For the past 12-24 months, our nation has been experiencing a difficult economy and a recession where many people have lost jobs or have also lost a significant amount of their savings in the stock market. Whether you earn minimum wage at your job or bring in six figures, this recession has affected you. Along with losing their jobs, Americans are losing their homes and other possessions too and having to contact a bankruptcy attorney or a bankruptcy lawyer much more frequently than ever before. In order to avoid having to file bankruptcy or lose your home to foreclosure, this article will offer some helpful suggestions.
Some businesses have been more affected than others. People that are in commercial or residential real estate have had a big dip in their commissions as the real estate market is the worst it has been in several decades. To counteract the loss of income that so many Americans have been experiencing, cutting corners in every possible way will really help you to save a good amount of money. The first thing you should do is figure out how much income you have lost so you know exactly how much you need to find in other, creative ways.
The best way to cut costs is to write down all of the things that you have purchased regularly over the past several months. People are typically surprised to see how much money they spend on things that they really do not need. One of the biggest ways people use up money is by eating out or ordering fast food or take-out. A few dollars here and there every day adds up to a lot more than you think, so make the decision to not eat out at all for awhile and only cook or pack your own meals that you make. This will require a bit more planning on your part but by sitting down and planning out your meals for the whole week will save a lot of money over time. Don’t forget to purchase food on sale and to use coupons too.
The next thing to look for is things that you have enjoyed having but really do not need. You may be able to cancel a gym membership and run or walk outside and rent exercise DVD’s from the library instead. Another thing would be to reduce the expense of beauty treatments like haircuts, nails and facials. Go to a beauty school to get a discount haircut and do your own nails at home instead to look great but save a good amount of money. These are all small things that can really add up.
To cut your expenses in a more significant way, you may need to find an additional job to make up for the loss of your old wages. Another way to make a bit more money would be to sell a large ticket item such as your car or other big ticket items. This would be the time to liquidate some of those assets.