How to Save Money in a Tough Economy 7

When money is tight for everyone, it’s important to think about ways of both earning and saving money for the future. Here are a few strategies that you can use to help you stay afloat when it seems like everyone you know is drowning in debt.

Save Now

It’s essential to consider savings a part of your financial planning. If possible, set up direct deposits so that a portion of every paycheck goes directly into a savings account. That way, you don’t need to think about it, and the money will add up slowly. You can also set it up so that when you make a debit card purchase, it rounds up to the nearest dollar and puts the change into a savings account. Unless it is an absolute emergency, resist the temptation to dip into these funds to make purchases. 

Home Buyer Help

If you are trying to buy a house during this financially difficult time and you served in the military, try VA cash out refinance or servicing VA loans. These are ways to save money while purchasing a home and make it affordable even if you think that you don’t have enough savings to cover such a significant expense. Financial planning can help you to take advantage of all the loan opportunities available to you.

Side Work

Another idea is to take on some work on the side. There are many options out there for the creative individual. Those who enjoy writing can look online for copy writing opportunities. In most cases, you’ll be able to set your own hours and work as little or as much as you want, provided the work is available and you are deemed qualified to write it. Other possibilities exist within your own neighborhood. Why not offer to mow lawns or shovel snow for a small price? Babysitting can be a great source of income as well. Just put your thinking cap on and see how many good ideas you can come up with. You might be surprised with how much extra income you can bring.

Couponing

Search for discounts and coupons. The savvy shopper can save hundreds or even thousands of dollars on everyday items such as groceries and toiletries. See if you can find a local couponing group; it serves as a fun social outlet and is a way to find deals that you didn’t know existed. With a bit of preparation beforehand, you can stock up on the essentials for a fraction of the price, leaving much more of your money for the bills and for savings.

There are many ways of scrimping, saving and earning in a difficult economy, and if you put a little thought into it, you may even have fun doing it, so why not put yourself to the test?

 

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