Money-Saving Tips to Recession-Proof Your Budget
The current recession has many people worried where their money is going or where it went. Now that the recession is on its second year, many people are learning to hang on to their hard-earned cash, though not as tightly as they should. Perhaps they haven’t began to realize yet that this is one of the worst financial times since the Great Depression.
For those who are aware that times have changed, whether you got laid off from your job or just trying to make it through these worsening crisis, there are some things you can do to save on your monthly expenses.
For home owners
Efficient management of resources like water and electricity can translate to saved dollars every month. If you can replace leaky faucets, convert your bulbs from incandescent to fluorescent, shut off the air-conditioner and heat when not in use or caulk the windows, then you can save quite a bundle on your monthly utility bills.
For apartment dwellers
If you rent an apartment and find it hard lately to make ends meet, consider the money you spend on rent as compared to the salary you receive. Ideally, your wage should be 3 to 4 times the amount of your rent. If rent money eats up half of your salary, then you should move to a cheaper apartment or get a higher-paying job.
Dollars and car sense
Your car’s oil should be changed once the 6,000-mile mark is reached per manufacturer’s recommendation, not 3,000 miles as is popularly practiced. Refer to the car’s user manual for the factory-prescribed oil change schedule in order to save on service fees. Doing the oil change yourself can save at least $20 each time and is not too complicated to carry out. Simply make a Google search for hundreds of DIY oil change information.
Regularly check your tires and ensure they have the correct tire pressure to attain maximum gas mileage. Be sure to drive within the speed limit as speeding guzzles a lot of gas.
Compare the rates of the various car insurance agencies in your locality. Unfortunately, many vehicle owners have grown too attached to their insurance provider even when they have increased rates and their competitors have not. It is possible to save around a few hundred dollars a year by just dialing a few numbers.
General saving tips
Start eating out less and eating at home more often, which means no more quick trips to McDonald’s drive-through. This has been proven to slash off hundreds of dollars from a lot of people’s monthly budget.
Cut out those coupons in the Sunday papers and surf online for printable coupons on essential items. A lot of people who tried this saved at least $40 in one week at the grocery store.
When stopping for gas, refrain from buying stuff at the convenience store. The prices of convenience store items are 10% to 40% higher than in a typical grocery store. If you have a sweet tooth for chocolate bars, then stock some in your car in case you want to nibble. A Hershey’s six-pack sells at $1.50 at the grocery store while one bar costs $.75 at a convenience store.
Take the time to break down and analyze your daily and monthly spending. You will discover there are more areas to slash to save you a bundle every month.
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