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by royal77 says hello friend on February 13th, 2008

royal77 says hello friend

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Do you know some money saving tips for tough times? Are there some good ways to stretch the dollar? How are you doing with your budgeting these days?

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Answers. 7 helpful answers below.

  • by Arisztid on February 14th, 2008

    Arisztid

    I can make a dollar scream for mercy and beg for its life.

    Excellent tips already given so, firstly, refer to them. I see no need in repeating.

    Here is something that helps you both not spend money and realize where your money goes:

    Keep a ledger and a notepad in your pocket or pocketbook. Write down EVERY dollar or cent you spend, be it a penny or a hundred. Write down what you spent it on.

    This is a pain in the arse. That, in and of itself, would make impulse spending less convenient.

    Make your ledger or spreadsheet into categories like necessities (break them down as needed into bills, food, gasoline, rent), luxuries (break those down into such as eating out, purchasing a CD, or anything else you do). The categories would be different for you than they are for me. Mine was extremely detailed.

    Add EVERYTHING you have spent in a month.

    If you do this I can pretty much guarantee you that you shall be shocked at where your money goes. Little things like fast food or sodas purchased from a vending machine add up.

    You can then decide which luxuries you can do without and you can add into your budget a predetermined allowance.

    I did this for 5-6 months. Trust me, it works.

    ----------edit

    I also suggest breaking your groceries down to necessities and luxuries. Luxuries I consider to be such as iced cream, soda, coffee, and the lot.

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  • by Anonymous on February 13th, 2008

    Anonymous

    Make a list of all expenses. Then cross out the necessities (heat, shelter, food). Organize the rest in order of importance (if you have a credit card bill it MUST be at the top of the list but only the minimum payment is important). The items toward the bottom of the list should be the least important and could be considered to be gotten rid of. Cable TV bills can vary fron 20 to 100 or more depending on the level of service. You could just lower the level temporarily to save money. Shut electrical items off when not in use. Stay out of the stores to avoid compulsive purchases. Get rid of the catalogs when they come in. magazines are great but unnecessary with so much information on the internet.

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  • by Grandma Roses - my avatar is my real dog on February 14th, 2008

    Grandma Roses - my avatar is my real dog

    I won't repeat the tips others have given, but I will add:

    Get as much as you can for free at on-line sites such as Freecycle and Full Circles -

    http://www.freecycle.org/
    http://fullcircles.org/

    And sites such as The Dollar Stretcher

    http://www.stretcher.com/index.cfm

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  • by Chris the other white meat on February 14th, 2008

    Chris the other white meat

    I always by food that is either discount and not name brand and buy food that doesn't go bad even after you cook it so your left overs will last longer. I am great with budgeting but my wife is horrible. The other way is to pack your lunch ever day. I did the math and it costs me 2 bucks a day to pack my lunch compared to 6 plus bucks to by it.

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  • by NEESH on February 13th, 2008

    NEESH

    i see you changed your avatar it looks better. but i digress, i pay in cash, i do not use any credit card nor own one cause i do not want any more bills. try buying in bulk wholesale is cheaper than retail. i also buy generic food there is not much of a taste difference. try buying clothes that is on sale.
    i hate budgeting but if you not rich that what you got to do. i wish i can start buying ba nice things for my self. for the moment i only buy necessities. no junk food. All this to have a nicer house.

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  • by Ec-nal Licensed Bootie Inspector on February 13th, 2008

    Ec-nal Licensed Bootie Inspector

    STOP SPENDING MONEY yo...

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  • by royal77 says hello friend on February 13th, 2008

    royal77 says hello friend

    Some money saving tips:

    http://finance.yahoo.com/banking-budgeting/article/104404/15-Money-Moves-for-Tough-Times

    - - - - [Here is an EXCERPT from the website for you] - - - -

    15 Money Moves for Tough Times
    by Dana Dratch
    Monday, February 11, 2008provided by
    While economists debate whether the country is in a recession, consumers are being buffeted by skyrocketing prices, growing debt, layoffs, the subprime lending squeeze and a stock market roller coaster.
    While you may not be able to control the price of oil or the prime rate, there are some simple things you can do to shore up your finances, safeguard your future and ride out whatever the economy throws at you.

    Here's a list of ideas that hopefully will help you get through any hard times, plus tips if the hard times have already hit your household.
    Dealing with hard times

    1. Eliminate the nonessentials
    2. Start a go-to fund for emergencies
    3. Consider cutting back (rather than cutting out) for some expenses
    4. Safeguard your current job
    5. Be on the lookout for your next job
    6. Keep your debt load light
    7. Barring a complete personal financial meltdown, continue funding your retirement
    8. Swap extraneous spending for smart long-term moves
    9. Investigate refinancing
    10. Re-examine your insurance
    11. Adjust your withholding allowance
    12. Reward yourself
    13. Ask for an extension on your car loan
    14. Get an extension on the mortgage
    15. Talk to a mortgage counselor
    1. Eliminate the nonessentials. One way to avoid putting spending on automatic pilot: Write down everything you buy and the price. Then go through the list and "be brutal," says Nancy Register, associate director for the Consumer Federation of America.
    Ric Edelman, Certified Financial Planner and author of "The Truth About Money," agrees.
    "You need to make sure you're not spending any money that doesn't absolutely, positively need to be spent," he says. "A lot of people are spending money frivolously on wants they consider needs."
    If you have kids, "It's a great time to explain wants versus needs," says Linda Sherry, director of national priorities for Consumer Action.
    2. Start a go-to fund for emergencies. The average family will face up to $2,000 a year in unexpected bills, says Register. For families already stretching to pay the bills, those surprises can trigger long-term financial problems. While you can't plan what or when, you can have money set aside just in case.
    "You need to really boost your cash reserves," says Edelman.
    His recommendation? Aim for one year's living expenses in an assortment of liquid vehicles, like a bank account, money market account and short-term CDs.

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