7 Ways to Save Money During Difficult Times

It may seem challenging, or even impossible, but it can be easy try 7 ways to save money during difficult times. The bonus of it all—is the long-range savings that can lead to better spending and saving habits. Ultimately, having three months’ worth of money saved for essentials will help bridge the gap during difficult periods.

Only Purchase Essentials

When in financial dire straits, shave your expenses down to absolute necessities then build up from there. What do you absolutely have to have to survive? That’s what I’m talking about. Those new boots, makeup, smartphone and all other impulse purchases aren’t essentials, so don’t buy them! In a time of crisis, only spend on the things you truly need and save your money in case of an emergency. This one thing will save a great deal of money.

Switch Providers and Check Utility Bills

Make sure you’re not paying any more than you have to on your utility bills. Phone plans can be tricky because cheaper isn’t necessarily better for family plans and rural accessibility. It is, however, worth looking into. Utility companies often have different types of plans as well. You might be able to use an energy saver plan that reduces your bill. Or perhaps, change trash pickup from once a week to twice a month. Put the difference aside into savings. It may seem small but can quickly add up with minimal effort on your part.

Let It Go and Sell It

How often do you go through your closet? Or worse, the dreaded junk room? Getting rid of things, you don’t use creates more space and puts a little money in your pocket. Or better yet, savings. This goes for large items too. Old furniture or garage goods? Post it on your local Buy-sell-trade group. Depending on the item, you might want to list it on Craigslist or eBay. This is a great way to have less clutter and save money during difficult times.

Auto Savings at Your Bank

Some banks have auto savings programs. These programs are great because you can set and forget. Plus, you don’t see it, so it builds without as much temptation. Some of the programs are auto transfers to savings from your direct deposit. But, one of the most useful, is the program the rounds up your expenditures to the nearest dollar and places the difference in your savings. Those pennies aren’t a big deal until they multiply. Chances are you won’t notice the savings building.

Use Several Supermarkets

We are all creatures of habit. That’s just how it goes! So, you probably have a supermarket that you always use. This loyalty, however, doesn’t always pay off. By using several supermarkets, or online price comparisons, you will be able to find the best deals. This is especially true during the holiday season. There are also several stores that accept competitor coupons and that helps too. Along these lines, buying dry goods at discount grocery stores can save you a bundle.

Brand Names vs. Generic

Did you know that many of the store brands or generic brands are the same as brand name items? Yep, it is called white label when a brand sells its product to another company and allows them to brand it under another name. It may be worthwhile to stop using name brands and start looking at store brands. This involves some trial and error because some store brands really are not as good. However, most of the time these items are just as good and you can save money during difficult times and in the long run.

Check Interest Rates for Savings

Not all savings accounts are equal. There are different types of savings accounts and interest rates. Find a bank that will pay you higher interest rates and switch to them. For long-term savings, look at options for certified deposits and money market accounts. These usually require more on deposit, but it is a good way to build a reserve fund.

Saving money doesn’t have to be difficult, even when times are tough. These simple steps can help you accumulate some savings. Having an emergency fund during a crisis time elevates panic and anxiety because you don’t need to scrape up minimal funds.

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