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As gas prices continue to rise and the housing market slumps, many of us are feeling the pinch in our pocketbooks. Tight economic times make it difficult to make ends meet -much less to continue to work and save for long-term goals such as retirement or college. However, with a little creativity you can take small painless steps that may lead to a big payoff. The Illinois CPA Society has a few ideas to get you started:

– Avoid paying fees. Use a bank with no ATM fees and avoid paying ther fees whenever possible - from fees for late payments on a utility bill to getting library materials back on time.

– Take advantage of sales and use coupons. Plan your grocery shopping ahead of time and stick to a list. Buy more of the items you use on a regular basis when they’re on sale. Combine a manufacturer’s coupon with a sale price for more savings. Share and swap coupons with co-workers or friends.

– Shop around and compare prices. Whether it’s your phone service, car insurance or a major appliance, shop around for the best price and the best value. Check what you’re getting for the money and make comparisons based on all the features and benefits.

– Evaluate your cable/satellite TV package. Do you really need all of the premium movie channels? Check what you could save monthly by downgrading your level of service.

– Eliminate magazine subscriptions or reduce the number received each month. Most libraries carry a selection of magazines to view and in some cases, check out. (The library’s also a good source for movies and other free activities for the family.)

– Eat your meals at home and prepare a lunch to take to work. Same applies to coffee and other beverages; best to brew or make your own rather than continue a $3 to $4 or more a day habit.

– Calculate the cost of your commute. With gas prices rising, consider public transportation or carpooling. On short trips, walk when you would drive or take a cab.

– Scale back on the vacation. Saving doesn’t always mean denying yourself, but weigh the options. Your kids may have just as much fun at a nearby water park as they would half way across the country

– Alter your attitude about saving. Make it a contest with family or friends to find the best bargain or low or no cost entertainment; go to community concerts and plays to save gas and money. Share or swap games, books and movies.

– Experiment with less expensive products and places. Be open to trying different brands that may cost less with items such as make-up, food or cleaning products. Test out inexpensive restaurants and services and take advantage of offers to first time customers.

– Change the need it now mentality. Don’t let shopping be your “feel better” solution; find other ways to unwind like exercise or reading. When you do shop, weigh every purchase and ask yourself if it’s something you must have now. The price may go down considerably if you wait a few months, and you don’t need to be the first to own the latest gadget or fashion fad.

Living within your means is always a good financial strategy. You’ll be better prepared to survive the twists and turns of the economy if you can save on a regular basis.

Visit the Consumer Section of the Illinois CPA Society site, http://www.icpas.org/consumer.htm, for more information and resources to help you take control of your money.

About the Illinois CPA SocietyThe Illinois CPA Society, founded in 1903, is the fifth largest state CPA society in the nation, with approximately 23,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.

Illinois CPA Society / PRNewswire

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