How to Save Money During a Recession
Whether you want to admit it or not, there’s a global recession happening, and it’s affecting millions of families. People are being laid off, companies are going under, and even some state governments are completely broke.
Finding ways to cut back on your spending can help you during this difficult economic period. Saving money is always good, but it’s a skill that becomes especially important during a recession.
How can you save money during a recession? It’s all about planning, cutting frivolous costs, and changing the way you spend money.
Here are some handy tips you can use to help you save money:
1. Pay important bills first. The mortgage, electricity, water and heat have to be paid no matter what.
2. Save Money on groceries. Groceries are a huge, yet necessary, expense. After the bills are paid, most of the budget will fall into the groceries category.
- Buy generic rather than name brands. They usually taste just as good but cost less.
- Buy non-perishable foods in bulk. Many items can be bought in bulk such as rice, canned foods, and frozen foods.
- Never shop on an empty stomach. Eat before grocery shopping; otherwise, you’ll wind up buying more junk and convenience foods because you’re hungry.
- Make a list of what you need and stick to it. It really is that simple!
- Cut and use coupons. 10 for $10 deals and sale items are your friends. Combining coupons with sales can slash your grocery bill even more.
- Avoid shopping at expensive stores, even if they’re closer to home. Instead, go a few miles out of the way for the discount grocery stores. Most items in the store are exactly the same thing, other than the price tag.
3. Rent movies instead of going out. Have a movie night once a week. Sit down with some popcorn (the kind you pop on the stove) and watch a movie. This is a great way to spend quality family time, without much expense.
4. Put the credit card down. Credit purchases may get your “stuff” now, but you’ll pay double for it later. If you want something, save up and pay cash or wait.
5. Cook at home. If you go out to eat two or three times a week, cut back to once every two weeks or once a month. Instead, learn to cook at home. If you plan ahead and cook in quantities, you’ll save time and money by popping the extra portions into the freezer.
6. Unplug. If there are things in your house plugged into the wall and you aren’t using them, unplug them. Many items, like computers and phone chargers, draw electricity whether they’re on or not. Plug it in when you need it, then unplug it when you’re done.
7. Lower your thermostat. Set your thermostat at a specific temperature and leave it there. 68 to 70 is an energy-saving setting in the winter. If you get chilly, put on a sweater or grab a blanket. You’ll save more than you realize on your heating bills.
These are just some of the many ways to save money and stretch your dollar a bit further during these challenging times. These tips require a change to your habits, which can take some getting used to. In time, however, you’ll adjust and the money you save can make a big difference in your budget.
It’s important to stick with your plan to save money. Making a change for a week won’t do the trick. Committing to changing bad habits for good will reap the greatest benefits in the long run.
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Tags: credit cards, recession, save money