Since we don’t know how long an economic crisis will last, it is important to know the best ways to savemoney so that in the event of a financial emergency we will have money at our expense. So many people have become comfortable with the idea that they can just take out a second mortgage or get another job. These things are not easily attainable during economic crisis. Here are some things you can do in or out of a crisis in order to save money on bills and prepare by puting money in the bank.
Step 1 One of the best ways to save money is to put 5% to 10% of your net income into the bank. Most people already have this padding in their budget which gets spent on Starbucks or getting snacks from the vending machine. If you put that automatically into a low risk savings account, it will begin to add up fast
Step 2 Blogging or writing is a great way to make money. When there is an economic crisis, people are more willing to learn the best ways to do things so they spend more time on the internet reading about it. Start a blog or join a community such as this one, where you can write and make a part of the ad revenue for the site. All of this is supplemental income and can easily be put into a savings account.
Step 3 A spare change jar seems ridiculous and childish, but if done right, can be one of the best ways to save money. Instead of just searching the couch cushions to fill up the bank, make efforts in other areas. When you break a large bill, put the change in your pocket or purse. Next time you make a purchase, don’ t spend the change. Save it and put it in the jar. Stop making trips to the vending machine at work and put that money in the bank. Depending on what type of change goes into it, a Sparkletts bottle could hold over $1000 in loose change. If you don't want to do this, it is still a great way for kids save money too.
Step 4 Reduce spending by budgeting. Setting up a home budget is a great way to save money on bills. There is an article below in the resources section that will walk you through the process and give you tips on how to spend. Anything that is left over can go into savings.
Step 5 Reduce spending by changing your quality of life. I f you start bringing your lunch to work, you will save a ton of money. Start putting the minimum suggested octane in your vehicle. M any don’t realize that the high octane is not usually necessary. Start washing your own car and changing your own oil. Go to the discount theatre instead of the regular theatre and don’t buy as many snacks. The trick is not to do anything less, just different. This way you won’t miss anything, but you will still save money.
Step 6 The last major thing is to cut up the credit cards. These just cause us to live beyond our means which is exactly the opposite of saving. If we can get rid of the means and the desire to live in excess we will be able to save much more money in the long run.
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