While you may not have control over the economy, you do have control over the actions that you take.
- Keep track of your spending. If you know where your money is going it will be easier to make changes if you need to.
- Separate wants from needs. Do you really need that 42-inch flat screen television? When money is tight it should not be spent unless absolutely necessary.
- Avoid using credit to pay your bills. While it may make things easier now, using credit only increases your monthly payments in the future.
- Save regularly. Have some of your paycheck directly deposited into your savings account or set up an automatic transfer each month from your checking to your savings account.
- Check your insurance policies. Review the coverage for all your plans. You may have too much and be wasting money or too little and not be adequately covered.
- Be careful about spending a significant amount of money on periodic purchases, like gifts and vacation. While you may feel good while you are spending the money, you may wish you had the money later.
- Cut or downgrade your services. Can you get a cheaper cable package or have no cable at all? If you have a cell phone consider cutting your land line.
- Try lowering your energy bill. Turn off appliances and lights when they are not needed. Purchase energy-efficient light-bulbs. When you can, use a fan instead of air conditioning or put on a sweater instead of turning on the heat.
- Consider signing up for online bill payment. Not only will you save on stamps, but you can make sure your payments are received on time.
- Cut down on take-out ordering. Even if the meal is not expensive, doing it frequently can really add up. A $10 pizza once a week will cost you over $500 a year!