Tips to prepare for the future

Here are six tips to stretch your paycheck and ride out the economic downturn while also preparing for the future:

1. Keep track of spending
Create a spreadsheet to analyze what you spend each month, including the money spent on those inevitable invisible expenses, such as a morning coffee, cab ride or afternoon snack. Once you can see where your money goes, you can clearly see where you can cut back. Do you really need to buy a bagel every morning for $1.99? Or, could you buy a package from the grocery store for $3.99?

2. Boost your income
Think of ways you might be able to earn a little extra cash. In an April 2009 CareerBuilder survey, one-in-ten workers reported taking on a second job in this economy to help make ends meet. If this is something you can handle on top of your current job, look into pursuing some viable options. Check out sites like www.sologig.com for contract and freelance opportunities, or search for jobs using terms like "part-time" and "temporary."

3. Speak up
Find out what benefits and employee programs your company offers that could help you save money and take advantage of them. For example, you could cut costs by taking advantage of flexible spending options, wellness benefits, retail discounts or transit reimbursement.

4. Use direct deposit
When you have your paycheck deposited directly into your bank account, you resist the temptation of just cashing it or getting cash back. Talk to your HR department to see how you can set this up for your next paycheck.

5. Pay yourself first
Set aside a certain amount of money every week, or from every paycheck, in a separate savings account. Try to set up an account where you can't transfer money into your checking account online. Don't touch it. Even if it's only $10 a week, over time, you'll see it add up from your regular contributions and earned interest.

6. Skip the ATM
If you have cash on you, you'll spend it. Minimize your trips to the ATM by giving yourself a weekly cash allowance and using only that for the week. This might mean cutting back on daily lattes and lunches out, but you won't miss it over time.