Recession Money Saving Tips
Recession is the decline of the economy, especially in the Gross Domestic Product, employment, and trade, which usually affects on running out of funds because of the high prices of commodity and the increase in unemployment rate. So, recession is a word that fills people with dread and bad visions. It’s a time people consider bad for finances, a time capable of magically shrinking a dollar’s value overnight. It also automatically increases the cost of basic living. So, if you are running a household, how do you make sure the impact of recession will not be too much to bear for your family? How can you save money for real during a recession? Here are 10 ways to save money during recession that you can find useful:
- Make a budget and plan your purchases
Budget, that is. If you want to be able to save money during a recession, learn to discipline yourself and your family. Using your plan as a reference, come up with a weekly or monthly budget and then stick to it. By planning your purchases, you are effectively planning your expenses. This will help eliminate the danger of impulse buying and unnecessary spending. Try to look at the bigger picture when it comes to your basic needs. Plan for a week’s worth of groceries, for example, so you’ll have an idea of which items you truly need (and want) and which items you can do away with. To make sure that you maximize your planning efforts, consider incorporating items on sale into your planning. If there are foods on sale that week, for example, why not plan your week’s menu using what’s currently on slashed down prices?
- Improve your grocery shopping habits
With the right shopping attitude, you can reduce unnecessary cost. You can prevent yourself from succumbing into impulse buying. You can do this by creating a list of items to buy before going to the supermarket. One tip is to not go to the grocery to shop when you are hungry. Yes, hunger causes you to buy items you do not need. Buying all the items you need in one go can help avoid using gas for unnecessary trip and also get rids of temptation. Also, before you unloading your cart, check again which items you can do without. You will be surprised that there are just so many of the items that you picked up that you do not really need.
- Keep an eye out for bargains and discounts
Learn to monitor stores for seasonal sales. You’ll save a lot of money by buying items on sale than in their regular prices. During a recession, that’s considered wise spending. Check out store or newspaper ads and don’t be shy about asking for cheaper alternatives, getting store rebates or using discount coupons. Consider buying at discount stores as well. Each dollar you don’t pay is a dollar you save.
- Buy in bulk
If there are items in your house that are often in use (paper towels, canned beans, yoghurt, etc.), consider buying in bulk. Many stores offer items in packs, which means you’ll save money in the long run if you buy them instead of paying for individual items.
- Put off bigger purchases
A good rule of thumb is, if you can’t afford it, don’t buy it. If, for example, you have enough money for a down payment on a new LCD TV but will have to borrow money off your credit card just to tide you over for the next few weeks, it would be really insane to make a purchase. Wait until you can truly, comfortably afford something. The worst you can do during a recession is not just failing to get money saved but also going into debt.
- Cut back on non-essentials
You like soda? You like steak? But do you like to survive the recession? Then, cut on soda, meat and other non-essentials. You do not have to stop drinking soda or eating meat. But if you will only compute how much you can save without consuming any of these as often as you used to, you will see that it’s enough to tide you over.
- Grow Your Own Fresh Produce
If you have been relying on the supermarkets for your daily meals, it’s high time to consider growing your own food. What can be better than taking advantage of your green thumb to avoid having to buy fruits and vegetables? If you are renting, growing vegetables and herbs in pots, also known as container gardening, can be useful. Mint, sage, rosemary, basil and thyme are great herbs for container gardening. If you do not have enough time, opt for low maintenance vegetables. Examples of low maintenance vegetables include garlic, onions, turnips, cabbage, leeks and kale. Now if you have a bigger backyard, growing your own fruits can be fruitful (pun not intended). Although this might require longer time since fruit trees can take at least about two years to yield crops. You can also do better in keeping a wide variety of your fruits and vegetables through trading with your neighbor’s grown fruit trees, vegetables and herbs.
- Make Your Own Meal
If you have the time, learning how to bake can be one great way to spend your free time. Aside from saving money, it can also be one fun way to relieve your stress. Fast food restaurants can be very tempting but if you have the skills (or not, since you can learn to cook), then why not prepare your own food from your own grown fruits and vegetables and home-baked bread. If you think your skills are too limited, the Internet offers many simple recipes that even kids can make. Make your own coffee and you can also brew your own beer if you want.
- Practice prevention, not cure
If you look closely, there are many things you do in your home that are siphoning precious dollars from your wallet. Simple steps such as repairing and maintaining your home and appliances, using more efficient equipment and cutting down on unnecessary consumption can do wonders for your wallet and piggy bank. And what better way to treat a recession than to be prudent?
- Earn extra money
If, after all your efforts, the money you have saved is still not enough, don’t let recession get the better of you. There are times when your efforts are just not sufficient – mostly because you don’t earn enough. Instead of asking for a raise that might never occur or waiting for a promotion to drop on your lap, consider finding other means with which to earn (and save) money.
Consider getting a part-time job, work extra hours, do selling on the side or offer your skills as a freelancer. The extra income you earn, along with your recession-powered money-saving plan, will help you make enough until after the tough times are over.
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