subject: How To Save Money During Tough Periods [print this page] Is saving really difficult at these times? Recently we have been on tough times but maybe it is not as difficult as we perceive it would be. Some would even say that economic crisis are really good opportunities to increase your level of income.
Don't give up on saving; we could still use our income for saving and not for survival expenses only. It might be difficult to accomplish but there are some simple ways to make it work. Try following these ways and guidelines.
Create three separate bank accounts. The first bank account is for your monthly or weekly expenses; create another for your savings and investments and create the third bank account for emergency purposes. Use an ATM or a checking account for your expenses bank account so that it would be easier and more accessible when you are paying immediate bills and debts. Do not use the savings or investment accounts to pay your bills. Use them in the right period. Use them when there are good investments that are available.
Look for other sources of income. Don't rely solely on your job; look for other ways that you can gain money. Several individuals are now having part time jobs to earn more income. Look for a part time job or much better to search the web and discover ways that you can earn money through the web. There are bountiful of ways to earn money on the web if you prefer staying or working at home.
Pay your debts as early as possible. It is even much better if you can avoid having debts, so resist and erase your debts as much as possible.
Spend less and save more. There are some periods that we would feel that we could spend more than we usually do, because we have extra cash in our pockets. But hold on to that cash and save it rather than spend it. Just follow the simple principle of the ants: save for the rainy days. You might regret why you have spent it when the need arises in the near future, so hold unto it and avoid letting it slip through your hands.
Always prepare food and other commodities when you are at work. It is normal to feel hungry when you're working at your office or your heading for home. It is much better to bring cooked food from home instead of buying at your cafeteria or other food stands.
Analyze your monthly expenses. If your monthly expenses are larger than your regular income, then you will have to find a way to minimize your expenses and economize.
Negotiate several prices when you are buying something. Crisis means less sales and income for several businesses. During these desperate times, several businesses would lower their price rates just to have enough sales. So always try to negotiate the price and ask for discounts; several salesman and businessmen would often give in due to their lack of sales.
by: Jim Brown
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