By: Adwoa M. Awotwi
August 1, 2009
 You don’t need an MBA degree to recognize that the economy in the United States and around the world is struggling in a manner that rivals the Great Depression and that will likely be recorded in the history annals for future generations to study. In these economic times, we have seen the stock market drop sharply; businesses, large and small, flounder and close; Wall Street banks crumble; large automotive companies file for bankruptcy; and the United States government inject citizens’ tax dollars into banks and certain other businesses. For younger generation folks, this economic condition is unlike any ever experienced. What’s more, predictions about how long the economy will remain in this down state are inconsistent. Some experts are saying that the economy will deteriorate further this year before turning around next year, while other experts are saying that the economy will start to turn around at the end of this year. Who are we to believe? And, in the meantime, until they agree upon the timing of the end of the recession, how do we stretch our dollar so that we can get the best bang for our buck?
It’s clear that we cannot spend money in the same way that we may have gotten accustomed to spending just a couple of years ago. Yet, we still want to enjoy ourselves, right? Here are a few suggestions for stretching your dollar to squeeze the most value out of your money: - Be patient. Of course you’re going to look for deals and discounts whenever you need to make a purchase. If the purchase is one that is not urgent and can wait for a while, then wait until the next holiday sale to buy the item. For example, many stores will have “Back to School” sales coming up and Labor Day is right around the corner, both of which will provide great opportunities to buy that one item that you’ve been eyeing for some time. If you have several months’ time to spare, wait until the item is out of season and, as a result, marked down to clearance. If you can spare the time and be a little patient, you will be able to save a few dollars.
 Shop clearance racks. When you walk into a store, head straight to the clearance racks. You’ll be surprised at the deeply discounted gems that you’ll be able to find, whether you’re looking for a new blouse to add to your work wardrobe, or your old television has finally stopped working. If you don’t need the newest model or the newest items of the season, the clearance racks are the way to go.
- Get out your scissors. Clip coupons. That’s right, sit down with your local Sunday paper or any circulars you may receive in the mail, grab a pair of scissors and take yourself back to your grade school days. Cut out coupons and use them when you go shopping. (You can even cut them into various shapes, if that will make the coupon clipping more fun for you.) Coupons are particularly beneficial in the grocery store and can result in several dollars’ worth of savings.
- Look for travel packages. If you need to get away and just forget about the stress of the economy, check out travel websites that offer flight and hotel package deals. You’ll be surprised at the great discounted travel plans you can make and not have to stay in a seedy hotel. Many travel websites recommend pretty good hotels and can offer nice discounts. Further, if you travel in the off-season when less people are vacationing, you’ll be able to take advantage of great discounts. You can still travel, just remember you’re on a budget!
- Practice the “buddy system”. Put your friends to work in your efforts to save money. If you’re looking to take a trip, ask one or two friends to join you. (Make sure these are friends with whom you can travel, as we all have that one girlfriend who might just drive us crazy if we have to spend three straight days and two straight nights with her, even if we’re in a place of paradise!) If you and your friends share the hotel room that you found through the travel website (see Tip #4 above), you will further reduce the cost of your weekend getaway.
- Take advantage of “Restaurant Week”. Many cities hold an event known as “Restaurant Week” at least a couple times during the year. During Restaurant Week, participating restaurants will each prepare their own prix fixe (pronounced “prefix”) menu, or fixed price menu, offering a limited menu of set dishes for a fixed price. Some prix fixe menus will allow you to select one of a few set items from each of the appetizer, entrée and dessert offerings, while other prix fixe menus offer only one set appetizer, entrée and dessert. In either case, these menus can be a great opportunity to dine out for less.
- Look for free fun. Be creative when you’re looking for fun activities. Having fun doesn’t always require money. You should be able to find fun events in your local area that are free to the public, especially during these summer months. Check the internet or read the Entertainment section of your local newspaper. There are bound to be a few free activities that capture your interest. Additionally, free fun might mean hanging out at home with a friend and just enjoying each other’s company. Hanging out at home with a friend presents a great opportunity to bond with and just listen to a friend, which we do less and less these days in our technologically advanced societies.
Ultimately, you need to make sure that you have created a budget and stick to it. The tips above will be helpful in sticking to (and doing better than!) the budget that you create. These economic times are difficult and frustrating, but you can still have fun. You’ll just have to be a little more thoughtful and creative!
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