The economic climate has everyone pulling the purse strings tight, even European bankers who shared their penny-pinching tips with eFinancialCareers.com.

Executive pay has been under close scrutiny since the 2008 financial crisis that led to many large banks being bailed out across the globe and many executives have had to learn to do more with less.

While some their tips aren’t exactly innovative, they are entertaining and could even save you a couple bucks.

Here are five of our favorites:

No. 1: Put your children into the “state school system.” Private schools carry a hefty price tag with some U.K. schools carrying a price tag of $7.6,000 a term-- a surefire way to drain your resources.   

No. 2: Learn to iron. Instead of picking up their freshly-pressed shirts at the cleaners, many European bankers are taking the task upon themselves--and finding it therapeutic. The men who don’t find the task distressing, they report outsourcing the job to their spouse.

No. 3: Cut back on how much cash you carry. Simple solution, right? The more money you carry with you, the more enticed you will be to spend. And, as eFinancialCareer’s source says, it will make you less likely to over tip.

No. 4: Cook your own food. The article alleges bankers are working less hours, meaning they are home earlier and have more time to prepare their own meals. It’s not as pressing to be out entertaining clients and spending in this climate as it used to be in the recent past.

No. 5: Tutor your own kids. First public school and now no private tutors? The eFinancialCareers.com story says this is another easy way to cut back on expenses. It may be “time consuming and occasionally infuriating,” the story says, but can save you a “small fortune.”

Read the full article here

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