How to Save Money During Tough Times

Now more than ever, people are struggling to feed their families. Since the unemployment rate in the United States hit an all time high, the reality of not being able to find work and having to scrape together pennies, you must now manage your finances.

If you’re seriously struggling with money, here are some tips to help you save:

1.       Bare Minimums, No Luxury

This doesn’t necessarily mean that you need to live a life of that of a squatter, but buying food and having enough money for rent is more important than buying a new tablet, for instance.

Granted, you can still find ways to have a fun and fulfilling life without much money, so while you may be giving up that Starbucks coffee every morning, you’ll be able to use that leftover money for essentials and perhaps a Saturday of stress relief.

2.       Only Buy Things on Sale

Sure, it might sound like an awesome idea to drop six dollars on a tub of premium ice cream, but when a similar item is sitting next to it that is two for five dollars, it doesn’t look as good.

More often than not, stores will have plenty of sale items to give customers incentive to come and spend money. This is also the perfect opportunity to get all of your shopping done at a low cost. You’ll usually be able buy most of your needs on sale.

3.       Restrict Driving Habits

I’ve seen people drive for hours and hours, and for no particular reason, either. Driving a V8 sports car is definitely fun, but if you plan on having money for more important things, you’ll need to cut that driving time at least in half.

A lot of people don’t have sports cars, but this rule still applies to economical cars.

Driving to and from work should be the only real destination you should be making, in addition to less frequent trips to the store and the like.


4.       Look for Cheaper Housing

I bet if you looked around for a cheaper place to live, it would not be a difficult chore. Let’s say you’re paying $1300 a month plus utilities, cable and Internet; You could probably find a place that costs $1200 with utilities, cable and Internet included. Imagine how much money you’d save every month? You’d have at least $500 in your pocket that you wouldn’t normally have!

These are only some ways to save money, but they will certainly help you save hundreds of dollars a month. When you’re tight on money, even a few hundred dollars in your favor can mean the world!

About the author:

Joe Petchonka is a professional writer and Atlantic Nissan and NY GMC dealers consultant. In addition to helping people with financial problems, he helps anyone in need of advice.