Spending Less 101

As the economy continues to slow here are 9 tips to survive and thrive through the recession.

When you go to the store don’t assume the lowest priced product is the “cheapest.” You have to look at a number of factors when choosing what is the best use of your money. Factors including: lifespan, quality of result, and ongoing operating costs. Many times the more expensive product will be a much better value and save you money in the long term.

2. Buy Store Brands.

Selecting store brands over name brands often results in savings of 15-50% for the same quality of product. Most grocery stores have the price broken down to price per a smaller unit to be able to quickly compare the cost across a range of sizes.

3. Adjust the Thermostat.

On a monthly basis the electric bill is one of the largest monthly family expenses. According to Nevada Power setting the thermostat to 78* in the summer and 68* in the winter will save 10-25% a month. To make a room feel cooler use fans to improve air circulation when you are there.

4. Start a Home Business.

Home business owners have many advantages over their non-business owning neighbors. The two biggest reasons are additional income and preferential tax status.

Robert Kiyosaki the author of rich dad poor dad advocates participation in network marketing. Network marketing allows an individual to open a business for very little money down and a small ongoing operating cost. The real power of networking is the ability to create leverage. That is you get paid on your retail sales and you receive an override on sales made by those you recruit into the business. The overrides while a fraction of the personal sales commission can create an ongoing residual income that can last for years.

Finding the right company can be difficult. There are a large variety of products, services and compensation plans to make the decision confusing and difficult.

I recommend a company called Financial Destination Inc. The company provides a variety of financial solutions that are in great demand and will be needed for years to come. All of the services are provided by experts. Independent representatives are only responsible for recruiting members and helping others who wish to participate in the business opportunity.

Go to www.FDIAMERICA.com to learn more.

Owning your own home business also opens up a world of tax deductions that can save you hundreds or thousands of dollars every April 15th.

5. Plan Your Errands & Route.

Before you start driving around town write down all the places you have to go and plan your route. By planning ahead you can often do all your errands in less time and drive fewer miles saving on gas.

6. Don’t Neglect Regular Scheduled Car Maintenance.

Your mechanic will tell you it is cheaper to maintain the health of your car than fix it after it breaks.

Having a clean air filter keeps your car breathing easy. Properly inflated tires are safer and more efficient. While not a major difference over the long haul it will save you money on fuel and the tires will last the expected lifetime.

If you have full synthetic oil in your car it is likely that you should be changing your oil every 4,500 – 6,000 instead of every 3,000. This saves you 1 or 2 oil changes a year that can be $40-100 a year.

7. Discount Card Programs.

There are discount cards for just about everything. Prescriptions, vision, dental, restaurants and retail shopping. These discount programs can help you save 10-50% on many of the things you already purchase on a regular basis.

8. Downgrade Your Cable or Satellite.

999 channels and nothings on. Look at what premium channels you watch on a regular basis and what channels you only have for one show. Most of the most popular shows on TV you can buy individually and through the internet. Instead of spending $20 a month for Showtime to watch 15 episodes of Weeds you can buy the entire third season from iTunes for $29. A savings of $211 a year.

9. Go on a Diet.

Portion sizes have increased dramatically in the last 50 years, so have peoples pants sizes. You can save money and your health by cutting down on the size of meals you cook and eat. If you are not big on cooking in the weekly grocery store mailers you will find Lean Cuisine or Healthy Choice meals are almost always on sale at one of the major grocery store chains.

While times are tough it is often the small things that you can change easily and still maintain your comfortable lifestyle.