Financial Planning

It is no secret that the economy is down and that people all over the world are out of work and hurting for money. If you have somehow managed to get through this, you probably realize how important it is to save money. The odd thing is that even people who are on the tightest of budgets can actually save a few bucks here and there. It is more about knowing where to look than anything else.

Being out of work or facing rough financial times is a great way to learn how to save money. However, when things turn around, many people will go right back to what they were doing before and can possibly end up in the same situation again sometime later. Anyone who has faced financial troubles should have the sense of urgency to try to prevent that from ever happening again.

The good news is that even when things are at their worst, there is still a way to save a few bucks. This money can be used as a financial cushion or even for a much-needed vacation. After all, everyone who works hard needs a break eventually. By finding a few pennies here and there, the vacation can still be had without putting yourself into further debt.

Look at your everyday life and figure out where the budget can be trimmed. When you do find it, take the money that is saved and put it right into an account. Instead of going to Dunkin’ Donuts for your morning coffee, brew it at home and take it with you. Instead of buying a name brand shampoo, buy Suave and save the cash. How about carpooling with a friend instead of paying for gas and tolls every day.

All of these little situations add up and can save an enormous amount of money. Don’t believe it? Just look at the coffee scenario. A tin of coffee costs about $6 or $7 when it is on sale and brews at least ten pots of coffee. 12 cups to a pot, that is about 120 cups, and we are being very generous towards the low end. That comes out to about a nickel a cup for home brewed. If you buy a cup of coffee every day on the way to work and pay $2 for it, that is $10 a week and $520 dollars a year for the same coffee that you could have paid $15 for if you home brewed all the time. You just found $500, so what are you going to do with it?