVD for yourself.
  2. Set your personal budget. Budgeting is hard if you don’t exactly know how much you earn and how much you spend. Establish your priorities and give lesser room in your budget for not-so-important expenses.
  3. Bulk buying saves more. This tip is ideal for families. Retail prices of goods are more expensive than from wholesale price. If you have plenty of room for stocks of food in your kitchen, then buy in bulk and cook in bulk. Just don’t forget to consume them before they expire.
  4. Shop during “on sale” periods. But before you jump on your car and race to the mall, make sure you had your price research in different areas beforehand. Sometimes items are declared on sale but they truly are not. Just a marketing strategy. So if you are sure that the “Buy One Take One” tag or the “Huge Discount” label is true enough, then go for it! Savor the taste of good items for almost half the price.
  5. Consider high-quality used items. There is nothing wrong in purchasing second hand items. Auctions and garage sales sell items that are almost as good as new. A brand new car, when used for 24 months upon purchase, lose a third of its value. Tools used only once by construction companies are sold in auction houses in lots and you can bid and buy them for less than half of its original price. Actors, actresses and other rich and famous people even sell their tux and gowns for a very minimal sum compared to its original worth. You save more and still, you get more than the usual.
  6. Avoid constant usage of credit cards. Sure, credit card companies are there when you need them, but when the bills come to haunt you, you can’t ask them for favors. Credit cards are temptations for you to buy more than what you need. Impulse buying plus a credit card is a sure way to save nothing.
  7. Discount coupons are money-savers. Promo girls out in the streets or in front of fast food chains hand out discount coupons. Grab the opportunity and take a couple or more of those coupons.  You can also find coupons in most cities' weekend papers, and a number of major companies now offer coupons online.  Simply visit the website of your favorite manufacturer or department store, and you'll find special deals that aren't available elsewhere.

Running a frugal lifestyle is a must if you really want to save money for something big like a house or a business investment. There are many ways to save money. Start with small changes so you don't feel deprived and end up tempted to overindulge yourself, and you'll find it's easier than you thought to budget your hard-earned money without feeling poor.


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