Saving money; it’s much easier said than done, especially in today’s slumping economy. With the talk of recession, depression and compression of funds in the news every day, there seems to be no shortage of financial experts providing tips on how to make pinching pennies pay off big time.
But, here’s the thing about money gurus telling middle-class Americans that they should be socking away a third of their paychecks each month in order to create an emergency fund to use should some economic crises befall their family. If you are just scraping by as it is, there is no way you can deposit “extra” money into your bank account each month. How can you save when you have nothing to save?
That said, you shouldn’t just throw up your hands and give up on finding ways to stretch your dollar. Rather, look at little things you can do that can potentially have a big impact on your bottom line, such as:
Consolidate: Many grocery stores have grown into mega-marts these days and offer services such as prescription refills, movie rentals, and photo developing. To save time and money on gas, consider consolidating multiple errands into one trip.
Savvy Shopping: Never go into a store without a list. You will save more if you plan ahead instead of wandering the aisles and tossing in items that you may not necessarily need.
Cash over Credit: Take control of your spending by paying with cash instead of credit. Credit cards are basically loans on money you don’t have. What’s more, you can taint your credit score if you overextend yourself financially and can’t pay off the credit card companies. If you have credit cards use them responsibly by making sure you only charge an amount that you can pay off in full at the end of the month.