TechoCrunch

When the world banking business failed miserably, it sent the world into the midst of an economic crisis. It all began when banks decided to give massive land loans on low interest rates. When the debtors could not write off the mortgage they decided to pull money out from the stock markets and that’s when the problem started. Now we are facing a world filled with expenses with a tight wallet. The crisis will eventually blow over someday but till then, there are ways in which we can be cost effective and save money. Here are five simple things to save money during the crisis.

1. When Possible, avoid you’re car- Try using you’re car less when you can, even though the gas prices are reducing. You can save alot of money on gas and because the car won’t be used as much your can save on maintenance. Walk to nearby places or cycle there or use public transport. It’s not as hard as it sounds, you will get used to it.

2. Cut entertainment expenses- You can save alot of money just by cutting your entertainment expenses. Instead of going out for a movie once a week try borrowing DVD’s from friends or read a book. Avoid going to expensive restaurants or generally eating out. Home cooked meals are more economical and at the same time healthier. Staying at home with family or friends can be equally fun.

3. Save on electricity- Avoid using lights in the daytime when possible. If you want to read a book and the natural lighting of the room is not efficient then you can go out to the balcony (provided the weather is good). When appliances are turned off but unplugged then they still drain electricity. Turn off things such as T.Vs, computer screens, microwaves, mobile chargers etc while not in use. Switch to CFL light bulbs, they are more economical than normal bulbs.

4. Be a smart shopper- If for the time being you can stop buying major labels then do it. Brands such as D&G, Christian Dior, Chanel etc may be high fashion but they are also high priced. Go for normal brands or use what you already have. While shopping at the supermarket look out for value packs or family packs, its not much of a saving but its a start.

5. Rent out a room- This is more on how to make some extra money. If you live in a big house then an extra room can always be rented to someone. Educate you’re self on renting so that you don’t give a room to a criminal or a con man. Do a proper credit and background check before giving out the room. If you don’t feel safe of confident enough to do it yourself then consult a property agent.

I think these few tips will help you out during these testing times. Happy Bargaining.

Sohail