Pay attention to these tips. In times of difficulties, saving money is very important to maintain a stable economy that allows you to “float” while the situation improves.
- Organize finances. List all the family’s liquid income . Then, make a detailed list of all the basic expenses (necessary to survive), non-basic expenses (wants, lifestyle) and debts (financial institutions, family, friends). Lean on this planner that will help you organize your information.
- Identify the “PERC” expenses. In the list, indicate the expenses that you can “postpone” (example: latest model cell phone), “eliminate” (magazine subscriptions), “reduce” (food delivery, non-basic services) and “keep” (basic expenses).
- Pay your debts. Meeting your financial commitments is a source of savings, since you avoid paying interest on arrears and collection management. In addition, you do not damage your history and you can continue to access loans. But if you can’t pay, talk to your creditors to review options for help. Take into account that it is better to refinance or restructure your debts, rather than transfer the problem to the future. Use this ability to pay calculator to find out how much you could pay.
- Wholesale purchase. Join with relatives, condominium owners or neighbors of the neighborhood, to make wholesale purchases. Prices are lower and you support local producers who leave their products in the markets or warehouses.
- Produce your food. It is not necessary to have a field to sow. You can do it on a terrace or balcony. This habit became general in Spain in the economic crisis of 2008 and 2009, and generated significant savings in families, guaranteeing fresh and chemical-free vegetables, as well as quality time between members.
- Lean on technology. Search the internet for applications, networks or groups that are dedicated to buying, selling or exchanging products. You may find convenient things and become part of a mutual aid system.
- Generate additional income. Think with your family what they can do according to their profession, occupation or hobbies. It is possible that they can provide products or services and thus have an extra income. Teaching classes, preparing food, transporting, are examples of activities.
