How To Save Money In Tough Times

2019/02/25

Tough times demand tough decisions. While seeking answers on how to save money in tough times, you will find they are the same for all seasons – tough times and for good times.

The first way to save money is to stop spending. However, not spending any money is not an ideal scenario. However, you can avoid spending money on things you don’t need.

Save Money on Food

Food is the most unavoidable expense. You can save considerable amounts every month on food. Only thing is to cook at home. Eating out is easy. However, if you cook your meals at home, you will cut your food spending by 50% to 80%. You can do your own math.

Save Money on Transportation

Daily commute eats into your budget. Always make sure you stay at a place close to your workplace. Otherwise, find a workplace close to your home. And, avoid spending anything on daily commute. Think how much you spend every day just for getting to the workplace and back. Then multiply that number by the number of days you go to work. Sure, you can put that daily commute money in a piggy bank.

Cancel the Gym Membership You don’t Use

If you have membership at a gym and you are not using the facilities, you are just throwing the money away. So stop the membership. Take the pains to the cancel the membership if it is on auto-renewal mode.

Kill three birds with one stone. Buy a bike instead. Go to your workplace riding your bicycle. You will get exercise. Your commute becomes free. You save money on gym membership. That is triple savings.

Don’t Buy Things You Don’t Want

You have spent considerable amounts of money on things you never use. Check the storage area of your kitchen, your basement, attic, boxes, and cupboards and find the items you have bought. You have spent a fortune on things you never use. Now stop spending money on cute items.

If you really want a new item, make a plan to purchase it after three months. You may outgrow your desire for that item or the item may appear on sale somewhere. However, don’t purchase the item till the three months are over.

Stop Reading Newspapers and Magazines

Reading newspaper is a waste of time. You don’t get any good reading newspaper – except some horrible stories you can live without. Plus, it costs you money. Unsubscribe to all the newspapers and magazines. Just skim the headlines at Google News. Believe me, that is all you want. You can get information on your hobbies from several hundreds of websites sharing your passions. Keep subscribed to one or two magazines that you read every word. Unsubscribe to everything else.

Stop Paying Interest on Credit Cards

Don’t feed the credit card companies with your money. You can stop paying interest if you just pay off your outstanding balance every month. Become a freeloader (with credit cards only). Make use of the free credit period, cash back rewards and everything else. But, don’t pay the credit card anything – except the bills in full every month.

Be a Valuable Employee

If you are a lazy, snooty employee, your employer will be happy showing you the door. If you add value to your company every day, it will be infinitely difficult for your employer to avoid you. Be the latter. That is the way to protect your job. That is the attitude that will help you get a job, even if your current company stops doing business.

That is how to save money in tough time. Lead a happier life by applying two or more tips above.

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