Comments on: 10 Tips For Saving Money In A Recession

By: Thevail

Thevail — Thu, 29 Oct 2009 00:33:59 +0000

Another tip that I find really useful is the idea of “default saving” rather than default spending.
Put your paycheck, yep all of it, directly into your savings account. Then transfer the EXACT amount needed for your bills and expenses + allowance into the checking account.

Now you have access to all the money you were going to spend, but you’ll have to consciously make the decision to “not save” the rest of it, rather than just spending what’s already in the checking account because you didn’t consciously make the decision to “save” it.

We “found” a couple of hundred dollars a month this way.

By: Barbara

Barbara — Wed, 02 Sep 2009 17:23:30 +0000

These are all really excellent tips and strategies.
I found that the key to getting on top of my finances was when I started monitoring every bit of my expenditure as you’ve indicated here in item 4.
Once the resistance to do that was overcome and then coupled with a budgeting effort I found my entire financial perspective change. I still find it amazing though how many people just won’t keep account of their spending even though they know it’s hurting them.

Thanks for creating such a worthwhile blog.
Barbara

By: Charles

Charles — Wed, 08 Jul 2009 19:30:47 +0000

I have to agree with Neil. Making a detailed list of all of your personal expenses is vital. Then, once you have compiled a list of all your personal expenses, you can make the best decisions on how to save your money. And it is important, as mentioned in Recession Tip #10, to pay yourself an allowance. After figuring out how much you spend each month, pay yourself a reasonable allowance during each pay period so that you can treat yourself and purchase items that you need. However, be careful with your expenditures and be exceptionally careful with using credit cards, as credit cards can be dangerous due to interest rates.

And also, remember, credit card companies are NOT on your side. They are purely in business for profit and they are not concerned with your personal financial situation. Speaking from experience, if you don’t pay off your credit card balance each month, then you are buying items for today with tomorrow’s money. In other words, you will not be able to use the money that you would have used in the future because of the debt that you racked up on your credit cards. The best tip to remember about credit cards is that they are NOT money that is ready to be spent. The money will have to be paid back to the credit card companies eventually, plus some with respect to interest.

By: Neil Bartlett

Neil Bartlett — Thu, 30 Apr 2009 11:21:22 +0000

This is really helpful post. And so true, too. I’ve done some of these tips, and they really do work. I am able to save money. Thank you for sharing this to us. Keep it up!

Cheers,
Neil

By: Rachel

Rachel — Wed, 29 Apr 2009 00:52:04 +0000

Some good tips.

Before you can work effectively at saving money you have to figure out how you are spending your hard earned cash. Write down a detailed list of ALL expenses, and then you will have a clear picture of where to cut costs. Most people do not take the time to write their expenses down, but it is well worth the effort.