On Ways to Survive in a Bad Economy
posted on 29 April 2011 | posted in
Business and Finance
I have learned to survive a bad economy, and meet my expenses while saving money. You can keep your ahead above water and hopefully not have to rely on financial services that deal with debt management.
It is not an easy task but there are valuable lessons I learned from my mother and grandmother who grew up during the Great Depression. They taught me how to save, to cook from scratch (homemade) and how to look for bargins. I made a budget of my most basic expenses what I call my needs. Those were my shelter (rent), utilities, phone, food, and transportation. My housing expenses aren't negotiable at this time, so they remain a given. I reduced my utilities by replacing all my lightbulbs with energy efficient ones and unplugging all appliances when not in use. That phantom electric was costing me money. I switched to a new phone provider that cut my monthly bill in half, since I didn't need unlimited minutes every month. I bought a metro bus card and started riding the bus to all destinations within the city for one low price. My car only gets used for long distances and emergencies. I have reduced my food expenses in half. I no longer eat at fast food restaurants or buy coffee at the local coffeehouse. I plan my meals ahead of time, and clip coupons from the sunday paper (which is supplied by my generous neighbor). I cut out most of the unhealthy snacks I was used to buying and replaced them with a trailmix I made myself. Lastly, I have forced myself to save at least $25 each month and when it reaches a certain amount I put it into a CD (certificate of deposit) account that I have set up. I only buy clothes on an as needed basis and when they are on clearance. I have discovered some wonderful consignment shops which sell the latest styles for a fraction of what they sell at retail. Even though I have had to make sacrifices (saying goodbye to cable tv, godiva chocolates, spa treatments, and weekly clothes shopping trips) I am much happier and alot less stressed.
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