Making and Saving Money Now

Ask once-poor people how they found riches, and many will tell you saving money instead of spending it did the trick. So here are some ideas I’ve gleaned from experts that can help you weather the economic storm.

Eat out for less:
Many restaurants are offering less expensive entrees. For example, Chili's, Texas Roadhouse, TGI Fridays, and Outback Steakhouse are offering entrees ranging between $7 and $10. Even upscale Morton’s steakhouse has a value deal.

Entertainment deals:
Hotel and airfare deals abound. Many people are skipping vacations to save. While everyone else is staying home you can live it up and enjoy yourself with smaller crowds. Even movie theaters are offering special deals. For example Carmike cinemas are offering a ‘stimulus Tuesday’ promotion with popcorn and a drink for a dollar each.

Shopping bargains:
Kohl’s recently advertised an ‘under budget sale” and department stores such as JC Penny are offering coupons in the mail.

If you don’t see a sale, ask! :
Pay attention to advertisements and don’t be shy to ask if you’re getting the best deal.

Buy foreclosures and invest in real estate:
It’s a buyer’s market for those with a sharp eye for bargains. If prices aren’t low in your area, explore different towns and states. It is risky, but when the economy recovers, as it will, you can reap big rewards.

Invest in green technology:
High oil prices are igniting interest in alternative fuels and green technology. If you’re active in the stock market, perhaps you should consider doing some research on emerging green companies.

Break bad habits & modify your lifestyle:
Old habits die hard. But they might die quickly in a tough economy. Take the opportunity to re-think your financial planning and investing. For years Americans have been criticized for over-spending. Learn to live within your means.

If you own a business look for ways to expand into growth areas:
Many industries have a niche that benefits from economic downturns. In real estate, new home sales go down but foreclosures go up. Think about your industry and think what niche will be growing, then capitalize on those areas.

Barter anyone? :
Everyone is hurting. So do not be afraid. Try to barter. If it’s a business to business relationship offer to swap out services and products. Try to make it fair for all parties, so it’s a “win win” situation. Just be careful that you do not sabotage your long term future. Barter helps, but cash is still king.

(Brian Banmiller is a national Business Correspondent for CBS News Radio, free lance writer and public speaker. The former television business news anchor in San Francisco can be reached at brian@banmilleronbusiness.com .)