What You Need to Know to Save Money During A Financial Hardship

Financial hardships show up when we’ve over-leveraged our available income versus expenses for the household.  

Most of us don’t realize we’ve overleveraged our income until there’s a financial hardship, at least that’s how It happened to me. Whatever state you’re in you can self-correct and get back on track again, remember it’s a journey, so learn to have fun on the way.

I’m sharing what you can do today to start making small changes to bring you back to saving more of the money you make.

Things to Cut from Your Budget

1. Memberships
2. Subscriptions
3. Personal development
4. Training
5. Travel

Things to Review or Negotiate Down with Companies

1. Housing
2. Transportation
3. Food
4. Fast food
5. Personal Hygiene
6. Clothing and Accessories
7. Electricity
8. Cell Phone

Habits to Add

1. Spend less than you make.
2. Save 2-5% of income automatically.
3. Opens a Roth IRA account.
4. Write a grocery list before going shopping. Shop sales items at the grocery and drug store.
5. Start couponing, check out my video and article.
6. Cook at home.
7. Use a crockpot.
8. Eat less meat.
9. Re-imagine your leftover foods.
10. Buy only from page 1 of the grocery store circular.
11. Have a eat out of the pantry week.
12. Eat breakfast daily.
13. Plan your shopping route around other trips, to save money on gas.
14. Buy staple items like powdered milk, chocolate mix, peanut butter, ramen noodles, bread, and beans in the pantry – check out the international aisle of your local grocery store for these items.
15. Start buying smaller sizes of household items like disposable cups, spoons, paper plates, paper towels, and toilet paper, cleaning supplies when you stop buying big items you conserve cash by increasing cash flow, you free up storage space wisely.
16. Unplug all technology and electronics when leaving for work.
17. Reduce your thermostat by 3 degrees at a time only downwards or upward to save money on electricity.
18. Give up habits like smoking, drinking, and recreational drug use.
19. Put air in your tire.
20. Call your credit card company to negotiate immediately you realize you’ll miss a payment.
21. When buying unnecessary items practice the 30-day rule or practice asking yourself if you can find a similar item at home, or ask yourself if you really need it, or if you have the space to put it in.
22. Buy a generic brand item.
23. Buy books from eBay or borrow from the library.
24. Rent out your spare rooms or your basement.
25. Dress minimally.
26. Shop in your own closet.
27. Cancel Cable TV.
28. Turn a skill/hobby into a side hustle.
29. Find creative projects for cheap and do that with your family.
30. Shop around for car repairs.
31. Say no to all the extra you’re quoted during your maintenance service.

Remember to expect a miracle for you and those you love. – Gloria