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A Mom Navigating Life

Saving Money in the Midst of Financial Crisis

By: Donna Chaffins | Date: September 5, 2012 | Categories: Financial, Guest Posts, Money Talk, Savings

Guest Post

When you’re in the midst of a financial crisis, it’s important to save money. Saving money during hard times could mean the difference between eating your daily bread every day and going hungry. Being financially strapped is hard enough without having to sit in a dark, cold home because your utilities have been disconnected. You’d be surprised how easy it is to save money at times like this when you take a hard look at what you’re spending money on.

Log Your Spending

The first step you need to take to save money is to get your finances organized. More than likely, you’ve been spending much more money than you can imagine. Putting what you spend in writing will help you become more aware of where your money is going.

Get yourself a notebook and pen and carry it everywhere you go for at least two weeks. Every time you spend anything over a penny, record it in your notebook. Even if you buy something for 99 cents, record it. This will help you accurately understand your spending habits. In time, you’ll realize that you’re spending money on much much more than just your daily bread.

After about two weeks, take a long, hard look at your spending log. Evaluate where the bulk of your money is going and modify your spending habits. If not, when a true emergency arises, you won’t be able to afford your daily bread, and you and your family could go hungry.

Money Saving Tips

Here are some other tips for saving money during a financial crisis:

  • Disconnect your cable service. Instead, sign up for a service like Netflix, which allows you to watch an unlimited amount of movies for just $7.99 per month.
  • Cancel your monthly plan with your cell phone company. Instead, sign-up for a pre-paid unlimited cell phone plan. For under $50 per month, you can get unlimited calling, text messaging and wireless web service with companies like Boost Mobile and Metro PCS.
  • Downgrade your home phone plan to a basic, local service. Use your cell phone to make long distance calls.
  • Turn off lights you’re not using in your home. Try watching TV together more, as a family. Unplug all digital gadgets when you’re not using them, such as printers, DVD players, extra TVs and stereo systems. This will help to lower your electricity bill.
  • Clip coupons and shop or items that are on sale. Only buy what you need, not what you want. Experiment with various store brand products to also help save money.

Start a food storage just in case times get really hard. This will ensure that your family eats healthy meals during a serious financial crisis.

4 Responses to Saving Money in the Midst of Financial Crisis

  1. tami s says:

    I’ve also called cable and told them I was going to cancel if they can’t do something and gave me a new subscriber package price for 1 year.

  2. Carla Maire says:

    Some great tips! Very helpful for me and my family right now. We’re trying to save money for a down payment on a home. 🙂

  3. Sara Zielinski says:

    It is never too early to teach your children about saving money!

  4. kathy j says:

    Great tips. I have lived pay to pay as a single mom for many years and now that I finally have my house paid off I am hoping to be able to start to save more. I just started the 52week plan but I am going to also incorporate your above advice!

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