Sunday, April 5, 2020

Money Tight? Here’s 4 Tips for Saving and Making Do During a Crisis

When money’s tight, people are forced to make tough choices about spending and saving whatever cash they have. If you have a plan in place beforehand, though, you can navigate even the worst financial crises in the best possible way. Here are four tips that will help you and your family manage in tough times.

Establish an Auxiliary Stream of Income

One of the best things you can do to ensure you come through hard financial times well is to start a secondary stream of income that isn’t tied to your main job. Whether you’re going to offer freelance services online, mow lawns or just get a part-time job on the side. 

Finding a secondary way to make money can make all the difference between disaster and mild belt-tightening. This second income stream can help to insulate you from losing your job or make it easier for you to deal with unexpected expenses.

Cook All Your Meals at Home

You’d be surprised how much money you waste by eating out every year. Even a $30 dinner out once a week adds up to $1,560 each year, and most people spend considerably more than that on restaurant meals. By cooking all of your meals at home and opting for budget-friendly dishes, you can radically reduce your eating expenses.

Cut Back on Recurring Bills

Most people think of their bills as fixed expenses, but this isn’t always the case. Switching internet providers or revisiting your mobile phone plan can help you save money on essentials. 

You can also cut nonessential bills, such as entertainment subscriptions and gym memberships. It’s even possible to save money on your basic financial services by exploring free checking account options or looking for banks that charge lower fees.

Drive Less, Walk More

If you’re really in a tight spot, even finding money for gas can be a problem. Grocery store trips and getting back and forth to work are obviously essential. You’d be amazed at how much driving you can save yourself by walking to the things nearest to your home. 

If your destination is within a couple of miles, walk instead of drive. You’ll not only save money but also give yourself a dose of healthy exercise.

These are just a handful of the hundreds of creative ways to save money when your finances are tight. If you put these principles into practice, you can reduce your expenses and get through the hard times with flying colors.

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics