Wht Navy Pin

Wht Navy Pin

When the economy is bad, you are often inclined to spend less money. Your money and the way you spend it takes on a whole new meaning when your investments are losing value and you are forced to dip into your savings or 401K to live from day to day. You start thinking about ways to cut back on your spending. Here are a few areas to look at cost savings, to get you on the path to a wealthier future.

• Eat breakfast at home.

Breakfast is the most important meal of the day. Oftentimes, people stop and grab a bite to eat from a fast food restaurant that may cost up to $6.00/day. It adds up to $30/week if you purchase it every day for five days. It's advisable to use that $30 to purchase bread, cereal, muffins, fruit, juice and/or coffee drink, and fix breakfast at home. This could be enough food to last you for up to 2 weeks, which is a $30 cost savings. That additional $30 can put fuel in your car, go towards a utility bill or go towards your savings.

• Pack a lunch.

Lunch often cost $8-$20/day. On the average week, a person spends at least $40 for lunch. That $40 can buy you enough microwavable dinners, salad, or other cost efficient items to last you for two weeks, which saves you an extra $40. That additional $40 can go towards paying down your credit card debt, student loans or savings.

• Get Thrifty.

It is not considered being "poor" because a person shops at a thrift store. I have learned to shop at thrift stores sometimes to save money and find things that are in decent shape for a cheap price. I have found lamps, bookshelves, end tables, cooking utensils, dishes, etc. I even found a couple of antique pieces of furniture, art and china that I have had for many years.

• Sew it.

If you can sew a button, sew a hole, or hem skirts/pants, then do it. The average cost to have this done at the cleaners can range from $15 to $30 or more. Why pay so much for something so simple when you can do it yourself for under $5? If you need a tailor to alter a really nice suit or something then have it done. But, if the money can be saved and applied to something else, then save it.

• Do laundry at home.

If you can wash your shirts, blouses or slacks at home and iron them, then do it. Ironing can be a bit tedious, but if you take your clothes immediately out of the dryer and put them on hangers, it eliminates most of the wrinkles and makes the ironing easier. You can then use a steam iron to get your clothes looking like they just came back from the cleaners.

• Movie Night at home.

Have a movie night at home instead of going out to the movies. I am not saying you should not treat yourself to a movie sometimes, because it nice to enjoy time out of the house. However, you can save money by renting a movie and having a movie night at home for under $20. Instead of spending $50 or more outside of the house.

• Mix n' Match Clothes.

Don't be so quick to buy new clothes or the latest fashion trend. Nice basic colors that will always be around are considered the classic white blouse/shirt, navy suit, black suit, pin-striped suit, brown suit and deep red suit. Purchase some nice scarves, ties or tanks and mix n' match those clothes. If you don't have to buy new clothes, save your money.

Watching your spending in a bad economy is the wise thing to do. These tips are not exhaustive, but they can be extremely helpful in preserving money in a tough economy. Try them and see how they help you preserve your wealth.

copyright (c) 2008-2009 Dawgelene Sangster