Saving Money in Times Like These

Posted by Lily Chung

As the financial crisis continues to hit our economy, experts have found many ways that you can save money on a daily bases, some of which you may have never guessed!

- Know when to shop: Shopping late at night proves to be most effective because it is less crowded and shelves are being restocked at this time, so instead of always going for the more expensive brand, there are more options you can choose from with a completely stocked shelf. Also, things that need to be sold by the end of the day are often marked down (especially in grocery stores, where they mark down things like pre-made salads).

- Stockpile and use coupons: When you go grocery shopping, there are always things that are on sale such as soups, pastas, toiletries, etc. So why only buy enough for a week or a month? When you stockpile and use coupons, you can get enough for an entire year!

- Fill your tires: Studies show that driving 12,000 miles annually on underinflated tires wastes up to 50 gallons of gas or $100.

- Wash your own car: I have been doing this since I was in High School, and just thinking about going to a car wash makes me cringe because a little bit of manual labor saves about $208 a year!

- Creative resourcefulness: Instead of buying swiffer dry cloths, you can trade them in for dryer sheets, which have the same static cling, making it useful for dusting.

- Unplug electrical devices: Devices that are still plugged in are still using electricity. Electronics using 100 watts that are still plugged in and turned off for 18 hours a day can cost $131 each year.

- Saving on phone bills: if you have a lot of family and friends outside of the United States, the phone bill with the long distance fees can become pretty high. Instead, look into other options, such as skype.com. Instead of using land lines, you can do long distance calling through the internet. You can get 10,000 minutes for $9.95 a month.

Sources:
Wise buys: Experts share tips for saving on clothes, gadgets and groceries
30 ways to save at the supermarket
How you can save $20,000 in one year

9-step Guide to Your Finances

Copied and Pasted by Lily Chung

Here's a money secret that might keep you from driving yourself crazy: You can't do it all.

We're supposed to max out our retirement savings, pile up huge emergency funds, pay off all our debts and buy tons of insurance. Yet we've also got other bills to pay, kids to raise and, yes, fun to have.

Even in good times, many of us can't cover all the bases perfectly. Now that many are facing pay cuts, unemployment or unpaid furloughs, more of us are facing painful trade-offs on less income.

Here's what you need to know now to properly prioritize your spending and manage your money. You may not be able to cover everything right away, but as more money comes in you can work your way down the list and be reasonably sure you're getting the important stuff right.

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