Right now we are going through one of the toughest recession and
saving money is paramount for the future. With losing jobs are building
up continuously, it's a hardship for many people to make ends meet, let
alone try to save money. There are 5 tricks you can use to help with
savings when there is no money:
First of all, you want to budget and you want to do your best to stick with your budget plan. Even though it's one of the hardest things you can do but it must be done. One trick to budgeting is to avoid the budget busters. For example, don't leave home without a shopping list. You don't want to buy anything that is not on your list. Buying items not on your list will destroy even the most conservative budgets. Also consider the 30 day rule - if you find yourself making an unnecessary purchase, wait 30 days and then see if you still want the item. This way you will know for sure if you still want the item.
Next, you don't have to skim off the top. No matter how little money you have coming in, set up an automatic transfer through which a predetermined amount is moved into a savings account. Make sure your savings account is either with an out of town bank, in which you have to make withdrawals more difficult, or an online bank that has no ATM access.
Third, try to live a bare bone life. By living within your means doesn't have to mean giving up things that your truly enjoy. If you just happen to love a certain store, sign up for the customer rewards programs, which are usually good for coupons and discounts. During the Christmas holidays instead of buying gifts for family and friends, try to make them. Inviting friends over for dinner instead of going out can save money. Also, you can give up expensive habits like smoking cigarettes and alcohol. You can live a good happy life and still live a bare bone life at the same time.
Fourth, maybe you want to work on your interest rates if you are in possession of lots of credit cards. Call your credit card company and ask for a rate reduction. With your rate reduction low, taking on debt to purchase items such as a house or even a college education will make you money over time, even after the recession.
The last trick maybe you might go green living a more economic friendly lifestyle can save money and the environment at the same time. To begin, install LED bulbs that use only a fraction of the electricity of conventional bulbs. Weatherize your home. Seal air leaks that make the job of keeping your home cool in summer and warm in winter much harder.
In summary, being broke is no excuse for not saving and investing. You put money to work and you just don't hold it in a static position. You have to have money working for you at all times. You must be able to save, no matter what the situation may be. It doesn't have to be much at all but save something.
First of all, you want to budget and you want to do your best to stick with your budget plan. Even though it's one of the hardest things you can do but it must be done. One trick to budgeting is to avoid the budget busters. For example, don't leave home without a shopping list. You don't want to buy anything that is not on your list. Buying items not on your list will destroy even the most conservative budgets. Also consider the 30 day rule - if you find yourself making an unnecessary purchase, wait 30 days and then see if you still want the item. This way you will know for sure if you still want the item.
Next, you don't have to skim off the top. No matter how little money you have coming in, set up an automatic transfer through which a predetermined amount is moved into a savings account. Make sure your savings account is either with an out of town bank, in which you have to make withdrawals more difficult, or an online bank that has no ATM access.
Third, try to live a bare bone life. By living within your means doesn't have to mean giving up things that your truly enjoy. If you just happen to love a certain store, sign up for the customer rewards programs, which are usually good for coupons and discounts. During the Christmas holidays instead of buying gifts for family and friends, try to make them. Inviting friends over for dinner instead of going out can save money. Also, you can give up expensive habits like smoking cigarettes and alcohol. You can live a good happy life and still live a bare bone life at the same time.
Fourth, maybe you want to work on your interest rates if you are in possession of lots of credit cards. Call your credit card company and ask for a rate reduction. With your rate reduction low, taking on debt to purchase items such as a house or even a college education will make you money over time, even after the recession.
The last trick maybe you might go green living a more economic friendly lifestyle can save money and the environment at the same time. To begin, install LED bulbs that use only a fraction of the electricity of conventional bulbs. Weatherize your home. Seal air leaks that make the job of keeping your home cool in summer and warm in winter much harder.
In summary, being broke is no excuse for not saving and investing. You put money to work and you just don't hold it in a static position. You have to have money working for you at all times. You must be able to save, no matter what the situation may be. It doesn't have to be much at all but save something.