Track your purchases and then "brutally" cut unnecessary purchases. Watch your back at work and start networking for a new job. Those are three of the 15 tips offered by Bankrate.com in the article: 15 Money Moves for Tough Times By Dana DratchFrom that list, (featured below) Tip #1 -- cutting back on nonessentials -- speaks to me. Here are a few non-essentials that have hit my chopping block:
- Bottled drinks from stores. (This includes bottled water, sports drinks and sodas). Why spend $2-3 for 16 oz. of beverage, when I can drink free tap water (filtered!) or make 64 oz of iced herbal tea for pennies per serving? When traveling on road trips, we've even started to pack our own DIY drinks and snacks, rather than pay high prices at gas stations, vending machines and convenience stores. On Monday, however, I purchased a soft drink for my daughter for $1.49. I should have saved the money.
- Make-up: With a few exceptions, I've really cutback on cosmetics and grooming products. I've started making my own day-spa facial products. It's about health and money. I've become very suspicious about the content of some of my favorite store products, including a lipstick that may contain lead. I'm checking it out. I love the long-lasting color, but I don't want to eat lead. I'm also wary of the preservatives that are found in many personal care products. Some are linked to breast cancer and other illnesses.
- Clothing: No new clothes! The clothes budget is gone, gone, gone. For special events, I will shop if needed. But it'll take a major event and a great sale to get me to spend more money on clothes.
- Junk food: I'm purging.( Saving $1,000 by Giving up Sugar) I feel better, look better and save more when I eat less junk.
Bankrate.com also stresses the importance of tutoring our kids on the difference between wants and needs. My kids, normally great about spending and saving, have been hit with recent cases of the gimmies. I backslide also. For kids and adults, it's a constant process of education and self-awareness.
Tip #4: "Safeguard your current job" offers this suggestion: "network, network, network." It's also important to stay plugged into the latest technology and trends. Also: Watch your back on the job by staying visible and productive. Work hard and document your value.
Here's the complete list with links to different sections of the full article:
1. "Eliminate the nonessentials
2. Start a go-to fund for emergencies
3. Consider cutting back (rather than cutting out) for some expenses
4. Safeguard your current job
5. Be on the lookout for your next job
6. Keep your debt load light
7. Barring a complete personal financial meltdown, continue funding your retirement
8. Swap extraneous spending for smart long-term moves
9. Investigate refinancing
10. Re-examine your insurance
11. Adjust your withholding allowance
12. Reward yourself
13. Ask for an extension on your car loan
14. Get an extension on the mortgage
15. Talk to a mortgage counselor"
1. "Eliminate the nonessentials
2. Start a go-to fund for emergencies
3. Consider cutting back (rather than cutting out) for some expenses
4. Safeguard your current job
5. Be on the lookout for your next job
6. Keep your debt load light
7. Barring a complete personal financial meltdown, continue funding your retirement
8. Swap extraneous spending for smart long-term moves
9. Investigate refinancing
10. Re-examine your insurance
11. Adjust your withholding allowance
12. Reward yourself
13. Ask for an extension on your car loan
14. Get an extension on the mortgage
15. Talk to a mortgage counselor"
A related post: My Survival Strategy: 20 Recession-Proof Ideas
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Sharon Harvey Rosenberg is the author of The Frugal Duchess of South Beach: How to Live Well and Save Money... Anywhere!, which will be published in June of 2008 by DPL Press.
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