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There are an estimated 37 million people in the United States that are considered to be poor – in this, the wealthiest nation on earth. And with the soaring cost of living it has become necessary for many more individuals and families to begin watching closely every penny of their income. Indeed, there are many ways that we all can save money, which is precisely what's needed during this economic recession. Let's take a look at a few options.
Budget. If you're in debt and are living from paycheck to paycheck, it may be time to sit down and budget your household expenses. Any discretionary spending should be limited to that which you need to live, and exclude any items that might be considered frivolous or luxury articles.
Credit card debt. If you're under a mountain of debt, consider the Debt Snowball process, which allows you to pay off high interest credit cards first, then the next highest, and so on. You can find more information in the article A Simple Debt-Repayment Plan.
Limit your driving. Because of the recent high price of gas, many cities have added additional modes of public transportation. Instead of driving to work, take a bus or the subway. Consider that when the price of gas was at $3 a gallon, the average family might save over $1,000 a year. If you absolutely must drive, find a gas station that offers the cheapest price for the gas your vehicle uses. Another option: if you work in the city, check with neighbors or friends and start a carpool.
Heating and air conditioning. During the winter months, use as little heat as possible. Wear warm clothing so that you can limit heating to evening hours. During the summer months, use air conditioners that are energy-efficient. Turn the lights off when you leave a room in your home, and use energy-efficient bulbs. Unplug appliances that are not in use.
Food. Start clipping coupons from local and daily newspapers. Substitute store-brand items for brand-name products. Drink more water instead of sodas in addition to being more economical, it's also healthier). If you normally go out to lunch while you're at work, start bringing a brown bag from home. Dining out at restaurants (even fairly inexpensive ones) can become very costly. Cut down and save by eating more meals at home.
Recycle. We often don't realize how much money can be recovered by recycling cans and bottles. Save these items that you buy and during your weekly trip to the supermarket, utilize their recycling machines.
Other miscellaneous items. Dollar stores are great for purchasing items that you'd normally buy at regular department stores (at regular department-store prices). Also, a visit to some of the local thrift shops may uncover some very nice, yet very inexpensive, brand-name clothing.
These are just a few ideas to help you get through the tough times we now all face. There is no doubt that we're a resourceful people. If we take the time to look, we'll all find ways to limit spending and stretch our dollars as much as possible, and we'll make it through just fine.
