by Solange Kolie
Times are hard! So its time to try and get ahead of the game.
The more money you have saved, the less stressful you are about losing a job or house or how the stock market is performing.
So the number one Recession proof idea is to have some type of emergency fund in place. Experts advice 3 to 6 months of living expenses. It is up to everyone to know exactly how much they need to have in their saving account so that whatever happens one will be ok at least until thing start to get better.
Statistics show that our saving rate is a negative; this means that not enough people are saving and more than 65% of people need their next paycheck to meet their living expenses; it is no wonder that everyone is panicking. Here are some really easy ways to start finding money to put aside.
- Tax refund: since we are in the tax season, if you get some refund save it, don’t spend it on something you always wanted to have.
- Sell some stuff that you have but don’t really need.
- Start looking at areas in which you spend a little too much money for something not that important like cable, telephone, (cancel the premium cable channels and get the basic channels if you must pay for tv), cancel call id and call waiting feature on your home phone since you have a cell phone anyway)
- Eat more at home instead of out.
- Get a part time job if you can and save all the money you make for 3 to 6 months and then you can quit.
Some people may say it is too hard to make all these adjustments, but one sure thing is that they will be forced to make these changes when they lose their jobs, or get sick; and it will be even more difficult when you don’t have any choice. That “sleep number savings” will transform your life trust me.
We all need to start taking personal action. On the other hand, if you have made the necessary adjustments do make sure that your family and friends do the same. Because when they run into financial trouble, ones that they can prevent, they will come to you for help anyway when the have problem. So make sure every one gets their own ” sleep number savings”.
There are many more ways we can use to reduce expenses in our lifestyle to get that “sleep number saving” in place; just be creative.
Do share with us what you are doing to save money.