5 Great Money Saving Tips In Tough Times!

The current financial crunch has caused numerous money challenges for people all over the world. The economic crisis, cost cutting, job lay off and inflation are some of the major reasons that are making it difficult for people to make ends meet. Money is the basic necessity of every one and many people are becoming a slave to it. To have a peaceful and healthy life everyone needs money.

There are people who are earning handsome amounts that are still feeling the economic turmoil. There are others that were barely getting by before the crisis hit and today it is almost impossible for them to live a decent life. One of the major factors is that as a society we have become a carefree society with and we have mismanaged our money. Saving is another concern for the working class who are trying to secure their future.

Everyone is looking out for good money saving tips that can be merged in daily life without affecting their comfort zone.  Here are some strategic money savings tips to consider.

1)     Cutting Coupons – Weekend newspapers are full of coupon filled flyers.  Although some people have never used coupons before there is an increase in the use of them when financial times get tougher.  The trick here is to only buy the items that you need.  Don’t buy something just because it has a coupon, make sure you have a need for it.

2)     Skip The Brand Names – Don’t pay extra money for a brand name item when there is a less expensive substitute that you can use instead.  You may find there are one or two items that you will like the brand name better but you should test it out and see.  The true test is to not tell your family you made the switch and see if they say anything.

3)     Stock Up On Sales – This applies to food and other items, even gifts.  There will always be someone you need to get a gift for, who says it has to be bought a week before the occasion?  If you see what you like six months early and it is a great price than get it.  Put it away for them until that special occasion.

4)     Go Surfing – Get on the internet and start searching for the same item you are considering for purchase in the local store.  Don’t forget to add in the shipping costs and possibly deduct the local sales tax you would pay (the tax doesn’t apply all of the time but it could make a huge difference).

5)     Online Auction Sites – Look for the items on eBay and other online auction websites.  There are many wonderful deals to be had there but make sure you know the price for the same item in the store before bidding on it.

One can find several tips for saving money from the experts but ultimately it depends on each individual and how well they can manage their finances. Experts always emphasize on making investments and adopting insurance policies. There is nothing wrong with these but they are bigger picture things, things that need attention but not things that will help someone out of the hole they have gotten themselves into.  There are some simple methods which can be incorporated in daily life for saving, such as the items above.  Money tips helps in delivering financial independence which gives a sense of freedom to lead the life stress free.

Strategy Based Profits TIP: – Look at your spending habits, locate areas that you can cut back or cut out and use the above tips to cut costs on everyday and specialty items.

Robert J. Roy
Money Man

  • Those were nice tips and I am already doing some of them. Another thing that I am doing is just to bring the money that I will prepare for the grocery. That way, I was able to stick on the budget!I just want to add that I think its better if its my husband who will go on the grocery store to shop, because he will just buy whatever I put on the list…no more no less…haha its better than when I am the one who do the shopping coz if its me, whenever I saw something that I feel like we need, I will definitely add it on the list…which is really bad of me. yay!