How to save money during the financial crisis

By Kelsey Hoffman

There are some key points we need to keep in mind in order to save money during this financial crisis. It all comes down to self-discipline and setting goals. People have to be in control of themselves before they are in control of their money.

The first thing that needs to be done to budget your money is to write out all the necessities for life. These expenses include food, rent/mortgage, utilities, clothing, medical expenses, insurance, etc. Next, you need to write out all the other smaller expenses that you incur on a daily basis. From here there need to be short and long term goals set. These may be goals like “I want to have $100 in my bank account by the end of the month” or longer term goals including “I want to own my own house in 10 years”.

After expenses and goals are laid out, you need to figure out how much needs to be saved per period in order for you to reach those goals. It is also important here to see what small expenses can be eliminated.

After saving for a while it is a good idea to reassess your goals and make sure they are still reasonable. If they are not reasonable, then rewriting your goals and make them more sensible and in accordance with your realistic revenue and expenses.

Sources:

http://www.wikihow.com/Save-Money

http://www.ehow.com/how_4716327_save-money-during-financial-crisis.html

http://www.associatedcontent.com/article/1101686/top_five_ways_to_save_money_during.html