5 Money Saving Tips To Help You Survive The Credit Crunch
June 11, 2008 – 8:50 am|
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We all know the feeling of there being too much month left at the end of the money so in this article I thought I’d try and flip it around to find examples of ways in which you can conserve your cash each month so the month doesn’t feel quite as long. After all, with the credit crunch coming and fuel and grocery costs spiralling every day even the essentials are starting to stretch people’s wallets.
1) Make A Budget
It sounds obvious enough but work out a bdget of monthly bills. Even if you only pay some once a quarter or every 6 months, go over the last few bills you’ve had to work out your monthly costs of water, electricity, property tax and so on. For safety add 10-20% on to that figure to account for the rise in costs recently and budget that each month.
In that way, when your $400 electricity bill drops onto the doormat, you’ll be fully prepared because you’ll have predicted that cost, put a little aside each month and will have no troubles meeting your obligations.
2) Switch Household Utilities To Direct Debit
Loan repayments, insurance, gas, water and so on are often cheaper if you pay by Direct Debit so the money comes straight out of your account rather than the supplier needing to wait for a check. Suppliers will often offer you a considerable discount for making their lives easier and guaranteeing your payments. What’s more, paying on a monthly basis rather than every 3 to 6 months makes it easier to budget each month because you only need to put by enough money for that month, rather than consider the future too much.
3) Compare Utility Suppliers
As part of this program, compare your suppliers - from your electricity company to your bank account - and see if there are competing offers that will offer you even better value for money - then make a switch.
4) Consider Non Essentials
We’ve all enjoyed the bouyancy of the markets over the last few years and perhaps got a little “slack”. Expensive dinners out, bigger Christmas gifts than usual, a car that eats fuel etc. Now is the time to reassess your financial outlook much like a business. Consider your incomings and outgoings to see where changes can be made. Be realistic and honest with yourself.
Do you need that expensive car or would a cheaper one do? Could you get your groceries cheaper at another store? Could you cycle more to save fuel? Make this a fun game - to try and save as much money each month as possible *without* it negatively impacting the quality of your life. If you’re like most people, you’ll be able to do quite a bit of cutting before you “feel the pinch”.
5) Sell Unwanted Items On Ebay
Have you got a loft or garange full old stuff you don’t need or want any more? Old books, video games, furniture, toys and the like? Most people have a few hundred to a few thousand dollars worth of “junk” sitting around. Clear out your house *and* riase some additional cash by selling it at a yard sale or on Ebay.
Then put this money aside in a separate account as an “emergency fund”. Having $2000+ sitting in your account doing nothing is a nice feeling of security for you and your family.
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