Economic times are tough.
The national unemployment rate hit 6.5% in October, the highest rates since 1993. The states of California, Alaska, Kentucky, Illinois, Michigan, Mississippi, Nevada, North Carolina, South Carolina, Rhode Island, and Tennessee have seen particularly high job losses. (Source: National Bureau of Labor Statistics.)
Over the year, inflation has crept up to an average of 4.2%–the highest level since 1991–which has resulted in high prices for most consumer goods. Gas and food were hit particularly hard, and though both have seen some relief as of late, consumers’ wallets are still reeling.
In August, CNN reported that home foreclosure rates were up 183% from the same time the previous year, while home prices have fallen 9% over the year. (Sources: CNN; Realtor.org.)
And who can ignore the tumbling stock market, the bank bailout, the auto industry trouble, the slump in retail sales, and the number of retailers consolidating or even closing up shop?
The economic news is grim indeed. So, what can you do to survive these lean times?
Cut and Consolidate
Cut impulsive spending and consolidate your loans, are just two tips that Dumb Little Man offers. For more, read the article “Helpful Ways to Save Money in Hard Times.”
Avoid Credit Problems
Many people turn to credit cards when other sources of funding dry up. Unfortunately, this only exacerbates the problem. Zen Habits offers six steps to avoid credit problems in a bad economy.
Save Anywhere and Everywhere You Can
Having trouble finding places to save? Here are some places for you to start.
“100 Ways to Save Money in Tough Economic Times” includes these tips:
• Pack your lunch
• Eat vegetarian once a week
• Shop at Goodwill
• Trade services among friends and family members
• Carpool
• Buy in bulk
• Use the library
• Leave the kids at home when you grocery shop
• Clean with baking soda
• Sign up for energy assistance, if you qualify
A Little Research Goes a Long Way
Before leaving your home to run errands, let your fingers do some preliminary shopping. Check out these sites, and print out coupons for those goods you do need to buy. Plus, see where gas is the cheapest in your area.
Promotional Codes:
With over twenty categories of items to choose from, you can save money on clothing, groceries, electronics, pet supplies, auto parts, and much more, at retailers like Target, JC Penney, and Amazon.com. Some companies offer coupons, others offer free shipping or discount codes.
Coupons.com:
At Coupons.com, you can type in your zip code and find deals on food, heath care products, household goods, and more, in your area. To use, you must install the coupon printer, then simply select the “Clip Now” option and print the coupons you want.
Smart Source:
Smart Source deems itself the #1 Online Grocery Coupon Site. It works similar to Coupons. com, in that you must install their coupon printer to print coupons. You can also find online deals here, which offer a broader range of goods and services, and search via zip code.
Gas Buddy:
Did you know that gas prices can change by as much as 20% within a few blocks? Want to find the cheapest gas in your area or neighborhood? Head to Gas Buddy. At Gas Buddy, you select the type of fuel you want, your zip code, area or state, and the site will tell you where the lowest reported gas prices can be found. You can also view trends in prices and the latest industry news.
Other Articles You Might Find of Interest
“All-in-One Online Money Manager is Easy and Free”
“Free Site Analyzes Your Credit Cards to Save You Money”
“Save Money and Paper with a Digital Magazine Subscription”
Cut Your Water Use to Save Money…”
“Ten Tips to Save Money at the Grocery Store”
“Find the Best Cell Phone Plan to Save You Money”
Other Sites That Offer Advice and Savings
The Simple Dollar
Frugal Village
Debt Proof Living
The Dollar Stretcher
Win Free Stuff
Win $1000 in free fuel from Gas Buddy.com. Contest ends December 17th. Head to GasBuddy.com for more information and to enter.
