How to Cope and Save Money During These Tough Economic Times

Topics: Single person, Anger, Debut albums Pages: 3 (802 words) Published: January 27, 2011
Informative Essay

How to Cope And Save Money During these Tough Economic Times

No matter where a person is in their life; heading to college, starting a business or getting ready to retire it is important to know how to save money and cope with stress during these tough economic times. This essay will inform people how to save money, how to make better money decisions and how to be happy and stress free.

There is not a single person that has not been affected by the financial meltdown. Many families are working hard to save money and reduce debt. Saving money can reap big rewards over time. Be realistic, so many of are living in the illusion of total scarcity. Most feel intimidated when it comes to money, but the truth is they were never given a proper education about it.

Get organized and get a feel of all spending habits. Find out where the money is really going. Everyone knows where they “leaking” money. For some it is on clothes, for others it is food and others it is on personal beauty treatments. Use cash when shopping, that way you are automatically unable to succumb to impulse buys. Having support of friends and family can encourage a person to save more money and do it more quickly.

With unemployment at 9.4 percent rate it is good for everyone to buckle down and make better money decisions. It is good to live within your means, whether you are struggling financially or looking for a way to maximize your income.

The world is full of things to spend money on, but cash is limited. We need to differentiate between needs and wants. Track your spending. Get a better sense of where your money is going. Revise your budget. For two weeks, write down every cent that you spend especially on impulse buys. It all adds up quickly. The goal is to tighten up and the payoff is to know where your money has been going and more importantly, how you will spend it in the future. “You can never get enough of what you really don’t need. That is why people...
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