Do not take your financial status for granted

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Introduction

The cost of living is very high. Despite initiatives to reduce the cost such as duty exemption on basic food items, the cost does not seem to be reduced. Therefore, I know it is a challenge stretching your dollar. Some of you may say you do not even have a dollar so how can you stretch something you do not have. I believe most people have a dollar that goes through their hands, but you must be able to use your hands, heart and mind to stretch that dollar. It is possible to stretch your dollar. Our parents and grandparents did, and we can too.

Do not take your current financial status for granted. Some of you think you will remain in that financial condition for a long time. Some of you go about your business thinking that the job you occupied will last you forever. Some of you think that the business you have will always be there. As a result, some of us live our lives as if money will always come with our next paycheck or our next business transaction.

Remember everything does not last forever. So do not take your situation for granted. Stretch your dollar. Here are some tips.

Eating out vs cooking your own meals.

You must do analysis to see if you will save more by eating out then cooking your own meals. If you are a single person, then maybe eating out is the option for you. However, if you have a family, it is probably best to cook your own meals. Again, it is up to you. You must determine that. I caution you though when you eat out, you are not guaranteeing good quality tasting food or even a lot of food and so you may find yourself hungry again. If you are in that state, then it is probably best you cook your own meals and take them to work for lunch and leave some for dinner.

Many of us tend to buy a drink when you eat out. It is best you buy a case of drink and take your own drink with you. Better yet, you should drink as much water as possible. A bottle of water at the grocery store may cost you between 50 cents or $1 for, some restaurants are selling them for $2 or $3. You do the math. If you can save a $1 day, you can save $365 for the year. Some people say they cannot save but you can save right here on these drinks.

If you cook at home, you do not have to cook multiple meats. Do you buy multiple meats when you are at a restaurant?

Brand vs generic

You do not have to focus on brands. A brand is well known because companies spend a lot of money on marketing. Therefore, some brands are overrated and more expensive than the non-branded items. However, you can get the same results from the generic items. Therefore, stretch your dollars using generic products. Do not be caught in what people are saying about you because you are not using branded items.

Shop around

Shop around to get the best prices. If you shop around, you will find out that you can stretch your dollar. I know some may argue, the gas you pay may not be worth it. However, you need to determine that. If you do not want to drive around, then call to find out the prices.

Be wary of the credit cards

Using credit cards can get you into a difficult financial situation. By using a credit card, you are spending more that you do not have. To stretch your dollar, top up your credit card or use your debit card with money that you know you already have. If you cannot control yourself, then get rid of credit cards. There are some credit cards with reward points, and you can reap benefits from them but if you cannot control yourself, then it is not worth getting.

Public School vs Private school

There is a myth about public schools. There are some great public schools. If you cannot afford to send your child to a private school, then send them to a public school. Trust me, you can stretch your dollar if you do that. As a citizen, you should have first preference in public schools and that is why it is important for you to register early.

Vehicles

Having a vehicle can be very costly. Be very careful in purchasing a vehicle. I know some people cannot afford to purchase a new vehicle but be careful using your funds to buy used vehicles. Make sure you get a mechanic to check the vehicle. Honestly, if you cannot afford a vehicle, then perhaps you work out arrangements with someone to pick you up and give them something for gas. I think we have too many vehicles anyway and that is why I am a huge proponent of public transportation.

Housing

The rent for apartments is very high. If you are a single person, you may want to consider getting a roommate. If you are family, then you may have to downgrade. You may even have to live in an area you do not necessarily like, but the rent is cheaper. Remember things will not be the same forever. One thing though, please do not build any illegal shacks or rent any illegal shacks.

If you have a house, you may want to consider renting a room or renting your house and moving into another rental place for less.

Conclusion

As illustrated above, you can save at least $1 a day. However, you need to save more than $1 a day. You need to have some funds set aside in the event you are no longer in the financial state that you are in. You may lose your job. You may get sick. You may have interruptions in your business. There may be a downturn in the economy. What will you do then? This is why it is necessary for us to stretch your dollar.

Do not spend money on things you do not need. Finally, find supplementary income either through a second job or a business.