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4 Effective Tips to Survive Today’s Cash Strapped Economy | Financial Planning Tips

4 Effective Tips to Survive Today’s Cash Strapped Economy

Given the rising costs of food, commodities, utilities, and just about anything, all of us are pushed to save as much as we can to survive today’s failing economy. But saving may be easier said than done especially when most of us survive from paycheck to paycheck. Here is a great financial news about ways you can cut down on your spending and have enough money left over to create an emergency fund.

Control your Spending

Great financial planning includes controlling your spending...always.  In this cash strapped economy you must watch your habits and create solid budgets and financial plans.

Photo by bfishadow (Flickr)

We live in a highly material world which makes saving all the more difficult. But if you really want to put money in the bank, then you have to work hard at managing and controlling your expenses. Evaluate how much you spend per month and assess which items you can do without, or at the very least reduce. If you spend a lot on dining out, then opt to cook at home or start using meal coupons such as Digiorno pizza coupons to allow you to enjoy your food and still save a few bucks.

Work on a Budget

Financial experts agree that perhaps the fastest and surest way for anyone to cut down on expenses is to set a budget and maintain it. Know home much money comes in and how much goes out. You will quickly find where your financial leaks are, and if more money is going out, then you overhaul your monthly budget and start restricting yourself. This is actually easy once you know where you need to find savings. If you are spending too much on food, then start trimming down on how much you eat, eliminating name brand purchases, and start clipping coupons. This is actually something that even fitness gurus at Fatty Weight Loss propose because the focus on your food will not only lead to savings, but a healthier eating program.

Buy in Bulk

A good way to save on groceries and household items is to buy common items in bulk. Keeping in mind that buying in bulk also entails careful planning. You need to map out your meals and grocery items. You do not want buy in big quantities only to have it go bad before it can be eaten. This is just wasting good food and money at the same time.

Avoid Debt

Though credit card debt can be a good way to tide us over in difficult times, try to avoid it when you can. Debts come with high interest fees that can take away a few hundred dollars which could have gone into your savings. In a typical household, credit card debt takes a huge chunk of the household budget, so it is best to only use them when you need to and pay them off as soon as you can. Otherwise, you might end up looking for ways on how to negotiate with credit card companies.

These simple tips can have a huge impact on your savings by the end of the year, and that can mean the difference between financial disaster versus survival. You need to control your spending by understanding where your money is going. Then, budget yourself, buy smart, and don’t take on any debt that isn’t absolutely necessary.

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