Saving Money in Hard Times

We’re all going through this tough economy together, and we’re finding it hard to save money now more than ever.  If you’re struggling and almost living paycheck to paycheck there are some ideas that can really help you out and get you back on the road to saving again.  It may seem tough, but really saving money in a bad economy can be just as easy as saving in a good economy.  How is that possible? Continue reading below to find out.

Pay less - When times are tough the costs of almost everything will be dropping.  Look back a year ago, gas prices were higher than we’ve ever seen them.  Now, they’re under$2.00!  Companies will lower there prices and have to take a loss in some of there profit.  When the prices of the things we want and need are dropping this is going to save us money, so take advantage of them!

Save more - Since we’re spending less money on the things we want and need, we are able to save more.  When we used to spend $50 a week on gas and now we only pay $25, that should be an extra $25 saved.  Don’t allow yourself to break even when times are tough and allow yourself to spend more, but to SAVE more and save that $25.

Limit yourself - You should always limit yourself to a certain amount of money that can be spent.  Lets say you make $2,000 a month.  Set a limit for yourself.  Figure out how much the bare minimum you can pay for bills is and then figure out how much you want to spend on leisure.  Stick to this budget every month.  When you have a budget and you only spend a certain amount, you can take that left over money and put it into your savings.

Coupons - Coupons are out there and yet hardly anyone is using them.  There could be a coupon that says, save $2 on that loaf of bread you’re going to buy but people are just too lazy to do the work.  Look for coupons for everything you buy.  I’ve been able to go from a $100 grocery bill to a $60 grocery bill all because of coupons and sale prices are the grocery store! 

Eliminate the unnecessary - Next, you’re going to want to eliminate the unnecessary.  This means, do you really need that phone that costs you $100 each month and $1,200 a year? Or how about that coffee that you get each morning before work at Starbucks that costs you $3.00?  Eliminate the unnecessary bills.  This can be from a simple coffee each morning to the extra HD channels on your cable bill.  Stick with what you can afford, and what you NEED instead of always what you WANT.

As you can see, there are several different ways that you can save money in hard times.  Saving money in hard times is just as easy as saving money in a good economy.  If you have self discipline and really consider these tips each month you can easily save your goal amount!

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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