With the recent economic downturn, ideas for saving money have been flying through social media, print media, the internet, and news programs. These ideas have ranged from extremely simple, such as reducing the amount of unnecessary services and goods your purchase, to the extremely complex, such as extreme couponing that television shows extol. When asking about how to save money, you will get a billion different answers from a billion different people. Saving money ideas are featured on many daytime television shows, and there are quite a few websites aimed at fostering the sharing of personal tips and tricks for saving money.
Everyone’s wallets have been pinched, especially with the spike in gas prices over the last five years. Many people are turning to public transportation, car pooling, and bicycles as alternatives. Not only are these options cheaper, but they also help you in a number of ways. Firstly, if you choose a physical activity such as walking or biking to work and school, it can help your cardiovascular and overall health. Secondly, reducing our carbon footprint will help the environmental issues that many people and lobbyists have been concerned about for years. Even trading in your current vehicle for a more fuel efficient model will help your bank account and the environment.
You can also stretch your budget by paying with cash instead of using credit. This is a good idea for a number of reasons. Firstly, when you use cash to pay, you are less likely to purchase large items or on impulse because you have the physical money in your hand. You also can’t shop online with cash, which eliminates a significant temptation for those of us who are vulnerable to “must have” deals. Secondly, by not using credit, you are not increasing your debt, and you can work on paying down the principal on your current debt. Saving money can be easy if you sit down, take a serious look at your finances, and make the commitment to restrict your spending.