Posted on 28 March 2012 by Rachel
Even though the economy is recovering, it’s still nowhere near the point it was at five years ago. Millions of people are still unemployed and the price of gas and other commodities are higher than they have ever been. Some people might be experiencing their own individual economic recovery, but these results aren’t typical for everyone. You should not get cocky with your current financial state due to the fragile nature of the economy. Economists warn us of another recession coming around the corner every time we turn on the television. You have to make yourself recession proof regardless of how well the economy is doing. Your savings should see you through any downturn, whether it’s an increase in prices or a loss of employment.
The obvious solution for saving money is spending less of it. If you focus on keeping your income moving towards your necessary bills, you should have quite a bit left over to save for a rainy day. Resist the temptation gadgets and other unnecessary purchases pose on you. You do not need them. They will drag down your bank account and become obsolete within two years. Purchase new devices only when your current ones are broken. Eat more at home and less at restaurants and fast food joints. Food that’s easier to acquire isn’t always worth your time. Purchasing your own groceries requires a lot of effort and preparing your food will set you back even further. The money you will save is worth the time you’ll spend in this area though.
Your job is the biggest indicator of how you will fair financially. Live within your means. Everyone can adjust their lifestyle to fit within their current salary. It’s foolish to say “I’ve become used to a certain standard of living.” If you can’t afford the standard of living for which you have become accustomed, you need to change your standard of living. Keep looking for a job that pays enough to make living how you want to live possible. Don’t make any changes to your adjusted lifestyle until you find such a position. Your cost saving maneuvers should continue even when you have a position that allows you to live a lofty lifestyle. You never know when your life is going to crumble and you end up in the same circumstance you were without a job.
Saving money is nowhere near as much fun as spending it. You have to decide whether you would rather have all the things money can buy and no money or precisely what you need and enough money to help you live comfortably in the future. In the end, you will find a life where you save money and have stability more satisfying. It’s not difficult to save money. All you have to do is increase your income and lower your expenses. Focus on the necessities in live rather than the extravagances. Everyone has the hardest time figuring out how to save money when it’s one of the easiest things to do. You don’t need to take a class to know how to be financially responsible.
You may feel like you have cut back every expense like cable and fast food but still feel like you can’t put much money away to save for a rainy day or a vacation. You may find the following ideas helpful and can help you earn a little cash on the side.
- Find a part time job such as early morning custodial or morning crosswalk helper
- Start your own custodial business, it doesn’t take much money just a business license and a vacuum
- Donate plasma
- Sign up for Utah clinical trials or other clinical trials depending on where you live.
- Sell your unwanted stuff on Ebay
- Online surveys
- Join a MLM
- Be a secret shopper
- Work on the side from home consulting
There are countless ways to earn some extra money and then commit to saving it. It is smart, can be fun, and you never know you may learn a skill that you love and it can keep growing.