subject: Establishing Good Financial Habits To Last Through The Recession [print this page] These days, everyone is trying to tighten up the budget. Even those who have not faced unemployment or pay cuts have felt the urgency to be a little more cautious and rein in their spending.
Trust me; I have felt the need myself. Most of us are sweating at least a little right now. Let me pass on some of my best advice about trimming the fat from your expenditures and hopefully you will feel a little less pressure and establish some good financial habits.
If you haven't already, you need to establish a family budget. There are a great many software programs that help you track all of your income and outgoing expenses. After summing up all of your incoming cash flow, you need to make sure that your spending is less than or equal to that amount.
If you have a difficult time balancing your monthly budget, then you might try collecting your receipts and carefully looking over them on a weekly or monthly basis.
Where is your money going? Are you buying coffee from a corner cafe every day? Are you buying name brand groceries and staples when the store brand is essentially the same? Try substituting and cutting down on excessive luxuries.
Many families find it tedious or even unnecessary to clip coupons, but the truth is that they really tend to add up, allowing you to save money on tons of everyday items. But if you really find it to be a hassle, then you can easily print grocery store coupons from online ads instead.
Using an online coupon code can help you find substantial savings in many places where you would spend money anyway--restaurants, bookstores, floral shops, and more. Many websites feature these coupon codes, and it is often free to register to reap the benefits.
Cut down on unnecessary driving in order to conserve gas. My husband and I have a tendency to enjoying going for long drives just to get out of the house. If you have a similar habit, trade it up for taking a walk or visiting a local park. That way, you get some exercise and still get out of the house.
Reduce your debt as much as possible. Many individuals and couples keep two or three credit cards, and most of them have a balance. It is a good idea to apply extra income toward paying off debt so that in the future, you have fewer bills to worry about.
These are tough times for all of us, but with some financially savvy advice like this, you can make wise decisions and create good habits that will last through the recession.
by: Art Gib
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