7 Helpful Tips to Save Money During an Economic Recession
The term "recession" plagues the minds of many people with fear, intimidation, and great uncertainty.
It's a time people consider extremely challenging for their financial stability, an unideal situation which can seemingly destroy the dollar's value overnight.
Naturally which follows, is that the cost of living increases gradually.
As things start to slow down and stagnate, the most popular question I hear is, "Is it possible to save money during a recession period?" My answer can take many forms, but the general one is: "Of course you can! You just need to be more prudent and cautious about the saving process.
Here are 7 of my favorite ways on how to do just that: Spend Wisely and Plan Ahead Planning whatever it is you wish to purchase will undoutedly indirectly plan your expenses.
Impulse buying and non-necessity buying are not very good to do during a recession, but by cautiously and wisely planning ahead with your spending, impulse buying will be effectively eliminated.
Always have a week supply of groceries, for instance, so that you have a general idea of what supplies you actually need - and even want - and determine the items that you know you can do away with.
Always keep an eye out for bargains and sales, even the defectives and closeouts, to maximize savings.
Why not plan your menu for the week or longer around the bargains you can find at your local grocery.
Hint: Dollar stores and surplus stores are very ideal! Everybody Hates The "B" Word, But It Is Crucial By the "B" word, I mean "budget," of course.
In order to save money during a recession, discipline yourself and your family members who contribute to family finances.
Determine a proper and functional spending limit by week, and by month.
If you have to go over your predetermined budget, be sure to have a very good reason to do so, as you will have to live "tighter" the next week or month.
Pay Attention To Seasonal Sales and Specials Be on the lookout and watch stores for seasonal sales and specials.
During a recession, we call that wise and frugal spending.
Look for store or newspaper advertisements and do not be afraid to inquire about low priced alternatives, getting rebates or using coupons.
Try To Purchase Items In Bulk As Often As You Can Household items which you use fairly often - paper towels, canned beans, yogurt, etc.
- consider buying these items in bulk quantities.
There are numerous stores these days that offer such items in bulk packs, meaning that you'll save money in the long run if you buy them in favor of individual items.
Delay High Cost Purchase When Possible Use common sense here: If you are not able to afford it, then don't buy it! Do not make any purchase where you may have the money for a downpayment, but will have to borrow against a credit card to make ends meet the next few weeks or so.
Wait until you can genuinely afford such things.
The worst thing to do during a recession is letting your carelessness or lack of financial savvy allow you to go into debt - no matter how little or more.
Do Not Try To Cure Things, Prevent Before There Is Need For A Cure By paying close attention to your surroundings, there are many things you can do in your home - simple, everyday things - that are silently sucking money from your bank account.
Keeping your house in up-do-date repair and enhancements, using more efficient equipment and trimming down on unnecessary energy consumption will do wonders for your bank account and personal savings.
What better way to treat and survive a recession than to be cautious and frugal? Find Other Sources Of Extra Income If, no matter all you have tried, the money you have saved is still not sufficient, don't allow the recession to get the best of you; and don't allow it to lead to emotional problems such as anxiety, stress, or even depression.
There are times where no matter what you try, nothing will get much better - mainly because you cannot earn enough in the given time period involved.
Consider finding other means with which to earn and save money, such as getting a part time job of some sort.
Getting a part-time job, working extra hours, selling personal items or retail, or offering your skills as a freelancer will greatly aid you in this regard - and this will undoubtedly be more than any raise you may ask for.
The extra income you earn, along with a recession conscious, money-saving plan, will aid you in making enough until after the rough economic recession is over.
It's a time people consider extremely challenging for their financial stability, an unideal situation which can seemingly destroy the dollar's value overnight.
Naturally which follows, is that the cost of living increases gradually.
As things start to slow down and stagnate, the most popular question I hear is, "Is it possible to save money during a recession period?" My answer can take many forms, but the general one is: "Of course you can! You just need to be more prudent and cautious about the saving process.
Here are 7 of my favorite ways on how to do just that: Spend Wisely and Plan Ahead Planning whatever it is you wish to purchase will undoutedly indirectly plan your expenses.
Impulse buying and non-necessity buying are not very good to do during a recession, but by cautiously and wisely planning ahead with your spending, impulse buying will be effectively eliminated.
Always have a week supply of groceries, for instance, so that you have a general idea of what supplies you actually need - and even want - and determine the items that you know you can do away with.
Always keep an eye out for bargains and sales, even the defectives and closeouts, to maximize savings.
Why not plan your menu for the week or longer around the bargains you can find at your local grocery.
Hint: Dollar stores and surplus stores are very ideal! Everybody Hates The "B" Word, But It Is Crucial By the "B" word, I mean "budget," of course.
In order to save money during a recession, discipline yourself and your family members who contribute to family finances.
Determine a proper and functional spending limit by week, and by month.
If you have to go over your predetermined budget, be sure to have a very good reason to do so, as you will have to live "tighter" the next week or month.
Pay Attention To Seasonal Sales and Specials Be on the lookout and watch stores for seasonal sales and specials.
During a recession, we call that wise and frugal spending.
Look for store or newspaper advertisements and do not be afraid to inquire about low priced alternatives, getting rebates or using coupons.
Try To Purchase Items In Bulk As Often As You Can Household items which you use fairly often - paper towels, canned beans, yogurt, etc.
- consider buying these items in bulk quantities.
There are numerous stores these days that offer such items in bulk packs, meaning that you'll save money in the long run if you buy them in favor of individual items.
Delay High Cost Purchase When Possible Use common sense here: If you are not able to afford it, then don't buy it! Do not make any purchase where you may have the money for a downpayment, but will have to borrow against a credit card to make ends meet the next few weeks or so.
Wait until you can genuinely afford such things.
The worst thing to do during a recession is letting your carelessness or lack of financial savvy allow you to go into debt - no matter how little or more.
Do Not Try To Cure Things, Prevent Before There Is Need For A Cure By paying close attention to your surroundings, there are many things you can do in your home - simple, everyday things - that are silently sucking money from your bank account.
Keeping your house in up-do-date repair and enhancements, using more efficient equipment and trimming down on unnecessary energy consumption will do wonders for your bank account and personal savings.
What better way to treat and survive a recession than to be cautious and frugal? Find Other Sources Of Extra Income If, no matter all you have tried, the money you have saved is still not sufficient, don't allow the recession to get the best of you; and don't allow it to lead to emotional problems such as anxiety, stress, or even depression.
There are times where no matter what you try, nothing will get much better - mainly because you cannot earn enough in the given time period involved.
Consider finding other means with which to earn and save money, such as getting a part time job of some sort.
Getting a part-time job, working extra hours, selling personal items or retail, or offering your skills as a freelancer will greatly aid you in this regard - and this will undoubtedly be more than any raise you may ask for.
The extra income you earn, along with a recession conscious, money-saving plan, will aid you in making enough until after the rough economic recession is over.