Fast cash can be easy to find for the wise
A difficult market
Fast cash doesn’t come easy to people who make bad financial decisions. From 2007 to 2009, people were hit hard by the economic downturn, not to mention businesses and manufacturers. The three groups suffered as the recession took a hard hold on the market. The biggest problems with the recession were the soaring unemployment rate, the financial institution crash, and the car manufacturing failure. Put together, it made for a disastrous recessionary period.
The lesson consumers learned throughout the recession was that having a good financial reserve can be a financial savior. Although millions of Americans relied on credit cards to make ends meet, when the credit card lenders closed their doors, they were sorely lacking other options. Like older generations, the new ones learned that cash is king and saving is crucial.
Ways to waste money
Wasting money is the biggest mistake consumers today can make. The recession taught them the hard way that without a good amount of cash reserves, they are one financial disaster away from calamity. Here are some of the most common ways Americans waste money:
- Convenience store buys. Sure convenience stores are just a few blocks away and it’s easy to double park and run in, but the prices are a huge cost. Consumers don’t think about how elevated the prices are, but a side-by-side comparison shows the huge disparity in pricing between them and large grocers. The reality is that convenience stores don’t purchase foods in bulk so they pay a high price. That higher cost is then turned back on the consumer.
- Soda. Ask any movie theater manager and they will tell you how fountain soft drinks make up a huge portion of their vending revenues. Research shows that beverages have the highest markup of all restaurant items. There are huge savings for people who cut back on pop. For example, a family of four that goes out for dinner once a week can save $6 a week if they cut back on beverages. Over one year that comes out to about $312.
- Cell phone costs. Anyone looking for fast cash needs to look at their cell phone bill. Over the past few years, cell phone costs have skyrocketed. It is always a good idea to periodically check and see if minutes-allotted in a plan is used. If they aren’t, downgrading can save a considerable amount of money. Remember that many phone companies offer “extras” at a hefty monthly fee. For example, Verizon offers unlimited mobile internet at a cost of $19.99 a month. There are, however, only a small group of consumers who need mobile internet. Most can wait until they get home or to the office for the latest emails and updates.
- Credit card fees. Many credit card companies charge annual fees, but unless a consumer has bad credit, there is no reason they should be paying them. There are many options for credit cards that have no annual fee. Consumers should do a quick review of Visa, MasterCard and Discover cards that offer no annual fees. There should be a good number of them and if the consumer’s credit is moderate to good, they should have no problem getting them.
Saving money today
In today’s difficult market it’s still critical to find ways to save money. Everyone is looking for fast cash, but not everyone has looked at their monthly spending habits to find it. There are many ways consumers waste money and it’s crucial that they are proactive in finding them.