Few can argue that saving money during a recession can be a challenge. Fortunately, there are a few ways to increase your savings each month. Let’s take a look at the best ways to save money during a recession.
10. Re-Use Old Stuff
During a recession, you must become creative. Solving problems in the most cost-efficient manner possible is what will save you a lot of money at the end of the month.
A sure-fire way to save money is to re-use old stuff.
Stretch household items for a bit longer than you are normally used to. There are plenty of resources on the Internet that can show anyone how to recycle, re-use, and effectively utilize what they already own without using a lot of money to do so.
9. Cut Down on Food
While food is a bare essential and is needed to survive, you should be making a proactive decision to save as much money on food as possible.
If you really want to cut down on your bills, consider purchasing a whole chicken versus pieces of meat at the supermarket. The process is much simpler than you think. Instead of dining out on the weekend, consider visiting a whole foods market and investing your money there.
You would be surprised by how much healthier you are and how much money you save when you avoid foods with high-fat content.
Articles that will help you cut on food expenses:
8. Dress Nicely With Less Cash
You don’t need to own a $1500 Armani suit to dress sharp. As a matter of fact, you can look and feel like a million bucks for less than $30. The key to dressing elegantly is to hit thrift stores that focus on selling high-quality clothing.
More often than not, you can purchase very nice clothing for almost half of what you would purchase in the store. This also falls into the category of hairstyling and other forms of personal care.
Whenever you are trying to look nice, realize that you can do it for a lot less.
7. Start a Business
As crazy as it sounds, you should consider starting a business to save money during a recession.
Now, we know what you might be thinking: doesn’t it cost money to start a business?
Well, not really. Studies have shown various services that one could start that would require virtually no start-up cost. For example, you could become a dog walker, buy and sell on eBay, and do side freelancing work.
Everyone is different, and finding your own niche during a recession is the most important part of working for yourself.
6. Cut Down on Cable
Television happens to be one of the larger bills for most people across the country. If you were to cut down on cable or even give up television altogether, you would be able to save a decent amount of money every month.
While many people can’t see themselves doing this, the key to making it work is to find other activities to spend your time doing. On a similar note, people spend much more money on food than they should because they are watching television.
Studies have shown that people are likely to eat much more when watching television than doing any other activity in their home.
5. Downgrade Your Cell Phone Plan
Most people love their smartphones. Without it, they would be lost. But experts suggest that if you can’t afford it, ditch them. While smartphones are nice and reliable, they can slap a huge price on your monthly bills.
If you can’t re-negotiate a better plan or find a phone that is a bit more cost-efficient, consider downgrading your cell phone to something a bit more “caveman.” You would be paying close to five times less than what you normally pay by doing this.
4. Invest in Yourself
This doesn’t mean going out and spending hundreds of dollars on clothes and other memorabilia. Basically, take time to learn new things and gather knowledge that will allow you to become more efficient in other areas of your life.
For example, commit to reading one book on saving money each month or participating in workshops that teach you how to make money from home.
3. Spend Less and Save More
While the concept itself sounds simple, it can be a challenge actually to do. Spending less and saving more basically has to do with cutting back on various areas of your life.
For example, instead of signing up for a gym membership, work out at the park. You will be able to burn just as many calories, but you won’t be paying the month-to-month membership fee.
2. Check out Craigslist
When times are tough, it would be nice to be able to purchase items for discount prices. Well, you can when you go through Craigslist. They offer almost anything that you could ever want.
Here, you can find people who are selling vehicles, furniture, and even tools. The best part is that they are being sold for a fraction of what you would normally buy them for.
On the same note, consider selling things on Craigslist. This would be a quick and easy way to put some cash in your pocket each month.
1. Slash Bills by Staying Committed
Finally, the best way that anyone can save money is to decide to do so.
No coupon codes or website offers will work if the person isn’t committed to the process. It might take some courage, but anyone can save money during a recession. Simply stay persistent, and the process will work.