10 Ways to Save Money in a Slow Economy

November 2nd, 2009 | by Jeff Trikoleti |

As the economy slows down, everybody is looking for some extra ways to save a few bucks here and there.  Sometimes it seems like you are always trying to save but just need some extra ideas to help you keep that last buck in your pocket.  Here are 10 ways you can save money in a slowing economy:

  1. Share a room - For most Americans, their number one expense (after taxes) is their housing cost.  If you are single and living in a two bedroom place, consider renting one of the rooms out or getting a roommate to help you split the costs.  Not only do you save on rent or get a subsidized mortgage, you also split utilities.

  2. Share a car - If you and your wife or girlfriend or roommates can swing it, try getting rid of one of your cars.  You will save money on insurance, registration, and maintenance.  Plus, selling a car will put cash in your pocket.

  3. Quit smoking - Although there are a million other reasons to quit smoking, maybe the cost will push you over the edge.  Quit smoking because it costs too much, not because you aren’t cool enough to smoke.

  4. Don’t get tempted by all the sales - I have seen some pretty incredible discounts offered for some of the stores that are going under.  If you buy a new pair of shoes for $20 that was originally $80, how much are you saving?  You aren’t saving anything, you are spending!

  5. Don’t get tempted by the financing offers - No payments for 2 years on this new HDTV!  How do you know if the economy will be back on track in two years?  You don’t, so avoid.

  6. Turn your computer and TV off - Turn your computer off especially when you aren’t using it.  There is no reason to leave the darn thing on all the time.

  7. Cancel your cable and internet - Let’s face it, you don’t need the TV or internet.  Why not go outside and enjoy the fresh air?  Cancel your cable and internet to save on the monthly subscription cost.  If you need to watch something on TV, go to a friends, go to a sports bar, go to the gym, or skip watching it.  See if you can get free wifi somewhere outside your house, or just use the internet at work.

  8. Quit the gym - I don’t mean stop working out, but exercising shouldn’t cost you anything.  Go jogging for cardio.  Get some elastic bands for resistance training.

  9. Compare alternatives - You might have a commute where you could drive, walk, ride your bike, take bus or train, and you don’t know which is cheapest.  Keep track of your gas bill or train fare, parking fees, and everything in a spreadsheet.  Eventually you will be able to see which form of commuting is the cheapest.  Put some variables and functions in your spreadsheet so you can see what happens if (when) gas prices go back up.

  10. Keep track - Monitor your expenses closely so you can patch up any leaks.

Keep your expenses low and maximize your savings account, and you should be able to whether the storm.

Tom Noonan
http://www.articlesbase.com/personal-finance-articles/10-ways-to-save-money-in-a-slow-economy-747781.html

  1. 14 Responses to “10 Ways to Save Money in a Slow Economy”

  3. By I miss Arrested Development on Nov 2, 2009 | Reply

    Does the economy depend on people being?
    irresponsible with their money and spending like crazy on things they don’t need? How does that work? It seems like a lose-lose situation

    If you save money and be responsible,the economy is slow.If you spend money like crazy,the economy gets better,but you go into debt.It seems a vicious circle. So my question is are we pretty much screwed either way? Is there a way to be responsible and stimulate the economy? If people don’t change their habits,it seems like it’s going to keep happening over and over again

  4. By Brains... on Nov 3, 2009 | Reply

    Legalizing drugs might have a positive effect but a deep cost
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  5. By Cyprian on Nov 3, 2009 | Reply

    it’s all based on the rich. that’s why voting democrat or republican doesn’t matter anymore, it’s all about who controls the money.
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  6. By good guy on Nov 3, 2009 | Reply

    thats not the way it works dora but if you think it is then oh well, no use trying to explain it to you.
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  7. By Marvin the Martian on Nov 3, 2009 | Reply

    You raise a good point, one that seems to be missed by economists with Nobel prizes.

    What you refer to is the paradox of thrift. It is the idea that if people save instead of buying then the people who would make or sell that stuff are now out of a job which hurts the economy. It’s bullshit. The people who thought up and/or advance this notion are either being deliberately misleading or just plain stupid. Either way they should be spayed along with the cat.

    Wealth isn’t produced by spending, it’s produced through work, and the right kind of work. To do that right kind of work means using tools that could not be acquired unless people saved and invested their wealth.

    The paradox of thrift assumes that savings go into a black hole, which as evidenced by the real estate bust, sometimes is true. But when that money is invested wisely it is used to create new wealth. The production of that wealth will require labor, so the people that didn’t make money selling you some useless trinket now make it building a factory or a hospital.

    That there is a danger that people won’t spend is ridiculous. We all need food, shelter, clothes, etc. People buy, it’s when we have no wealth to feed our appetite that spending contracts.

