Not too long ago, it seemed like the sky was the limit. Things seemed easier, money more available and luxury items more affordable. As a finance professional, I have been taught that markets are cyclical. This means that some years are going to be very good and others, as we see now, will not be. So what can you do when you’ve lost your job, the bills keep coming, and money is scarce during a recession? Many people are looking for the answers from their informative friend google that has given them the information to solve so many of life’s problems. They ask “how can I save money” or type in “Saving Money Home” hoping to find some way to stop the financial bleeding. Here are some of the things I do that help mitigate the outward flow of cash during this difficult time.

Using Wholesale Clubs- Not all wholesale clubs sell things for the lowest cost that you will find.  Many times, the savings you achieve are based on certain products rather than everything in the store.  Personally, I have found Costco to have lower prices than BJ’s overall. There is usually a small fee ($50 for Costco) but if you shop carefully it can pay for itself in one trip. These institutions operate on the principle that buying in bulk is cheaper overall. If you have the room in your home for bigger merchandise and buy the same products every time you go to the store then this may be a good money saving technique. Warning: Unless you have a big freezer this is a lousy way to buy frozen foods!

Shopping by Unit Price- Regardless of whether you shop at a Wholesale Club or a supermarket, it is very important to learn to use the unit price as the determining factor as to whether you buy a product. The unit price is the small orange price located to the left of the product cost on the shelf. This unit price specifies how much of the product you can get for a certain number of units. For example Clorox Wipes are 4.66 per 100ct at Costco but $5.75 per 100 at a grocery store. This means that for every 100 you buy from Costco you’ll save $1.09. The package from Costco contains several hundred of these so there will be a $3 or $4 savings and there is usually a coupon for them in the monthly book they send you allowing you to take $2 off. Just on Clorox Wipes I save 5 or 6 dollars for the same quantity I’d buy from the grocery store.

This practice of shopping by the lowest unit price is useful also for comparing products you buy in two separate grocery stores. I know that the same cereal in one store costs $2 dollars for a certain number of ounces as opposed to $4 up the street at a different one. What better way to satisfy your search in google for “Saving Money Home” than saving as much as 50% on your purchases? The best way to figure out the best deals is to rotate shopping trips and carry a notebook. I record the unit prices of the products I buy every time I go and find the cheapest. Then I buy them where I can pay the least for them.

Selling things on Ebay and Craigslist- It’s tempting to throw away old things that are in our way. It really is true however, that one mans junk is another man’s treasure. Putting a posting for an old piece of furniture on craigslist only takes a few minutes and is a good way to make an easy few hundred bucks a year as buyers come and take it free of charge. New items are obviously more expensive than older ones but the used market is a great place to buy and sell when the economy is down. People need things cheaper and you may able to provide them with good quality merchandise. As a result, you walk away with some easy cash for that old set of lawn furniture, or the second coffee table from Auntie that is always in the way.

Buying used- Buying used makes a great deal of sense as well because many items that you need can be found in good condition from people who are moving. I see couches that are only two years old being given away for free from people who just don’t feel like moving them!

Pay off Credit Cards!!- The best advice I can give those of you typing in “saving money home” into Google is to pay off your credit card debt every month. The amount of money you pay in interest is most likely anywhere from 12% to 25%. Of what you originally paid for the product. This means that your repurchasing something you already own a few times a year! It’s a waste of money and the first thing that debt consolidators do is try to lower this rate as it is the primary reason for that a person is so deep in debt in the first place.

Work on increasing your credit score- Your credit score lets lending institutions know how risky it is to give you a loan. Although currently in debt, sooner or later you’ll need a loan for a car or a home, or maybe a second mortgage to pay for something that is detrimental to survival. (Not an $800 Gucchi purse ladies!!) If you can get out of debt and read up on ways to fix your credit score, these necessary loans will be given to you at a lower rate meaning your monthly payments will be less.

Don’t Eat Out- Although it’s great to get out an socialize at restaurants, eating out is expensive. Whatever you order will be far more expensive than the ingredients you can purchase to make it and in a sit down establishment a 20% tip is required. Over a month, this can really drag down your savings if your seriously in debt. Going out for drinks is also a very expensive way to hang out with friends as inebriation helps the cash fly out of your hands faster when paying for several $12 dollar martinis. Alternatives to socializing on a budget are to have friends over for dinner or a barbeque. Have everyone bring one dish and a bottle of wine or their choice of beverage every once in a while. The cost savings will be worth the effort and a slight change in routine may be welcome from what you normally do.

I hope this hub has provided useful information to carry those of you searching for a financial solution to your current cash problems. The key is to find out what works and then have the self discipline to pursue it to get yourself in a better position. If employment is illuding you as it is me going back to school for a degree that is more in demand in this market may be the answer. Significant federal aid may be available to you particularly if you have a low income or children. There is a way out of most tight spots once you find the answers to the questions.