How To Save Money in an Economic Crunch
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In today's excerpt from my new book, Intelligence For Your Life: Powerful Lessons For Personal Growth, I want to share some additional ways you can make some smart decisions about saving your money.
Don’t buy a new car before calling your insurance agent.
Compare the cost of insurance for your top car choices. Also, check on the costs of repairing your new car and the likelihood of theft. All of this contributes to your out-of-pocket costs as well as your insurance premiums.
Pay with cash more often.
This seems like an obvious one, but if you always pay with cash, you won’t get into debt. You also will end up saving a whooping 30 to 50 percent more because watching the dollar bills slip from your wallet will stop your spending. Another benefit of paying with cash is that you’ll avoid financing fees from credit cards, late fees, and overdraft charges at your bank.
Eat out half as much as you do right now.
Studies show that the average American family eats in a restaurant four times a week. That’s much different from when I was a kid and eating at a restaurant was a huge treat. Today most families spend more than $5,000 a year in restaurant bills and tips. I’m not saying that you should always eat at home, but just cut back a bit on the eating out if you want to save money.
A bonus: You’ll also save calories. Studies show we eat 30 to 50 percent more when we eat out.
When flying, check out the airports that are a little farther away from your home.
It might be worth another twenty minutes in the car to fly out of an airport where the ticket cost is one-third lower. This really adds up if you’re flying the entire family out for an event. Many of the smaller airports also have cheaper and easier-to access parking.
Freeze your credit cards—literally.
This is one of my favorite pieces of personal finance advice from the radio show: If you are having trouble with credit card debt, don’t cancel your cards. Instead, put them in a bowl filled with water, place the bowl in the freezer. Whenever you get excited about a new purchase, you will have to wait for the cards to thaw out before you can put them on your card. By that time the urge will likely have passed. No microwaving!
John
Email John: johnsblog@teshmedia.com
To find out the best ways to manage your money during the present financial crunch, check out my new book, Intelligence For Your Life: Powerful Lessons For Personal Growth. You can purchase your copy of my book at your local bookstore or online at Amazon.com or Barnes and Noble.
There are various financial services in the market that offer credit card debt management for people who are not able to manage their multiple credit card debts. Hopefully people can find the help they need to eliminate debt. Thanks for the info!
Posted by: debt consolidation | July 17, 2008 at 02:07 AM