Saving in times of recession..
In such time of recession and uncertainty why not consider some saving tips to save??
In today's society, it is increasingly difficult to save more money and reduce excess spending. While it is true that some spending is outside of our control and that includes life's necessities, all too often people spend their hard-earned money needlessly and indeed whimsically. It is human nature to not be content with what you have, and this can be seen dramatically in this growing culture of commercialism. No matter how much you earn, it never seems as though you have enough; especially when you take note of the novel and intriguing items at your local department store.
There are a few things you can do to limit excess spending to a minimum. One of the easiest and most productive steps you can take is to :-
1) leave your credit cards at home when going out to the mall, making sure that you have enough to cover your needs in advance before charging it and hoping you can pay later. It is much easier on your conscience to hand the cashier a credit card and forget about the purchase than it is to give cash, especially if it has been difficult for you to obtain in advance. This will ensure that you won't go over your budget on impulse or because of the latest fads and trends.
2) Another step you can take is to save a portion of your money toward the future, keeping the rest to cover for your essential needs and the remainder being kept as regular spending money. This may be frustrating at first, but it quickly yields results and is one of the most useful ways to save more money.
3) Needs vs Wants; Some have compared shopping to other forms of addictions, and in many cases this is all too true. Just as they have to abstain from their vices and keep away from indulging their habits, so do those who are "addicted," whether figuratively or literally, to shopping. Spend on what you need and not what you want, for it will surely lighten your expenses.
4) Look out for coupons and saving deals; this may make you look like a stingy fellow or a housewife but in such situation this is another sure way of making savings in your purchases. As there is a Asian saying 'A small daily saving can make it into a mountain"..imagine a mountain of coins and notes??
5) A Penny Saved is a Penny Earned; everyone knows how difficult it is to amass a large amount of wealth, especially if you are forced to live on a budget. However, you shouldn't lose hope; the key to building wealth is to collect smaller sums of money from your daily savings toward future use.
This method is probably one of the simplest and most overlooked ways to save money, and all it requires on your part is a piggy bank; or, if this doesn't appeal to you, a simple container or mason jar. Instead of discarding or more probably losing your loose change from your daily transactions, deposit it in your desired container. Even if it's only a few cents on a dollar, it is still money that you will be able to use later.
After a few months, you'd be surprised how much you can potentially save in such a seemingly unimportant way. After a year, you'll wonder why you ever thought that loose change was less worthy than its paper counterpart. Though the amount may vary from person to person, even if you're able to save enough money for one or two extra items at the end of the year, the extra saving on your part was worth it. Just remember: saving doesn't cost you a thing. Not saving certainly does.
In a tight situation, you can't afford to let any type of income go to waste; not even a few coins. This method will help you save and consolidate this portion of your income, and unlike other types of banks, your piggy bank
