Your budget is very tight and you will have to come up with practical ways to save money so that you do not get into a debt trap. How does one save money when you have to tackle recession, inflation, rising prices, unemployment and debts? Is there a solution? Can you get out of the mess? Can you really save in such tough conditions? Well, the answer is a resounding YES. All you need is a plan of action and you are on the path of success. You will be surprised to see simple changes to your lifestyle make a big difference to your finances. Well, here is the plan;

- Eat at home instead of eating out. If you buy lunch every day, start taking it from home.

- Make your own coffee instead of buying Starbucks daily.

- Buy the groceries in bulk as this will help you save money. Do not indulge in impulsive shopping. Carry a list while shopping for groceries. Shop once a week and never when you are hungry.

- Save electricity by switching off lights, fans and TV.

- Restrict your credit card use.

- Rent a movie instead of going to the theater.

- Discounts, rebates, coupons. Use them all and save plenty of money.

- Use carpool and try walking to the office or the grocery chain if it is within two blocks from where you stay. You will save on money and gain in health.

- Consolidate your debt and pay it off as early as possible. You can also transfer the debt to a new credit card. Interest free balance transfers are a good way to get rid of debt effectively.

- Get rid of expensive membership fees. If you are paying for the gym that you hardly use, stop. Go for a walk in the park instead. You may also be able to make new friends.

- Try and do things yourself. Wash your car, manicure your lawn and paint the house. You not just save money but also get fit as you are getting rid of your sedentary lifestyle.

All these tips are genuine practical ways to save money but only if implemented wholeheartedly. You would need to involve your family, right from framing a plan of action and putting it to use. Make your kids understand the benefits of saving every dollar. Involve your family and friends in the money saving efforts and reap the benefits for the rest of your life.