7 Smart Strategies For Saving Money During The GFC

Getting Organized: 7 Smart Strategies To Save Money During The GFCGetting organized improves your ability to achieve most goals by helping you to be more strategic and resourceful. And that’s certainly the case when it comes to saving money.

Here are 7 ways you can save money by being a little more organized.


7 Smart Strategies For Saving Money During The GFC

1. Work your closet

Ideas to try:

  • Look for fresh ways to combine items already in your closet.
  • Instead of buying new clothes, look for a belt, bag, jacket or shoes to bring a new-season look to your existing ensembles.
  • Check for forgotten items you can bring back into your outfit rotation.
  • Share clothes with friends.

2. Abandon shopping as a pastime

Ideas to try:

  • For solo activities consider reading, walking with your iPod, watching a DVD.
  • If shopping was a hobby, try a new one – like aircraft modeling, knitting, bonsai or puzzles.
  • If shopping was a form of self-expression, consider journaling, music, calligraphy, water-colors, or novel-writing.
  • With friends, meet at someone’s house for coffee, go for a walk, play games, head to the beach, a museum or a gallery.

3. Take your social life down a notch

Ideas to try:

  • Steer clear of expensive nightclubs and restaurants.
  • Be creative and have fun nights in with friends.
  • Opt for BBQs, games nights, DVD nights, simple dinner parties.
  • Choose cafes for dates.

4. Cancel subscriptions to magazines and newspapers

Ideas to try:

  • Keep only the subscriptions you really enjoy and value.
  • Read papers online, in the lunchroom or at the gym.
  • Catch up on magazines at the hairdressers.
  • Share and circulate magazines with friends.

5. Shop to a list

Ideas to try:

  • Have a list on the fridge or somewhere handy, and update it as you notice things you need to buy.
  • When you go shopping, buy only what’s on the list. 😉
  • Do be open to good discounts on items you use regularly and can stock up on.
  • Stick to the stores you need to visit for the stuff on your list (See 4: Abandon shopping as a pastime).

6. Join your local library

Ideas to try:

  • Check out the non-fiction section and learn something new, or teach yourself a skill.
  • Peruse fiction titles for very cost-effective entertainment.
  • Look for DVDs to borrow – saves you having to buy or hire them.
  • Don’t cancel out your savings by returning items late and accumulating overdue fees.

7. Look for better deals

Ideas to try:

  • This could be a great time to downgrade your cell phone plan and use your cell more carefully.
  • Look for cost-effective internet, cable and data deals.
  • Keep an eye out for refinancing options on your mortgage or personal loans.
  • Consider switching to cheaper brands on some household items – like pantry basics.

More Money-Saving Resources

There are some great sites around that cover money and saving. Here are recent picks from a few of my faves:

Shopping for fun in a social environment is costly even if you don’t buy anything, because you’re surrounded by temptation and the mental imprintings of stuff that you want but don’t really need. It’s an excuse to talk to your friends about stuff you want and potentially talk yourself into purchases, either now or later. Just stay away.

Got some tips of your own? Please share them in the comments.

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Image: http://www.flickr.com/photos/rosscrawford1/ / CC BY 2.0

8 thoughts on “7 Smart Strategies For Saving Money During The GFC

  1. Pingback: The Big Money Saving Article | Parenting blog, Caring for Kids | Keith Wilcox

  2. saving money on household expenses says:

    According to me saving money is very important factor, so we have to see all small things from which we can save single penny. This recession applies to household expenses. Check out some ways for saving like always look for sale, don’t use bottled water, always buy from same shop. Evey person should inculcate the habit of savings for brighter and secured future. For more details on saving money refer http://www.prime-targeting.com/tips-on-saving-money-on-household-expenses/

  3. Michele Connolly says:

    Hi Lois,

    It’s a fine line between smart saving and overstocking, isn’t it?

    Just remember that the extra stuff costs you, too – in space, time (looking for things) and peace of mind.

    And eventually that can cost you in dollars as well – in buying more of what you can’t find, alcohol and therapy!

    Thanks heaps for sharing. 🙂

  4. Bargain babe says:

    Hey, don’t forget about me! BargainBabe.com is a great source of everyday finance advice that seems to appeal especially to women. We save a small percentage of our income and spend the rest on everyday expenses like groceries, gasoline, clothes, etc. Read BargainBabe.com to make sure you are making savvy decisions when it comes to most of your money!

  5. Lois K. Geller says:

    Your “cancel subscriptions” was a breakthrough one for me. I subscribe to many magazines (write columns for a few), and keep hard copies of the magazines with my articles. What a dusty mess was sitting in the corner of my office. Why was I keeping them? They even smelled old and moldy…so I heaved them away…making room for all my new articles coming up. Stopped my complimentary subscriptions too, as they were giving me guilt that I hadn’t read all of them.
    Shop to a list is a hard one for me. And the worst place for me to do that is Costco. I have giant size vitamins (that will expire before I can take them), enough contact lens fluid for my entire buiding, and a humongous box of greeting cards filled with cards I won’t ever use (like about 20 for children).
    I’ve decided not go to Costco, and buy smaller at other stores.
    Thank you so much for all your help Michelle!

  6. Kathryn Brooke says:

    When we looked over our budget, we found the quickest ways to save some money were:
    1. (You’ll hate this one, Michele!) Cut out tea/coffee/snacks from the cafe.
    2. Shop ONLY once a week, plan meals ahead. If you run out of something, you have to wait until shopping day to replenish it. Makes everyone (especially kids) a bit more frugal in their eating habits.
    3. Don’t throw away leftovers. Freeze them, make them into something else or have a “bit of everything” meal. And use the stuff at the back of the cupboards and the freezer!
    4. Make double what you need and freeze the rest, cut into portions, for an easy meal later. Works especially well with things like quiche, lasagne, meatloaf, etc.

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