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On The Money Latest Posts

Things You Can Do Right Now to Cut Back

Published: Tuesday, 21 Oct 2008 | 9:23 PM ET

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By: Carlo Dellaverson
Web Producer

With the economy tightening, people are cutting back across the board. Marc Hedlund of Wesabe.com offered three ideas on Tuesday’s show for things we can all do right now to prepare for tougher times ahead.

1. Find things around your house that you can sell. You probably have usable goods laying around – electronics, appliances – that you could unload on eBay or Craigslist and make a buck or two. It is better to do this now instead of when you don’t have a choice, Hedlund said. That way, you don’t have to feel pressured into taking the first bid or offer someone throws at you.

2. Make it more difficult to do any impulse buying. If you have your credit card stored on an online shopping site like Amazon, delete it. If you make it just a tad harder to spend money without thinking twice, you will be surprised how much less you will be buying.

3. Do something to bring in a little extra cash. Consider freelancing your skills or services online through sites lile Elance.com or Guru.com, or pick up a few hours of work on nights and weekends as a call center specialist, a job you can do from home by checking out LiveOps.com.

And don’t forget about teaching yourself simple skills that will make you less dependant on your wallet when things are tight. Can’t cook? What better time to learn a few simple meals to make from home and throw away those takeout menus. Just make sure you shop frugally, with a list (and on a full stomach), or you risk spending even more on groceries than you do on ordering out.

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Topics:Employment | Economy (U.S.) | On the Money | Personal Finance

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