Saving Money

This entry is about something we have all definitely heard about, and most of us can probably relate to: The Bad Economy. Today’s blog features a woman I met who was very upset that she was being forced, along with others in the company she works for, to take a pay cut. She expressed her concerns about her monthly bills, debt, possible future expenses, and the fact that she simply refused to give up her quality of life she was used to. I explained to her that it is important to remember that at least the company she works for is still in business and that she still has a job. I also gave her some suggestions on ways in which she could save a little bit of money to make her new salary work.

• Make a budget. It will help put into perspective the amount of money you are now able to spend on monthly expenses and to help you stay within the new parameters.
  
• Use cash instead of credit or debit cards. You see exactly what you are spending your money on, and it may help you spend less when you see it physically leave your wallet. This is especially helpful if you don’t balance a checkbook or keep track of receipts.
  
• Find leisure activities you can do for little to no money. You can go to the park and do yoga or hike or picnic. There are museums and beaches. Instead of going to the movies, rent one. There are so many possibilities.
  
• Cut out items that are frivolous, the ones that cost too much when times are tight. For example, cancel the gym membership and instead lift free weights at home or rollerblade or run around the neighborhood. Or if you are constantly eating out, then save money by bringing your lunch to work or making dinner at home. Look up new recipes to keep it interesting, and who knows maybe you’ll discover a love for cooking.
  
• Watch for sales. During times like these many businesses run sales to increase traffic and bring in money. Keep an eye on items or services you must pay for in order to get deals and save money on the things that you must spend money on anyway. One example would be car repairs/services. Some car repair places are running deals on such things like oil changes, which are a necessity. Even small savings help. Like they say, ”Every little bit helps.”
  
• Use a talent that you have to earn extra money. If you can play an instrument, then give lessons. If you enjoy animals, then you could pet sit. This can supplement a loss in money, and doing something you enjoy can seem less like work.
  
• As cliché as this sounds, also remember that you shouldn’t forget to be thankful for what you do have and that the most important things in life are family and friends.
  

I told her that basically it comes down to the fact that adjustments must be made and that she can’t have more going out than her new salary brings in. And also the economy is cyclical. It has been bad before and gotten better. So hang in there and it will be better again. Until July…get out of the past, look toward the future, but live in the NOW.