Here are a few of the tips:
Cut impulsive spending– In times when money is short, it is more important than ever to stop impulsive spending immediately. Even if you just save $20/week by not having a cup of coffee around the corner every morning it can add up (the latte effect). Instead you could pay this excess money on to your mortgage to bring down the interest payments which will further save you dollars.
Look for a second income-Many job earners are in a situation when they don’t know whether they still have a job tomorrow. Think real estate, the banking sector, local small businesses. Many of these are especially endangered due to a slow economy. Most people have no excess money to spend anymore and this creates a massive chain reaction with many businesses going bust.
If you work in a high risk industry, act now and look for alternative income streams. It may mean working two jobs or doing some freelancing on the side, and regardless, it will mean more time on the job than off. Even if this means you will be uncomfortable for some time, you rather be that than broke and without a home.
Cut up your credit card-If you find it hard to deal with credit and feel that you cannot pay off your credit card bills in full every month, you are better off without credit cards. The problem with these is that we don’t think before we buy because we don’t have to hold physical money in our hands before we spend it.
(For more helpful tips click here)
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