How to Save Money During Tough Times

Tough times should bring out the best in you. That's right. When tough times come, you should come out a stronger, better person, not a miserable, sad sorry-a@*. If money's a concern these days, you're not alone. Here are ways on how to cope and still save money during tough times:

Cut the fun.
Tightening your belt (especially if you take this literally) is painful. If you were so used to ze good life when times were happy and rich, then wake up and smell your empty alkansya. To save money during the tough times associated with the recession, start whittling away at your unnecessary expense. That includes money spent on gimmicks, movies, extra makeup, new clothes, accessories, glossy magazine subscriptions and gadgets.

Make do with what you have. Your friends will probably still love you even if you refuse to go to your bi-weekly drinks at the Fort or your favorite karaoke joint. If you're one of those people who absolutely must have the newest Nokia cell phone, denying yourself might give you a glimpse of how purgartory must look like. But tough times are not meant to be easy on you and they will test your will and resolve. If you give in, well... it's your loss.

Save your lunch money.
If you can cook, make your own baon. If you prefer to buy stuff from the canteen, know that the food you're eating has at least a 15% to 20% markup. If you paid 45 bucks for that chicken adobo, you'd probably have saved from P6.75 to P9.00 per day. That's about P45 a week and nearly 200 bucks a month. That may not seem like a lot but save just that amount in one year and you'll be able to afford a plane ticket to Boracay by next summer.

Take advantage of mall or market sale.
Read the newspaper or keep your ears glued to the grapevine. Someone at work is bound to announce an ongoing sale in some mall. Check out the papers for items you can use. SM, for example, regularly places ads in newspapers to promote sales and special discounts. There are also several other store chains that slash down prices periodically to attract more customers.

Get a Makro membership or shop with someone who does. What better way to stock on your basic groceries than with a ready discount card?

Be flexible about brand.
Yes, some cheaper brands can't quite come close to the feel, look and taste of the more expensive items but why spend more if you can spend less? Go ahead and try cheaper but known brands. You'll save a good chunk of cash in the process.

Don't buy new clothes, at least not for now.
During tough times, it would be very unwise indeed to spend too much on clothes. Great if employees are issued free uniforms but bummer if your corporate wear is sourced from your very own pockets.

If you want to save money during a recession, try to cut your spending on clothes, shoes and accessories shopping. Make do with what you currently have or learn to mix and match. If you must absolutely make a purchase, make sure these are clothes that have a longer usable life. Avoid fads and spend on classic, easy-to-match clothes that you can wear again and again.

As for shoes, alternate three or four pairs (minimum: two pairs) over a workweek. This helps update your wardrobe and prolong the life of the shoes as well.

Avoid all unnecessary expenses.
When tempted by a new purchase, always ask yourself: do I need this? What use do I have of this? Will I still need this a day, a week, a month, a year from now? What can I get out of this purchase? If I don't buy this, will I seriously suffer from it?

Try to curb emotional spending.
If emotions get the better of you, it's going to be a struggle. But try to think of a higher goal, a better sense of self and a more advantageous ending to your current sacrifice. Emotions come and go and so does money. The only difference is that you can always re-experience emotions. Money doesn't always find its way back.