Get Out Of Debt

Many people believe that we may be through the worst of this current economic downturn, or perhaps they are just saying this in an attempt to restore some confidence back into the system. Over the last couple of weeks I have been asking my business contacts whether they have started to see any of those green shoots, the famous starting sign of a recovery. Here is what they said:

Out of all of the people that I asked or surveyed for want of a better word only fifteen percent stated that they had seen the first signs that things were starting to improve. I have to say that I had expected and had hoped for a much higher percentage than this. I personally do think that things are starting to slowly improve, with slow being the operative word. This recession has cut quite deep and any wound this deep can not heal overnight.

More surprising and perhaps worrying is the fact that sixty percent of those people interviewed thought that the economic situation had become even more severe over the last three months and that their businesses were finding it increasingly tough.

I am by no means an expert in the field of the economy however I do have a number of business interests including ones where people are able to obtain cheap calls and also with a group of cost reduction specialists. My main expertise however is with helping people to overcome their stuttering speech impediments.

So when can we expect the recovery to really start in earnest? Well this answer is, of course, very difficult to answer and calling the bottom of the market can only ever be guess work. I will however give my opinion, for what it’s worth. I personally think that 2009 will continue to be a tough year, that in 2010 we will start to see that all important recovery and that in 2011 we will see some very strong growth.

The above opinion is given due to what we already know, if there is a lot more bad news out there of which we have not yet been told of then this opinion will no doubt have to be reviewed.

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Economic downturns are never especially fun, but as Adam Smith noted over two centuries ago, these cycles of paucity and plenty are a fact of life. Though none of us can say for sure when this most recent slump will reverse, there are at least sure ways of sparing your wallet in the meantime. Here are some penny-preserving ideas tailored to our 21st-century lives:

1. Plenty of people are in the habit of cutting out paper coupons, but even though many of us do some of our shopping online now, not as many of us seem to have learned to coupon-hunt online. Sites such as CouponCabin.com, CouponMountain.com, and DealofDay.com offer thousands of current offers at merchants across the Net.

2. Use price-comparison sites such as Shopping.com, Pricegrabber.com, mySimon.com, and Google Product Search to find the best deals online.

3. When you’re out at a store, send a text message to 46645 (Google’s text number) and enter the letter “f” followed by the name of the item you’re considering. Google will reply with a message quoting the online prices. To compare prices at local stores, visit ShopLocal.com.

4. If you don’t already belong to one, consider joining a warehouse club like Costco or Sam’s Club and buying in bulk. This can be especially helpful if you have a large family.

5. Buy generic instead of brand-name products. A lot of the difference is often in the marketing hoopla and not the products, anyway.

6. Withdraw your green from surcharge-free ATMs, which can be located on AllpointNetwork.com and MoneyPass.com.

7. Buy locally-grown food at farmer’s markets or stores that sell local produce and meat. Prices there are often lower since the food doesn’t have to be transported very far.

8. Shop at dollar stores. You should have an easy time finding them nearby since they’ve been popping up all over the place in the recent past.

9. Purchase discount prescription drugs at online pharmacies. You’ll often end up paying considerably less than half as much for the generic medications stocked by these discount prescription drug stores than you would for the same brand-name medications at brick-and-mortar pharmacies.

10. If your car is seven years old or older and/or worth $2,500 or less, consider dropping comprehensive and collision from your insurance.  Your deductible may be nearing the value of your vehicle anyway, in which case a major collision would send your car to the junk yard and you to the dealership.

11. Keep cell-phone expenses under control. Kids today love to send text messages, so save yourself from unexpected high bills by paying the flat monthly fee for unlimited text messages.

12. Use online classifieds to find used items. Sites like CraigsList.org and Kijiji.com are great resources for finding everything you need, from vintage furniture to baby gear. By buying from local sellers, you can save on shipping costs too.

13. Go to matinees. The matinee showing is often more reasonably-priced than peak-time showings.

14. Install Power Planners (see www.energycsi.com/energysmart) to lower the electricity consumption of your electrical appliances.

15. For your next date, have a romantic picnic instead of going to an expensive restaurant. Pack a blanket and a cooler full of your favorite foods and you’ve got yourself a cheap rendezvous. Spice it up a little with a bottle of vino.

16. Instead of paying for software, look for (legal) free software from places like Download.com and SourceForge.net. Depending on how you use a given type of application, the free alternatives will frequently be just as good as the paid versions.

17. If anybody in your house is a student, pick up the Student Price Card from SPCLive.com. It’s only $8.50 and will get the holder 10% to 15% discounts in scores of participating stores.

18. Control your thermostat. Using a programmable thermostat to adjust the temperature will reduce energy usage when you’re sleeping and away from the house. Prices range from $30 to $120, but you’ll lower your bill by 10% to 20%.

19. Consider leaving your health club. More economical options may include a gym at your work, in your building or community, or at a nearby park and recreation center.

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