Money Savvy: Ups and Downs

by Darla Kashian

It’s not fun to hear “we can’t afford it.” No doubt you’ve heard the news that the economy is challenged right now. Maybe your family has faced a job loss, or perhaps some of the things you used to do are no longer possible given the economy. Maybe nothing has changed in your house, but friends and other families have experienced changes, and you might be wondering, “What’s going on, and what can I do to help?” The good thing is that there are limitless ways to have fun and save money, and since kids are a lot more creative than adults, I bet you can think of some money-savvy ways to save cash around the house. Here are two big ones to get you started.

Cook

Let’s start with a really fun way: it’s time to cook. If your family hasn’t been cooking a lot, this is one way to save money. Cooking can be stressful if only one person does it in a family, but if everyone pitches in, it’s easy. Check out Ms. Glaze’s Teen Cuisine blog for cool and tasty ideas to bring to your family table. Offer to make lunches for anyone who eats out during the day, and understand that during this time, takeout pizza might have to go away. Offer to clip coupons, and volunteer to plan menus. You might find a new and fun hobby.

Recycle

When we think about recycling, usually it’s just about putting cans out for the city to pick up, but think about it more broadly. If someone else can use something you are done with, that’s recycling. How many video games do you have that you don’t play anymore? Old CDs or sports equipment that you have outgrown? Think about trying to sell these items to friends or online. This could be a way to recycle some old stuff and make some cash as well.

It works the other way too. You can save money by buying second-hand, or recycled, items. This is probably my favorite way to save money, because by shopping at thrift and consignment shops I find cool things that would cost me so much more if I paid full price. Now is the time to notify your folks that you’ve developed an interest in vintage, even if they haven’t seen it before. You might want to ask if they have any old clothes stored away—even if you wouldn’t be caught dead wearing them, you can have a chuckle at the stuff your parents used to think was cool.

Disclosure: The opinions expressed are those of the author and are not necessarily the same as those of RBC Wealth Management. RBC Wealth Management did not assist in the preparation of the material and makes no guarantee as to its accuracy or the reliability of the sources used for its preparation. RBC Wealth Management, a division of RBC Capital Markets Corporation, Member NYSE/FINRA/SIPC.