finance article No.8606
Recession Beating Idea Bartering Goods And Services
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With much talk about recession and millions of Americans being laid off, it is safe to assume that virtually every U.S. household is looking for ways to cut costs. Many of the ways people can save money involve some degree of personal or collective sacrifice. For example, you can easily save two or three dollars a day simply by foregoing that morning macchiato. This is a common suggestion to people who say they want to save money. In many cases these types of small personal sacrifices can contribute to some cost cutting. In other cases, budgets were tight to begin with and even small luxuries were never indulged in. For individuals and households that were living tighter to begin with, more creative strategies for saving money may be necessary. A creative way for families to save money is to barter (i.e. trade) with goods and services to receive the goods and services needed. In other words, by trading things you have (or services you provide), you can receive the things or services you require. For example, you may have a child's bedroom set sitting unused in your garage, doing nothing but taking up space. In the meantime, you may be in a pinch for cash to buy your 17-year-old son that surfboard he's been wanting. For argument's sake, let's say there's also a young man in your community that was a big surfer - until he became a family man. Let's say he has 3 or 4 different sufboards - all top-of-the-line sitting in his garage, collecting dust. Doing nothing. Now imagine that the young man's child is on the brink of outgrowing her toddler bed, and he finds himself in a pinch for cash to buy her a bedroom set. See what I'm getting at? What can be bartered? The idea of bartering for items you need deems virtually any item or service a good candidate for trading. I tend to think first of the most basic necessities. If you have children of any age you know how quickly they outgrow clothing, shoes, toys and everything else. If you set up a bartering system with other parents with similarly aged children, everybody wins.
Household items such as furniture and appliances can also be bartered. Many times property owners find themselves with extra (unneeded) furniture or household appliances when tenants vacate rental properties and fail to remove all their belongings. Many times, the landlords are perfectly willing to trade these items for services such as handyman repairs or cleanouts. Luxury items such as fine jewelry, fur coats or other high-ticket items can also be traded. Even items of special interest, such as bicycles, scooters, specialty sporting equipment or collectors items can be bartered if the right network is found. Remember this if an important gift occasion is coming up. In many cases it is acceptable to give pre-owned high-end items as gifts. Let's not forget about services. Maybe you need someone to help you back up your computer files, and maybe some poor IT guru is in need of a night's babysitting so he or she can have a night out with his or her spouse. Consider thathousehold services are valuable too. What to consider The most important thing to consider when thinking about trying to save money by bartering for goods and/or services is value. Think honestly and fairly about the product or service you are offering as your trade. Assign a fair value to that "property" and be fair about what you think it should demand by way of trade value. Make sure that there is actually value in the barter for you. For example, if you need to travel far enough for a trade that money for gas is more than what buying that dart board would cost, you should rethink the trade. Seek out items or services that your family is in need of and be willing to offer more to sweeten the deal if it's something you've really been needing. Also consider that it might take some time to find a good barter, and if you don't have 2 or 3 months to acquire a refrigerator for example, you may be better off just buying a used one. Keep in mind, when you are bartering for items, there are no guarantees. Unless you are trading for items with transferrable warranties or the like, you are most likely on your own once the item is in your possession. For items such as winter coats, wall art and other items, this may be fine. If you're looking for a washer and dryer or other necessary household appliance, you may want to consider this. How to do it Now that you've bought into the idea of bartering for the products and
services that you need in order to save some money, you need to find suitable partners to barter with. The best way for finding these people is simply be reaching out. Make a list of all the items and/or services (household, professional or otherwise) that you have within your realm to offer. On a separate sheet of paper, make a list of items that you need (personally, for your family or home). Also make a list of services you might need (someone to prepare your tax return, after-school child care, lawnmowing, etc.). Talk with friends and neighbors about starting a bartering society. If you can get people to make the same two lists you just did and circulate the lists among your network of family, friends and neighbors, you will likely find that many individuals' and families' needs can be met within your very own community. A way of connecting with the community (outside of your network) for bartering purposes is to use online classifieds or message boards. You can simply type up your lists (of "offers" and "wants") and post it as a proposal to barter. You can also search through local classifieds, message boards or online communities for folks offering barters. The bottom line is that bartering with what you have for what you need can help not only you, but also a neighbor to save some money and get what they need. Reach out into your community to see if some needs can be met without requiring cash. You will save money, and you may even make some new friends.
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