Money Saving Tips to Survive the Financial Crisis

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS

Money Saving JarThe following is a guest post from guest contributor Martha Beck on saving to survive a financial crisis and the benefits of saving money. If you would like to contribute an article to The Wise Dollar, please email me via the contact form.

It is no hidden fact that money makes the world go round. If you are financially strong, you have everything in your favor. You should keep in mind that saving is equally important as earning. People have been saving money since the inception of currency. Although saving is not an easy task, it should be practiced by all in order to have a secure future. If you have to face any kind of problem in work and your company is in a downsizing spree, having a financial backup will come to your rescue. There are many such unforeseen situations where you face worst financial crisis and saving some money definitely comes handy. Let’s discuss a few prime reasons why you should save money:

  • Save money for rainy days: There are many instances where you find yourself trapped in a financial crisis situation. These are sudden emergency situations which need to be overcome by having a financial backup. The money that you have been saving regularly helps you avoid taking any personal loans which could have led you to pay much extra than what you had borrowed. So save money to ease off your tension and sail through smoothly through tough times.
  • Save money to avoid stress: Stress is one of the biggest factor which leads to many ailments. If you have to face any crisis situation, it will lead to a lot of stress. Therefore it is advisable to save money and live a happier life. Peace of mind comes from a strong financial strength.
  • Save money for a comfortable life: People who save money have the benefit of spending it to lead a luxurious lifestyle. If you have saved money, you could buy anything that you desired to, be it a car, a house or any other thing. Having money power gives you the capability to do what you want to do. You can keep upgrading yourself with changing trends by saving and spending wisely. So it is a cycle where you get to spend only if you have been saving in the past.

If you make up your mind that you need to save, it is not as difficult as it sounds. Saving becomes just another ritual that you follow on a regular basis. If you really want to save regularly, you should follow an easy trick to start doing so. If you set a goal for yourself and set a reward as well for each goal achieved your saving routine becomes easier and something that you look forward to. Suppose you want to buy a car, you should set a goal for yourself that you will save as much money as is required to purchase a car. This setting of a goal will motivate you to save as much as possible so that you get rewarded with the car as soon as you achieve your goal.  So keep saving and reap its benefits in future.

-       Contributed by Martha Beck

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS

8 comments

  1. Very true! Saving correctly does take a huge emotional weight off. How would you recommend people recoup costs/losses during a recession?

    • I’m assuming you mean the money they may have spent during tight times, depleting their savings? Once back on my feet I would get a budget together and make sure there’s enough set aside in the budget to build up the funds again. There’s not really any other way to do that unless you pick up some side gigs to increase your cash floe.

  2. Saving and not spending above your means is the key to a successful financial future. Like you said, nothing beats cash in hand in a crisis. And it definitely lowers the stress level to know you have an emergency fund to fall back on in case of a rainy day.
    Potato Head recently posted…5 Tips to Save Money and Cut Your BudgetMy Profile

  3. Save more, save hard has always been my motto in life. Saving is an important aspect in ensuring that when you need the money, you have it.
    Janice @ Whiz Silver recently posted…7 Great Habits That Lead You Towards A Blissfully Debt-Free LifeMy Profile

    • I only wish I had started seriously saving earlier on in life. My personal lifestyle would be a lot different than what it is today!

  4. We definitely believe in saving money for a rainy day.

  5. You are right, the best time to save is before there is a financial crisis. Your also spot on about credit card debt, everyone should have a goal of $0 in credit card debt.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CommentLuv badge

Pinterest
Email
Print