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Surviving the Slowdown

July 17, 2008 2:01 PM

In our Nightline piece, we gave 9 tips for surviving these tough economic times, with advice from financial advisor and weseed.com CEO Jennifer Openshaw. 

In case you missed it, here's a recap:

1.  Get a boarder.  Isn't it funny that as our houses have gotten larger, our families have gotten smaller?  My grandparents raised six children and rented rooms to lodgers in their house in St Louis.  Sometimes meals were even included in the room rate.  Not advocating that you go back to that, but if you're in a financial pinch, consider getting a housemate.

2.  Make your own coffee/water.   We've got big, beautiful kitchens -- but what are we preparing in them?  Judging by the amount of coffee purchased from the local gourmet shop, not even coffee.  Jennifer Openshaw recommends making your gourmet coffee at home -- and getting a filtration system for your water if you find yourself buying lots of bottled agua.  Astonishing numbers:  She says you'll have an extra $100,000 if you avoid the $3 latte and the $2 bottle of water, instead saving and investing that money over the next 30 years.

3.  Ride a scooter.  Hey, maybe we can turn our American cities into Rome!  Who doesn't love those cute little 'motorinos'?  The Vespas and Piaggios?  (I want one in sea foam green).  And they get something crazy like 80-100 miles to the gallon.   Jennifer says you'd spend about $500 in gas for 10,000 miles -- versus $2500 for a normal car/SUV.  Just don't take that little 'motorino' on the highway!

4.  Turn the a/c and heat off when you're not home -- get a programmable thermostat so you can set it to come on maybe an hour before you're due in. 

5.  Save money AND calories by ordering one entree between two people.  When I first moved back from London (Europe -- the land of small portions), I was blown away by how much food was on the average American plate.  My boyfriend and I would order one meal between us.  If no one wants the same thing you're having, divide it in half and take half home... to the dog, of course.  Save money -- get thin(er). 

6.  Bundle your phone/internet/cable, or get one of the VOIP (Voice over Internet Protocol) services. My cousins Mike and Rhonda keep in touch from Beijing via Skype and say it costs virtually nothing.  And it comes up on caller ID as their old St Louis phone number.

7.  Credit cards.  Jennifer Openshaw and Suze Orman both advocate calling and asking your bank for a lower interest rate.  They say that 9 times out of 10, it works.  They also recommend using ONE card only, so you can track purchases.  And tie it to an airline or other rewards program, so you get more from what you spend. 

8.  Swap online.  We have so many 'things.'  When you tire of them, sell them.  Intern Eliot Caroom suggests these sites for swap meets:   http://www.zunafish.com  or http://www.paperbackswap.com.

9.  Get a library card.  My personal find of the year.  I read somewhere that the writer Gay Talese once described the Upper West Side of Manhattan as a place where people pile books on their apartment floors.  I wear that as a badge of honor -- but the piles were threatening to engulf the place.  So I got a library card.  Apologies to big booksellers and independents alike, but I'm saving a fortune -- and I feel like a kid again.  If I read a book and love it, I buy it.  Hardcover.  First edition.  Those are worth the floor space. 

Here are some other great suggestions from Nightline colleagues that didn't make the piece.

From our Web King, Eric Johnson, who lives in New Jersey: 

1)  Community Pools -- A lot of people are opting out of long drives to the Jersey shore to save gas and cash, and instead heading to their local town pool.  I went this past weekend (I hadn't been since I was little) and it was PACKED.  They also have special deals, like a 'pay per day' plan to accommodate those not living in the actual community, which they never had when I was growing up.

2)  Food deals -- My friends and I found a lot of places which have had to offer special deals due to the bad economy. The best one was a place called “Stage House,” a fancy restaurant in Scotch Plains.  They have a terrific barbeque buffet.  At the end of the meal, patrons decide how much they want to pay.  They then give you a gift certificate for that exact amount, to be used next time you go.  I asked our server why they were offering the deal, and she said service had been slow over the summer.  Again — the place was packed.  Here’s the link to the deal:

http://www.stagehouserestaurant.com/Holiday%20Menu.html

Or how 'bout this from senior producer Dan Green: 

My father has discovered this is a huge savings for him -- he house swaps for vacation homes or he rents his own place out even if it's just for one week when he goes away. He says it always shocks him how many people are willing to rent his house from him for a week or two when he goes away if he posts it on an site like Craigslist.org.

Someone suggested giving the gift of service.  Need a gift for new parents?  Offer a night of babysitting.  Housewarming gift?  Offer a DIY service you're good at. 

Check out Jennifer Openshaw's website for lots more tips...  I'm sure you've gotten creative with your penny pinching -- share with the rest of us below. 

July 17, 2008 | Permalink | User Comments (7)

User Comments

Posted by: kurt | Jul 17, 2008 3:19:02 PM

Posted by: Amy | Jul 17, 2008 9:49:10 PM

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Posted by: Bob | Jul 18, 2008 1:20:41 AM

Posted by: Frank Johnson | Jul 18, 2008 9:04:13 AM

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