Here's a neat list of "budget tweeks" you can utilize in a recession, courtesy of our financial partner Jeremy Walter of Bare Financial Inc.
1. Dine out less and cook out more with the neighbors to cut entertainment costs
2. Become coupon savvy for cosmetics and groceries
3. Do not decrease your giving and donations to charities or churches
4. Switch to a cash only system for your entertainment and grocery budget items
5. Beef up your cash reserve by selling items you haven’t used in over a year
6. Line up errands in succession when going out to cutdown on gasoline costs
7. Inquire to see if you can put cable TV or your gym membership on suspension for several months
8. Reduce your income tax withholdings on your paycheck, but only if you’re receiving a large refund
9. Try out generic brands of food, cleaning products, and cosmetics
10. Sign up for a free library card and utilize the many free services of local libraries in place of television
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For Lancaster PA homes for sale click here. Jeff Geoghan is a top real estate expert in Lancaster County, PA, and an involved community member. Jeff's work has been featured in the Lancaster Newspapers, WGAL Channel 8, PA Business Journal and Wall Street Journal. Jeff's blog on Lancaster County and its homes is nationally-featured. Contact Jeff for more help with your Lancaster PA Real Estate needs. Jeff is also a photographer - view some of his lancaster pa photography portfolio. Comments are welcome!
Hi Jeff, That is a great list and was a fun read. Another good way to save is limit purchases to tie the purchase to an achievement. I wanted a special new camera lens and ordinarily I would just go get it. But I decided I also need to stop buying so much. So I made a deal with myself. If I got a new Buyer and closed the deal, I would then buy the lens. I got a new Buyer and worked really really hard and it closes next week. So at confirmation of close, I am buying the new high power lens. It was sort of fun and now I am setting new goals and tying more purchases to achievement and not justs arbitrary spending.
I personally liked tweak #3. Its important to always make giving a priority in any economy. Nice post @jeremywalter
Many folks this year are taking "staycations" - staying at home over vacation and doing inexpensive fun things like picnics and local parks.