Recession Proof Your Family Finances
by Diane Schmidt
Home
Family
Family Expenses
Cutting Expenses
Recession Proof Your Family Finances
From newspapers to TV to Internet, everyone has been predicting a recession was on the horizon. Though technically we may not be in a recession now, it's not too early to start cutting expenses and saving money. Here are some ideas to make it as painless as possible.
Tip #1: Cut back on the extras (and make some money)
Every family has those little extras that add up quickly. I decided to go through my bills and see what we could cut. Here is what I came up with:
- It's nice to have access to movies and special programs on HBO, but is it worth $10+ a month?
- One of my favorite things to do is go to the bookstore and look at the new books. I know the library is free, but my library generally doesn't have the new books in stock. So what did I decide to do? I buy the books (with a coupon) and then take very good care of it and resell on half.com! So instead of the book gathering dust in my bookshelf, I get back most of the cash I spent.
- Whether it's Pizza Hut, McDonald's or Quizno's, my family loves eating out. But I know it's hurting the budget. So we aim to limit it to two times a week. We love to grill chicken and hot dogs. That's a good substitute for a greasy take-out food!
- When I received my XM radio for Christmas two years ago, I was so excited and listened to it all the time. Then a few months ago, I realized I wasn't listening to it anymore. I cancelled it, saving $7.48 a month!
- To save on gasoline, I combine errands and really try not to run the air conditioner, because it eats up so much gasoline. Also, we have a membership at Costco and their gasoline is always cheaper than other places.
- My local PTA has a resale event twice a year for baby and children's toys, clothing and more. I've rented a table twice and made $250+. Even though that might not sound like a lot of money, it was great to get rid of my son's too-small clothing and toys he had outgrown. It's a win-win situation. I make money and declutter the house!
Tip #2: Become a big time bargain shopper
- Why pay full price when you can get something for 75% off or more? Bargain shopping can take some effort, but it's well worth it!
- Everyone who knows me, knows I am a Target addict. Why? Because they have the best stuff on clearance. Especially when I'm looking to make a big purchase, I scout out the local Targets and see who has the item on clearance. And then I wait for the price to drop to 75% off. I also buy grocery items at Target. They tend to be cheaper than the local grocery stores.
- I don't shop at Wal-Mart that often, but their prices tend to be lower than even Target. Plus, I love their All You magazine and stop in there to pick up a copy.
- After holidays, I shop stores clearance for Christmas, Valentine's Day, Easter, Back to School and Halloween. I'm amazed at the great stuff I get for 75% off or more. The only bummer is having to wait for a year to use the items!
- For coupons, I have an easy system. I only clip the coupons I'm going to use or ones that I can trade online. I keep them in a three-ring binder with baseball card pages to hold the coupons. I usually make a grocery list once a week and match coupons to sales. I also save coupons for haircuts, pizza, eating out, etc.
- Don't forget rebates and money back guarantee offers. When a new product comes out, many companies will offer a try me free deal on the item. You can find forms online and in coupon inserts.
- I regularly search eBay for items. Sometimes you'll find the perfect deal and other times you need to watch out for inflated shipping charges.
- I shop online at stores that offer free shipping. One of my favorites is
Amazon
. And be sure to shop through web sites like Mypoints.com or upromise.com
and earn back rewards (and cash) on all your purchases.
Happy bargain shopping (and saving!)
Take the Next Step:
- Whether or not a recession is on the horizon, it's always a good idea to look for ways to cut expenses and save money. Pick one of the above painless ideas that you're not already doing and implement it immediately.
- Subscribe to Surviving Tough Times email newsletter. Each week we'll give you practical survival tools for a challenging economy!
Share your thoughts about this article with the editor: Click Here
Do you need more information on this topic? Click here to ask a Dollar Stretcher Stretchpert!
Do you have a time or money saving idea that wasn't included in this article? Please send it to tips@stretcher.com. We get the best ideas from our readers!
If you liked this article, sign up for our free eNewsletter Surviving Tough Times. Just enter your email address in the box below and click Subscribe.
Follow The Dollar Stretcher on Twitter.
Dollar Stretcher Community
Forums
Blogs
Also In This Week's Issue
Money games for kids
10 hot toys for under $20
How repossession affects credit score
Marriage doesn't wipe out credit history
