Minnesota, USA February 14, 2011- Last month, Mintel released a report stating that the group hit hardest by the recession included those in the age range of 45 to 54 years old. Although it could be for a variety of reasons, it can be predicted that this age group will likely cut back on spending for the remainder of their lives. If you are included in this age group, decrease the odds of permanently suffering from the grip of recession by following these helpful tips.
1. Work for someone else and self-start your own business
Money is tight while working your nine-to-five job and having to pay for your children's education or your parents' medical bills. Starting your small business could potentially bring in extra income if it is not high-cost to start-up. It also does not force you to quit your stable income job. The businesses that typically fall into this category are service related. If you have any artistic hobbies, it could mean extra money in your pocket. Business can be held in various places in public or in your home.
For instance, if you have already been designing and creating accessories, it might be time to alert everyone you know and set up something simple like a Facebook fan page to get the word out. Marketing is easy when social network sites like Facebook are used more than ever. It gives you the opportunity to upload and develop an ongoing portfolio.
Do NOT get sucked into the fast-money gimmicks.
2. Do your homework
Sometimes people get used to having things done for them that they do not realize they are capable of cutting costs by doing it themselves. Everything from taxes to home improvement can be great projects when given the right tools and information. It is as simple as searching the internet to see the possible routes that can be taken.
Although many are only spending on the necessities, it is important to remember that upkeep of your property is important if you plan to move out after retirement. Do-It-Yourself guides and television shows are everywhere to give hints on how to keep the value of your home increasing with little projects here and there over time. It also adds enjoyment to life minus the illogical, large expenses.
3. Line-up all your interest-accumulating cards, slash the numbers down
Many people are eligible to have the interest rates on their credit cards changed, however many do not realize this and simply continue making minimum payments. It is as simple as calling the number on the back of your card to discuss rate changes. If the representative is not able to lower it, typically you will be given hints on how to be approved and when the best time is to reapply. Depending on the balance on the card, the savings could be extreme. Even if not, the small savings over time add up.
Do not use credit cards for the basics or paying bills. It is wise to pool your money for your necessities and contact the various companies you owe to set up installment payment plans. Contact creditors if necessary to develop ways to keep your credit in check.
4. Make your home your oasis
Although everyone needs a treat every now and then, there are many options of things to do in your home rather than going out. There is no need to feel guilty over signing up for a Netflix membership or perhaps splurging in a fine meal at home surrounded by your loved ones; this can save your money significantly without enduring the pain of cutting back on entertainment expenses altogether.
5. Re-evaluate your plans
The plan that you signed up in your cell phone, cable, or other service needs may exceed what you actually need. It is time to look at it and evaluate if you need the higher-cost plan versus something cheaper. Watch out for the bundle deals as they may actual cost you more. It could be wise to follow the trend of dropping the landline unless it is absolutely necessary to have.
Companies are starting to become more friendly when it comes to customizing plans. For example, if you really do not need unlimited calling time but unlimited texting, that can be arranged. Talk with a representative to find cost-saving ways to make your services work the best for you.