Christmas is slowly approaching and the economy is in horrible shape, what does this meam? You are potentially earning less and now forced to spend more which in most cases will equal to you being cash strapped. The whole point of this article is to present you with 5 key concepts to apply when you are experiencing an economic bust:
1. Eliminate Cable. The reason this idea has not been mentioned before is quite evident, nobody wants to get rid of their cable. However, drastic times call for drastic measures. Cable is obviously not as drastic as other purchases but it is the main source of entertainment for many people. You can also be optimistic and look at the many benefits associated with having no cable; more time for exercise, more time to read, and more time to be outside.
2. Avoid Stores. Do not go inside of a store unless you absolutely need to, in which case grocery stores tend to be the only essential stores. Avoid going into electronic stores or stores that sell items that strongly interest you.
3. Go a weekend without spending any money. Weekends are usually the most common time for people to spend money, whether it is on going out to the movies, a day at the mall, or a night at the bar. Plan a weekend where you do not spend any money at all, I mean any. The best part about that is that it will bring out your creativity and you will find yourself thinking of how to spend the weekend without spending money while still having fun. What you plan on doing all weekend with no money is up to you to figure out, and I can’t figure everything out for you. If you have any suggestions you would like to share then please post them. This is obviously not realistic to try every weekend, so at least try to do it once a month, a no spending cash weekend.
4. Instead of paying an expert, find a way to do it yourself. There are many do-it yourself stores (Home Depot) that are designed to help you perform tasks around the house by yourself without having to pay someone. It doesn’t matter if it’s something outside of the house or inside of the house, always try to do it yourself first before paying an expert to come perform the task. DO NOT attempt to fix a furnace during a cold winter night unless you are 100% sure of yourself. There is nothing wrong with spending a weekend learning how to paint or install windows (hint: #3)
5. Diversify your income. Yes, unfortunately this means you might have to get a second job, taking away time from reading personal finance blogs online. On the bright side, you do not have to get a typical second job that will make your life miserable. You can find alternative sources of income that you may have never thought of before. Some popular ideas are, you could start a small business in a field you really enjoy, sell old stuff you are not using, or simply just work longer hours at your current company.
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Great tips for some ways to save this time of year, and in this economy. I especially like number 5 – diversifying your income. When talking about saving money, one thing people forget to think about is ways to improve or increase their income. Very important.
Nice new logo. Looks great! And I’m not saying that just because i designed it
Yes it is very important to simply make more money in different ways when times are tough. There is nothing wrong with pursuing a manual labor position as long as it helps you bring home more money at the end of the day.
The logo looks great and the site is slowly coming together, thanks Pete. I hope that if anyone else needs a logo they come to you.
Yeah, man, nice logo. I think it flows well with the site.
Good points for the holiday. This is probably the most expensive time of the year for consumers. And considering, the current economic condition, these tips can definitely be handy.
Hope your holidays are nice.
Good tips. Just today I went and interviewed for a second job, and was hired. It doesn’t pay very well, but I figured the $xx per hour I will make at the job is better than the $0 I make sitting at home in my spare time!
The tip about doing things yourself is really good. I was one who liked to pay for convenience (when I was in college two years ago), but now that I’m in the “real world” I really try to do things myself.
Good job Dee. There is nothing worse than people who complain about no money or no time, when in reality there usually is time you just have to make certain sacrifices. Granted, many people do not want to cut from time watching tv or hanging out with friends, but during rough times some sacrifices must be made. Even if you working a job that does not pay you your full potential you should be optimistic about it. At least by working in your spare time you do not have the opportunity to go out and spend your money.
Paying for convenience is a debate that could go on forever. My general rule is that if you can research the job and perform it in a decent period of time then give it a shot. If the job is too complex or too time consuming then maybe you are better off leaving it to an expert.
I was just talking to my roommates today about getting rid of cable tv at least, and only paying for cable internet. Most of us can watch our favorite TV shows online. Of course, there’s that one roommate who can’t live without the TV on 24/7…
I could get into a rant or article on its own when it comes to watching less tv. Over the last year or so I have drastically reduced my television time to about 4 full hours a week. Let’s be honest everything is only, weather, communication,etc. Ever since I have reduced my tv watching time I have been very productive in every aspect of life. I work more, I study more, I work out more, there is just so much out there to do in life.