Building a Financial Safety Net for Unexpected Situations
In today’s economic climate, it’s important to have a rainy day fund in case you unexpectedly lose your job. Life can certainly be unpredictable. As we go through life, we always face expenses and bills that need to be paid. Just imagine being laid off from work—how would you pay for your rent or mortgage? Utilities? Car payments? Groceries? Kids’ lessons or daycare fees? The list goes on, and it can be overwhelming just thinking about it.
The Temptation to Live Beyond Our Means
The temptation to live beyond our means is easy. If I don’t have cash on hand, I can just use my credit card. I see what others have, and I feel I deserve it too—a vacation, a big house, a luxury car, dining out every day. Our desires are often influenced by our surroundings—media, TV, advertisements, and even friends. However, these desires and wants can quickly become a burden if you’re not saving for that unexpected “doomsday.” It can happen to anyone, so it’s best to have a plan in place and be financially responsible.
To save money, we must learn to control our wants. However, living life doesn’t mean you can’t enjoy what life has to offer. It just means you need to spend within your means, make smart decisions, and stay diligent about saving.
Bartering as a Solution
Have you ever thought about bartering your skills in exchange for goods or services instead of paying with cash? You can barter directly or, if you’re self-employed or own a business, you can participate in a barter exchange network to help save money for you and your family.
A barter exchange network lets you sell your products or services using a virtual currency called Trade Dollars. The Trade Dollars you earn can then be used to purchase products and services from other businesses that are part of the barter network. The offerings through a barter exchange network are diverse—ranging from business products and services to consumer items such as residential cleaning, plumbing, travel, and retail. The key to bartering is identifying areas in your life where you’re currently spending cash and figuring out how you can leverage barter to offset those expenses.
For example, if you’re planning home renovations or need services like cleaning, why spend cash when you can barter for it? Trade your skills, products, or services for carpet cleaning, window cleaning, furnace and duct cleaning, framing, drywall, painting, electrical, plumbing, and locksmith services. The more you barter, the more you can save!
Get Creative with Bartering Directly
If you’re bartering directly, get creative! Look around your home for things you no longer use and post them on platforms like Kijiji. Let people know what you’re looking for and offer to trade. You never know what offers might come your way!
We all spend money on things we enjoy, from dining out to getting pampered at the spa or having our homes cleaned. What about that family vacation? Through a barter exchange network, you can barter for accommodation, car rentals, food and beverage, entertainment, and much more! As a member of a barter exchange network, you’re not limited to just local options. Many barter networks have partnerships with other networks in different cities, expanding your options.
A barter exchange network will help identify areas in your personal life where you’re spending cash and recommend ways to replace those expenses with barter.
The Benefits of Bartering for Financial Flexibility
By trading your skills to get what you need, the only cost to you is your time. If you’re trading as a business through a barter exchange network, it might cost you either your time or the cost of goods. When you buy items through barter, you’re essentially purchasing them at your cost or a discounted rate. By leveraging barter as a financial tool, you can save more cash for the days, weeks, or months when you really need it most.
