Thursday, August 21, 2008

Tips for cutting back expenses in Baltimore

Here are some tips for cutting back expenses in today’s soft economy and you will see the extra dollars add up in your pocket.

Tip #1: A penny earned is a penny saved.
When you have few options on how to save cash, sometimes the only thing you can do is make some more money. Take out a second job, or research ways that you can make some more money from home (hint: writing articles like this pays pretty good). You've got talents, why not promote yourself on Craigslist or find freelance work on the internet. If you can do third grade math, you can be a tutor! If you can use some of your spare time to your advantage, why not? Generating more income, plus using all of these tips, is the surest way to make your cash go the distance. For more information about easy ways to make some extra cash, check out the sites listed below.

Tip #2: Bag Lunch
It can be fun to go out to lunch with your friends every day, but the fact is, even if you're eating McDonalds and Taco Bell, you're spending roughly $5 a day on your food. That's $50 every paycheck that goes directly into your stomach.
By taking a quick trip to the grocery store and spending a little time in the kitchen every Sunday afternoon, you can whip up a full weeks worth of chili or soup for maybe $10. Even if you have no cooking skills whatsoever, there's box mixes and Mac and cheese that can keep plenty of your hard earned money back where it belongs: in the bank!

Tip #3: Your Local Library
Libraries have been under the gun recently since few kids seem to care about reading these days. So what have libraries done to combat this? Expanded! Now your local library will carry popular DVDs and VHS tapes, CDs, and mine even has Playstation Video games, in addition to the books. Make the library your first stop for an evening's entertainment, and you have yourself a winner! (Another tip: many college textbooks are also available in the reference section, so you may not even need to buy those).

Tip #4: I'll have water
Soda can cost you as much as $2 these days. Water is free. Need I say more?

Tip #5: Save it all up
Instead of taking daily trips to the grocery store or Laundromat, save up all of your shopping and dirty clothes and do them once a week instead. You can always buy in bulk and save money. Small, one-load washing machines in my apartment building cost $1.25, but if I fill up a three-load washer, it's only $2.75.

Tip #6: eBay!
When you have few options on how to save cash, sometimes the only thing you can do is make some more money. Take out a second job, or research ways that you can make some more money from home (hint: writing articles like this pays pretty good). You've got talents, why not promote yourself on Craigslist or find freelance work on the internet. If you can do third grade math, you can be a tutor! If you can use some of your spare time to your advantage, why not? Generating more income, plus using all of these tips, is the surest way to make your cash go the distance. For more information about easy ways to make some extra cash, check out the sites listed below.

Tip #7: Walking
When you constantly drive everywhere, you're spending a lot of money on gas. College students know, you don't drive to class, you walk. You also walk to the restaurant, the post office, and basically, anywhere you need to be that is within a half mile radius of your home. It's cheap, it's healthy, and it can save you some serious money.

Tip #8: Cut down on expenses
Do you really need 1000 channels of Cable TV? Could you commission a friend to dye your hair instead of a salon? How about those fresh flowers that you bring to your girlfriend every other week? There are expenses in everyone's life that can be cut down or taken out completely, and identifying and eliminating them can save you a bunch of money.


Tip #9: Start Slow.
Figure out what 3% of your gross paycheck would be, and set that money aside every time you get paid. If you have the discipline to keep it in your checking account, go right ahead and do that, but for most people, the only way to be sure that you don't spend it is to make a withdrawl, and hide the cash in an envelope. Eventually, once you get a substantial amount, you can create your own savings account, which will considerably lessen the temptation to spend.

Once you get used to living by spending only 97% of what you make, it's time to take the next step, save 10% and spend 90%. Keep on going until you can't afford to save any more. Within two or three months, you should have a nice little stash.

If you are looking for a job or a career change check out www.employment guide.com or www.healthcareerweb.com for healthcare.

Information provided by: Nine tips to cut expenses.

2 comments:

Greg Rollett said...

Great stuff. Everyone is looking to pinch a little these days. Opting for water during lunch can save almost $10/wk. That adds up fast and can fill up an extra tank of gas a month.

Some changes are harder than others, but you need to start somewhere.

promote me said...

About a month ago I tried to do some saving and failed. I saved up $20 every week for about four weeks, and then an unexpected bill came in and by then I'd spent too much.
I'll try it again soon though. I liked your suggestion of 3%, but I earn so little anyway that it'd feel like a complete joke and I'd feel like a lose for even doing it, so I'm not sure if I'll have the courage to do it. I really want to though.
I want to be good with money, I want to save.
I walk everywhere and rarely buy juice. I don't have a tv. Although I do spend an awful lot of money on booze.
Hmmm.. any advice for alcoholics :D