    Savings, investment, and work does create wealth. Consuming exhausts that wealth. As long as we make more than we take we get richer. As we are finding out now, doing the opposite doesn’t last for long.
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  8. By David S on Nov 3, 2009 | Reply

    Why does the economy depend on the government being irresponsible with other people’s money and spending like crazy on things that no one needs or wants? How does that work?
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  9. By Acid09 on Nov 3, 2009 | Reply

    The financial mess we are seeing now (and world wide) is not simply a product of poor spending from your average consumer. Its poor decision making on the part of CEO’s who spend 50k for a charter plane to Hawaii and spend another 100k while there. Poor investment choices, poor management and an increase in the cost of living as well as a loss of confidence in the green back and declines in wall street are to blame.

    But its not just us. Its the rest of the world too. And before you do thinking we’re on the brink of another great depression (with bread lines and 25% or high unemployment) try to keep in mind that you can still go to Wal-Mart and buy a nintendo wii, some avocados and chips for dip. Try going to say Brazil. You can’t expect to be able to buy the same luxuries there and if you do, its a lot more expensive.

    We are in a pickle, one that has the potential to get far worse. But I think buy creating new jobs and investing in alternative sources of energy, we can help to stabilize the situation. In the mean time try not not to believe all the hype and scare mongering on the part of mass media.
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  10. By ObamaBot THX-1138 on Nov 3, 2009 | Reply

    I think your confusing what you should do and what society should do.

    You should do what is best for you - - spend/save according to your personal needs.

    But you should also advocate the goverment correct for the differences between aggregate savings and aggregate investment though monetary or fiscal policy.

    The only way around this is for you to take your savings and invest yourself into something that creates real goods in the current period.
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  11. By .White & Nerdy(#1 Steelers fan!) on Nov 3, 2009 | Reply

    I agree with you. Why would you buy a $500,000 house when you make only $50,000 a year. Yeah bad habits and weak regulation from the government have gotten us into this. Most recessions heal themselves without Government aid, I think the Stimulus is Obama’s way of making things better before his next election.
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  12. By foxi on Nov 3, 2009 | Reply

    I would be of the opinion that we should spend responsibly & save a certain amount of our money at the same time. What will bring the economy back into line will be people’s need for cars & a rebuilding of the auto manufacturers business.Just think of the many, many industries that are shut down due to the fact that cars are not selling.
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  13. By elwood blues on Nov 3, 2009 | Reply

    The only way the US and other countries like the UK are going to get out of this mess is with a ‘New Deal’ style programme like that of Franklin D. Roosevelt in the 1930s - massive state investment in public works like power plants and mass transport.

    Not armaments though - the last time time it happened the result was World War 2.
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  14. By Inquisitor V on Nov 3, 2009 | Reply

    Spending isn’t bad in any way. It’s only when you spend what you don’t have, or in other words, go into debt. When a CEO spends thousands of dollars to renovate his office people think that’s bad, but it’s not because the economy is still getting stimulated by money going directly to the employees and business that did the renovation, such as painters, carpenters…etc. Same with a private jet, people think it’s bad but people don’t realize the maintenance and upkeep on a jet that generates money and jobs for the company that makes and does upkeep on the jets. Politicians want you to believe that any way of spending money other than government spending is bad, but it’s completely opposite.
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  15. By Jeff9 on Nov 4, 2009 | Reply

    This covers all the bases = saves you money, helps the environment, helps your health, makes you feel better, it’s so easy to do and it costs less than $50.00; Save money and the Earth and be clean at the same time! Add Bathroom Bidet Sprayers to all your bathrooms. I think Dr. Oz on Oprah said it best: “if you had pee or poop on your hand, you wouldn’t wipe it off with paper, would you? You’d wash it off” Available at http://www.bathroomsprayers.com with these you won’t even need toilet paper any more, just a towel to dry off! Don’t worry, you can still leave some out for guests and can even make it the soft stuff without feeling guilty. It’s cheap and can be installed without a plumber; and runs off the same water line to your toilet. You’ll probably pay for it in a few months of toilet paper savings. As for water use a drought is always a concern and must be dealt with prudently but remember the water use of industrial users far exceeds the water use of household users and in the case of toilet paper manufacture it is huge. The pollution and significant power use from that manufacturing process also contributes to global warming so switching to a hand bidet sprayer and lowering your toilet paper use is very green in multiple ways.

  16. By Mens Health on Nov 4, 2009 | Reply

    Thank you to giving this information. It is very useful information. Economy is most important in market. I have a bunch of projects that I am having a hard time getting done. So that would be great for me! Love your blog!

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