Below are some ideas that were discussed by a group of Cooperative Extension professionals during a January 2009 eXtension online chat about managing money in tough times:
* Save $1 a day, plus pocket change. This should add up to about $50 a month in savings. Another person saves every $5 bill that she gets back in change.
* Refinance your mortgage if current interest rates are lower than your existing rate and you plan to stay in the home long enough to recover the upfront closing costs.
* Find creative ways to spend family time together for little or no money (e.g., simply going outside and playing games).
* Switch to basic cable television service instead of expanded cable (premium channels).
* Look for "extreme clearance" racks at stores with price markdowns on merchandise from 70% to 90% off.
* Take lunch to work or school instead of buying it. This could save $30 a week or $120 per month. If possible, put this money in a savings account instead of just spending it elsewhere.
* Shop at local thrift shops for bargains.
* Challenge yourself to see how many days within a week you can go without buying anything.
* Don't pay more than 50 cents for greeting cards. Buy them inexpensively at discount stores and dollar stores or make your own with simple supplies and/or a home computer. Gift wrap and gift bags may also be purchased inexpensively, especially if they are out of season.
* Eat out less and, when you do eat out, go to restaurants with special price options (e.g., senior discounts) and discount coupons. Portion sizes are often large enough that two people can share a meal.
For additional information on ways to find money to save or invest, see Unit 3 of the eXtension "Investing for Your Future" home study course at www.extension.org/pages/Investing_for_Your_Future.
Another source of information is "66 Ways to Save Money." See
www.pueblo.gsa.gov/cic_text/money/66ways/.
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