How To Make Better Financial Decisions During The Recession
During these trying economical times we really have to make serious modifications to the over lavish life-styles that we were at one point accustomed to. The era when we were able to spend like there was no tomorrow is in the past. At present money is insufficient, making a few modifications to our life-style will make a huge difference. Here are a few tips on how we can stop being extravagant and start working on saving some money.
1. Be knowledgeable about your cable television package. Skip the HBO, HDTV and movie on demand purchases and go with the basic package. Those little extras add up! Come on now, do you mean to tell me that you really need all those channels?
2. Don't sign up for store credit cards no matter how attractive the offer may seem. Store credit cards usually have super high interest rates, and at the end of the month if you do not pay off the money that you owe in full, you are going to end up losing much more money than you supposedly saved when you first made the purchase, just from the high monthly interest charges.
3. It's not a very good idea to go grocery shopping with an empty stomach, make sure you eat a good meal or at least have a snack and drink a large glass of water before you go out shopping. That way you will not be enticed into buying needless snacks, which will help you cut down on impulse buying. I would advice you to always carry an energy bar with you, just in case you get hungry and need that quick energy boost while your out shopping.
4. Clear out your closet and your garage. You'll be astounded at just how much stuff you will find that you no longer want. You can turn all that stuff into some extra money by having a garage sell or selling it on eBay.
5. Always use coupon codes when shopping online. There're tones of coupons online that you can take advantage of. You'll be shocked at how many promotional offers you can get online that are not offered in store. Shopping online also gives you the means to compare prices at the click of the mouse.
6. Swap babysitting nights with friends, or family. Child care is so costly, a lot of parents will be more than thankful to do that with you. At the end of the day you get to spend less on childcare expenses and you at least get to have someone whom you know and trust to watch your over your children.
7. Call your credit card companies and ask them if it is possible to lower your interest rates, they just might do so if you were a good customer.
8. Make it a habit to pay more than the minimum credit card payment each month, and remember it's wiser to pay off your high interest rate credit cards before the low interest rate cards.
9. Buy your clothing, appliances, and furniture from outlet stores and thrift stores. You can get high quality clothes and even name-brand clothes at incredibly low prices. These stores generally offer a lot of sales and discounts.
10. Only eat out at restaurants on special occasions such as Birthdays, Anniversaries, Mothers Day, Fathers Day and Valentines Day. Eating out most of the time is too costly; you save so much more by preparing your own meals.
Sandi M Lewanika is an Entrepreneur and business owner who has written numerous articles on various topics. She enjoys sharing her knowledge and passion for life.
Click the XML Icon Above to Receive Personal Finance Articles Via RSS!
