Tuesday, March 31, 2009

How to save money when money is tight

- By Kevin Yu
Here are five suggestions on where to start:

1. Prioritize
Take control of your household budget by logging every dollar you spend in a 30-day period. Once you face a month's worth necessities then you can begin to prioritize expenses and find ways to save.

2. Build an emergency fund
Put savings into a special account to be tapped only in a crisis, such as losing a job. Six months of living expenses is a rule of thumb -- longer if you're self-employed or the family's sole breadwinner

3. Be creative
The Internet is a great resource. Take advantage of online retailers' discounts posted on shopping. You can also save and give at the same time.

4. Pay yourself first
You can't spend what you don't see. Send automatic deductions from your paycheck directly to a savings account.

5. Walk the talk
Live by example. Recession sales are everywhere, but you don't have to buy. Communication is the key, especially in these trying, tense times. Talk with your spouse and family about money values and short-term and long-term savings goals, and then decide how to fulfill them.


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