Let’s admit it, the economic climate is pretty bleak at the moment, with the European debt crisis, growing unemployment rates and prices for products not getting any cheaper – it is not just the poor that are suffering anymore. The middle class and quite a few of the rich (although they will probably not admit it) are also feeling the pinch of the global economic crisis.
The problem is that people are not saving money anymore – whether they just don’t, or literally do not have any money left after all the bills are paid. And this means that if something does happen, like:
- You Lose Your Job
- You Get Injured and Cannot Work
Then you have nothing to pay the bills that continue to hit your letterbox.
The fact is that the majority of people are only weeks or months away from bankruptcy – if they were to lose their source of income.
How Can I Save Money, When There Is No Money To Save?
If you can save money, even if it is just $10-20 a week, then start doing it now. Get a new bank account (preferably one with a higher interest rate) and make it your ‘do not touch’ savings account.
However, if you are already spending everything that comes in of necessities or even going backwards – then here are a few things that may help lessen the load and hopefully allow you to start saving some money.
- Combine Your Debt
If you have personal loans and credit cards and they are starting to get out of control, then make sure you go and chat with your bank about consolidating your debt. Combining it all into one payment (usually at a lower interest rate) can instantly free up some money that you could use to help pay down your debts.
- Find Additional Income Opportunities
Hard times can call for people involved to dig deep. If you or someone in your family can get additional work, or even start a small (low cost) business to help with the bills, it can be a great way to instantly find money for savings.
- Contests & Free Samples
If you can’t find another job then a great way to help out, albeit in a sporatic way, is to make an effort to enter contest and take advantage of free sample products. There are plenty of websites that compile a list of contests/product samples available, and it is something that you can spend 15-30min a day checking and entering – and who knows what you might end up with.
Thomas is an Australian blogger with an interest in using the internet to help people make extra money. To learn more about different opportunities, visit his website on Australian surveys for money and be sure to read about how you can get paid to test products.
- 5 Ways to Save Money Every Day (debt-consolidation-2u.com)
- Stock Carnival Ecstasy – October 18, 2011 (fastswings.blogspot.com)