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Handling Money in Tough Times

When times are tough, we all of a sudden start watching how we spend our money, look for ways to save money and make extra money.  The way we handle our money in a bad economy is very important and should be managed strictly.  If you’re looking for ways to start saving more, making more  and spending less continue to read below!  Listed below we have some tricks on how you should handle your money.

Limit yourself - First, it is always important that you limit yourself to spending money.  Lets say you make $2,000 a month, find an amount that you want to save out of that $2,000 and how much you’re allowed to spend.  Once you have a limit, you will feel great if you stayed within your limits and guilty if you want over, it’s all about discipline!

Find alternatives - If you have items that you like to buy or expensive hobbies, find alternatives to them.  If you like to go to the gym, instead of paying $50 a month go to the park regularly with friends or by yourself for a jog.  If you like to go to the movies, simply rent a movie for half the price.  There is always a cheaper way to do something, so find your cheaper way of doings things!

How to save - If you have extra money set aside for a retirement or your life savings make sure you’re making money ON your money.  Opening a savings account at your typical bank isn’t going to allow you to gain hardly any interest.  Instead, open up a CD or a mutual fund!

Have a budget - You always want to have a budget for everything you buy.  This means make a budget for groceries every week, leisure, gas, bills, etc.  It is important to budget your money and make a dollar stretch when times are hard.

Tricks - If you really want to be disciplined and want to be guaranteed to save money, check out these tricks.  Try putting your leisure money or budget money in an envelope.  What you’re allowed to spend should all be in the envelope.  This means you can’t use credit cards/ debit cards and when the money runs out you’re done for the week/month.

Handling your money in a bad economy should be done very wisely.  Look for ways to save extra money, ways to make money ON your money, and look for ways to eliminate unnecessary spending.  If you stick to the tips listed above you will be on the path to saving money instantly.  Be disciplined and think if your purchases are worth the money you’re spending



Making Money on your Junk

When times are tough we often look for creative ways to make any extra money we can.  We think about saving more money, spending less and sometimes even think about working two jobs.  One thing that is over looked is simply making money off of your junk.  Do you have things around your house that are just collecting dust and haven’t been used in years?  If so, try selling them!  Often people don’t know they have goldmines just sitting in their home.  Look around your home and see if you can get rid of anything.  There are several different ways to make money on useless items.

eBay - eBay is one of the best sites for getting money off of your junk.  Did you have a certain collection you had years ago that you’ve completely stopped doing, and no longer have interest in?  If so throw it up on eBay!  Everyone is unique and is looking for something different so try selling it!

Amazon - Amazon is another great website just like eBay.  Do you have anything you could get rid of so you can throw it on the Internet?  Simple things like books, barbies, perfumes (even used) are selling and people are making money.  Always give those two websites a shot!

Garage sale - Having a garage sale is always a great way to get rid of your junk.  You can sell anything from dishes, your kids old toys, books, purses,etc.  People are always looking for a bargain and people like you are always looking to make money!

Salvation Army - If you can’t get rid of your junk, don’t throw it away!  Instead give it to Salvation Army.  People are always looking for a good deal and are in need of items that you can’t use.  Not only are you helping out others but you can also get a tax credit as well.

Making money off of your junk is always fun to do and is always guaranteed SOME money.  Clean out your home, sell your stuff, and make money the way you never thought of!  These simple things can sometimes bring in hundreds or even thousands of dollars!  Don’t underestimate the amount of money you have on antiques and junk.



Slashing your Leisure Spending

It is important that we have hobbies to keep us entertained and happy.  Hobbies and leisure can be a way that we get rid of stress and really enjoy ourselves.  Although, how much are you spending on your hobbies and leisure each week and month?  It is important to have fun, but having fun doesn’t mean you have to spend money to do so!  Leisure can be cost free or very cheap if you are smart about it.  Today, people are spending more than they can afford on having fun.  Continue to read below to find out how you can start slashing your leisure spending.

First figure out what your hobbies are right now.  What do you do each month that you think is fun? 

Eliminate -  Are you currently spending money on things like a gym membership, lessons for a sport or classes for yoga?  These things can be VERY costly each month.  Also, the majority of us run little on time and are always busy with work, school or doing something important.  When we have such a busy life we often don’t attend things like the gym like we should.  We’re paying money for not even going.  If you have any monthly bills that you’re not getting your use out of, eliminate them!

Combine costs - It is always fun to hang out with our closest friends, family or our significant other.  Find something that everyone likes to do and combine the costs.  Lets say you all want to go to the park today and have a picnic.  Each of you could bring a dish to share instead of going out to lunch and spending more than you should.  Doing little things like this together can really start to save everyone money.

Find an alternative - Doing things like going to the movies, and going out to dinner can be very costly.  Instead of spending all this money, find an alternative.  You could made a fun dinner at home and watch a movie with your friends, family, or your significant other for half the price.

Limit yourself - When you get paid say right away, “I’m only going to spend this much money this week/month on leisure.”  This will make you spend your money wisely and will allow you to get a lot more use out of it.

Cost free/low cost activities - Find some cost free or low cost activities that you enjoy doing.  There are several out there, you just need to be creative.  To get you some ideas, read below.

  • Going to the park.
  • Going for a walk with a friend.
  • Watching your favorite TV shows.
  • Playing on the computer, researching.
  • Starting up a sports team with some friends.  This could be anything from volleyball, basketball at the park or even having friends over to swim.
  • Riding your bike.
  • Scrapbooking.
  • Fishing
  • Hunting.
  • Checking out all the new cars at the dealership.
  • Renting movies.

There are several different ways you can start saving money on leisure.  Just be smart with every dollar you spend and you will easily start to see more money staying in your wallet.  For some guidance, consider these tips listed above.



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Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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