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Thursday, October 27, 2011

Save Your Bucks to Survive the Recession and Get Ready For the Next

 |Guest Post by Rick Murphy|

Recent US financial reports reveal that the US is going to backslide into yet another recession in 2012-2013. If such is the situation, then do you have enough funds to fall back on? Did you save money as told by the financial experts? You must have thought that the worst is yet to come and this way you must have delayed your decision of saving enough bucks. Though there are debt relief options online like the non-profit debt consolidation companies, the credit counselling agencies who can solve all your financial worries and help you lead a debt free life, yet you must take certain actions on your own so that you don’t have to take the help of professional companies. Here are some money-saving tips that you can follow.

1. Go green and save money: This is the era when all banks and financial institutions are going green in order to save energy and money and also save the environment. You can go green by using energy-sustainable goods so that you can easily save your dollars on the electricity bills.

2. Reduce your unpaid credit card bills: The more you pay back your unpaid credit card debt; you will be able to build wealth. If you’re a debtor, this will hurt your credit score but if you take solid steps to repay them, it is easy for you to start building wealth for the long run. As there is yet another recession in future, you must build a strong cushion so that you can fall back on it during a financial crunch.

3. Eat out less: If you have the habit of splurging by eating your dinners out, change this habit. This is a bad habit that takes away a lot of your hard-earned dollars as the price of eating out is huge. Instead, cook at home after buying the ingredients. This way you can save money and use it in paying off your debt obligations. You should not splurge when you’re already going through a credit crunch.

4. Scale down your mobile costs: It may happen that the economy stinks for you but it really stinks for all those cell-phone providers that can be simply scaled back. Though they may try hard to offer you the best plans that can help them earn money but truly they don’t want to lose you as customers. Talk less over the phone so that you can scale down your mobile bills and utilize the money in some other productive way.

Therefore, when you’re going through a credit crunch and you have a huge amount of debts to repay; it is high time that you build a savings plan. Follow the tips mentioned above so that you can materialize your dream of saving money and use it in repaying your debts through a non-profit debt consolidation company.

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