(07/15/2010) CALABASAS, CALIFORNIA – With the nation’s high unemployment rate, many may be coping with keeping up their standards of living while on a lowered income. Here are a few tips to help cut costs and get the most for your money.
Shop sales and look for discounts
This is probably the most obvious tip, but discounts and sales have evolved since basic coupon clipping days. In addition to coupons and sales racks, those looking to cut costs (but not style) should look to the Internet. Sites such as Groupon, LivingSocial, and Restaurant.com offer food, classes, and adventures typically at a steep discount. For instance, on Restaurant.com, you can purchase a $25 gift certificate for just $10.
Pay down debt as efficiently as possible
If you find yourself in a situation in which you cannot possibly pay every bill, there are a few things to keep in mind. First, try to make at least the minimum payment on your bill in order to protect your credit score, which is important when trying to get the best rates on mortgages, home equity, and credit cards. Furthermore, when choosing where to apply any extra payments, pay down the higher interest debt first. Doing so should lessen the pace at which your balance accumulates interest.
Cut costs by finding alternative solutions
Figure out what are your bare necessities and find alternative solutions for everything else. For instance, try running or yoga outdoors instead of paying for your monthly gym membership. Also, instead of eating out at restaurants frequently, try to stay in and cook meals at home. Not only will this save money, but it can also make for healthier meals as well.
Be it a temporary fix until you find employment or a permanent change to your budget, these small charges can add up over time and save you money.
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