Do you want to get the most out of your money?
The economy is still struggling. Therefore, it is crucial that we take into consideration every smart idea possible for making our money last.
A little extra thought and effort can make a big difference at the end of the month. Every penny you can pinch helps your earnings go a little further.
I’m always on the lookout for smart ways to save money and I like to pass along what I find because we all need to pull together when times are tough.
Four Smart Ways to Save Money
I suspect it is still going to take awhile before we are going to see any radical improvement in our economy. Therefore, you probably want to be as financially conservative as possible.
These ideas will help you to squeeze more out of your income.
1. Negotiate with Everyone
In a tough economy more companies are willing to negotiate to get your business or to keep from losing it. Always, always, always ask for a better deal than what you are being offered. Craig at Free From Broke recently got some Free Premium Cable Channels like HBO and Cinemax added to his plan by just paying attention to special offers and asking for a deal. My wife got the company that applies weed control to our lawn to throw in the final treatment of the year for free. Deals abound out there. You just have to ask to get one. It may not work every time, but if you ask, you will find some great opportunities for substantial savings.
2. Hold Off on Big Purchases for Now
With all the unknowns in our economy right now, I’d advise people to hold on to their cash as much as possible. Keep a big emergency fund just in case things take turn for the worse and you or your spouse get laid off from your jobs.
Cars are a great example where we Americans tend to blow a lot of money. We justify it by telling ourselves that we need reliable transportation and dump all our cash into getting a new one as soon as we experience any issues. Instead of rushing out and spending all of your emergency fund on a new car, follow this advice on how to save a ton on getting your car repaired or serviced. If your vehicle is beyond repair, then consider finding a quality used car for under $1,000 that will suffice for now. A big purchase like a new car can drain your savings and leave you vulnerable if a true emergency really happens.
3. Be Proactive in Reducing Your Expenses
I offered a big list of ways to cut expenses in a previous article, but please don’t stop there. You can find all kinds of ways to be proactive in cutting your expenses. You should leave no rock unturned. For example, did you know that there ways you can reduce your life insurance premium? This is a cost that often seems fixed, but as you read the article, you’ll find there really are proactive things you can do to save money in this area. If you can save on life insurance, then where else might you be able to take positive action to save money? I encourage you to dig deep in this effort.
4. Consider Scaling Back on the Holidays This Year
Christmas is just around the corner and while the retailers are hoping we will spend big, it might be wiser to scale back this year. You don’t have to spend a ton of money to enjoy the holidays. I really like this list of Frugal Holiday Traditions to Introduce in Your Family. These ideas can help you to make the holidays special without breaking the bank. Who is going to remember what gifts they received a year from now anyway? We remember the traditions. They are what make special memories that last a lifetime. I highly encourage you to consider these ideas as a way to save money during the holidays.
A Tough Economy Demands We Become Moneywise
I hope these ideas help to stir your mind to be creative in how you save money during this tough economy. I know this list isn’t all-inclusive, but it should aid you in finding your own good deals. When you do, please be sure to pay it forward to someone else that needs to become moneywise.
How are you cutting back and saving money? Let me know below by leaving a comment.
Photo by voobie