In a credit card economy, it is often difficult for people to save money. As the credit card amounts increase, there is just no money left over at the end of the month to save. When this happens, it is time to find some extreme ways to save money.
Cut Up the Credit Cards
You mean I can’t even keep one for emergencies? No, cut all of them up. Most people do not realize that it is actually that little piece of plastic that is destroying their lifestyle and that will keep them in perpetual bondage. The money you think you are saving when you purchase an item on sale with a credit card is not saved at all. In fact, you will end up paying more than if you would have paid full price with cash.
If you owe money on your cards, call your credit card company and ask them to stop all charges on your credit card. Let them know that you are going to try to get it paid off and that you do not want anyone charging anything else on it. They will be glad to do that for you.
Utilities
Figure out a plan to use less electricity. Cut back on the use of all electrical items in the house. This means doing things by hand in the kitchen instead of using appliances. You can also turn off the stereo and television for a month or two and congregate in one room in the evening in order to cut down on the lights that are used.
Start saving water. Put a strict time limit on how long each one can spend in the shower, or limit the amount of water that can be put in the bathtub for a bath. Stop using the dishwasher, and wash the dishes by hand in a small amount of water.
Turn Off the Cable
If you are really serious about saving money, have the cable TV turned off. For some people, that may be way too extreme. If it is, choose two or three of your favorite channels and cut your cable plan back to just include those. If you stop it completely, you can always borrow movies from family, friends or the local library.
Balance Your Checkbook
Be very careful with your checking account. Make sure you record each check that you write and every deposit that you make. Keep the balance up to date. Do everything possible to avoid overdraft fees. Just one overdraft fee will cost you a minimum of $35, and most of the time if you get charged for one overdraft, you will get charged for a number of them before you catch it.
Stop Subscriptions
It is time to stop all magazine subscriptions and book clubs. These are things that are considered extras and not things that are necessary. Until you can get on your feet financially, it is best to stop paying on these and save the money instead.
There are times when a person or a family will find themselves in dire straits financially. When that happens, it means that they will need to find extreme ways to save money. This is never easy, but the reward in the end is well worth the sacrifice.