How to Make Every Penny Count During the Recession

No one in DC may be saying it, but folks there is a recession going on. In looking for ways to save money I thought of some tips would be helpful to share. The first thing to do is cut some costs. I hope this information is helpful. Please feel free to post comments that would be helpful.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Creativity
• Savings account

1. GAS – Look for a carpooler in your area for work. If you have children, arrange a carpool to practices. Combine your errand running. Mow your lawn every 10 days instead of every week. This step alone can save $15/weekly minimum.
2. ENERGY – Unplug your appliances that are not being used (video games, toasters, coffee maker, don’t pre-rinse your dirty dishes before putting in the dishwasher, use your oven less (microwave more), move your thermostat up in the summer, down in the winter. Use energy efficient bulbs. Cut off the lights you are not using. Dry some things on a clothesline instead of using your dryer. This can save you approximately $10 / monthly, maybe more.
3. WATER – Get a rain barrel for your plant and garden watering. Don’t run the water while you’re brushing your teeth. Little things like this can add to your savings. Knock one minute off of your shower time. Check for water leaks. Savings will vary by your water provider (and your amount of leaks!!).
4. FOOD – Buy in bulk with a friend. Clip coupons. Look through the sales papers and buy good deals. If you have room, buy extra – if goods are on sale. Make tea or kool-aid. Make your own jello, and own serving sized items. Sign up for stores loyalty cards. Clip coupons for restaurants, go with a friend. Grow a small vegetable garden in the back. Done proper, this can save you $20/weekly minimum.
5. PETS – Give your dogs their baths instead of paying a groomer. Buy a BIG bag of their dog food – it should last about a year. Buy treats in bulk. Use coupons from big brand pet stores. Look for coupons on items you use. Monthly savings $80/monthly.
6. SMALL CHANGE – Recycle your aluminum cans, turn them for cash. Keep a change jar, throw your change in it at the end of each day. Sell your gold that you no longer have an attachment to. Cut out one of your premium cable channels. If you rent movies often, use Redbox to rent movies instead of PPV, if one is on your way home – or one of the .com services that mails movies to your door. Sell things on eBay.com, or have a garage sale. Make money from your skills – can you sew or do alterations? Can you cook? Make desserts? Cater? Plan weddings? Decorate flowers? Return your ink cartridges to an office supply store, mine gives $3 store credit for each cartridge turned in. Look for coupons for any place you frequent. Addicted to Starbucks – just don’t go one day a week and you’ll save approximately $10 a month. Ask for your credit card company to lower your interest rate. Aim for at least $20 extra a month in small change.
7. WHAT TO DO WITH THE EXTRA CA$H??? - Weekly savings $62.50 or $190 a month.
8. Extra on your car payment?
   Loan $25,000 x 60 months at 5% interest = $471.78 / monthly – drops your length of time to 42 months.
9. Extra on your debt?
   $10,000 debt x 36 months at 13.99% = $341.73 / monthly – drops your length of time to 22 months.
10. Extra on your mortgage?
    $150,000 mortgage x 360 months at 6% = $899.33 / monthly (payment is not including insurance/taxes/other fees) = 228 months
11. Retirement?
    This assumes you have a 3 month supply of cash in savings and make sure you’re giving 6% to your 401K at work. If you are 30 years old and make a $2,280 annual contribution to a retirement fund/IRA/etc for 35 years at 6.5% can give you approximately $464,000.

Tips & Warnings

• Best of luck!!! You can do it.