Top 7 Ways To Save Money During A Recession

The following article about how you can save money during a recession was written by Chris Sheward. He is an avid reader who relishes in writing a good story whenever he can. Born in the United Kingdom, he made the decision to live and work in the busy city of Kuala Lumpur, Malaysia. Chris is now working as a content writer in one of South East Asia’s fastest growing companies, on how to save money during a recession

Hard times come and pass, and a recession is one of those times where you will feel like you are always stuck between a rock and a hard place – money is scarce and getting one yourself can be really difficult. Though, having saved money even before a recession hits can be really helpful for you and your family, but the sad part is we never know when will it happen again, right?

That’s when knowing how to save money DURING a recession has its advantages.

Different Ways To Save Money During A Recession

Shop around for insurance

Yes! We said it, before you select an insurance plan; best you shop around for something that is tailored for your every need. The good news is that you don’t even have to leave the comfort of your home to find just what you need –– there are various comparison sites that could help you, with just a click of a button.

Dress pretty for less

No one has the right to dictate what you wear. Recession might impede your magnificent dress code, meaning that those Gucci’s and Chanel’s will have to be on hold for a while. However, if you think about it for a while, you will be happy to know that investing in one or two versatile and comfortable items, can still make you look good.

READ ALSO:  4 Ways You Could Do To Improve Your Finances

Have another source of income

That one’s easier said than done but with the growing use of the internet, doing it can be a few clicks away. You can save costs and work from your own living room and earn some extra cash through it. There are a lot of jobs and things you can do in the online world that can be a source of income for you, they are just waiting for you to try it out yourself.

Make a budget

That may seem like an overused statement but experts report that there only a handful of people who actually stick to their budget. We all have to remember that a good budget is one that is not exaggerated; stay as close as possible to the reality of how much you are earning and how much you should cut down on. It takes discipline and commitment but if you do it right, you will be able to put a little something — and that something can take you a long way whenever a recession happens.

Reduce car expenses

Instead of using one car for each person in the family, try car pooling –– that means each person chips in and only one car will at the end of the month need full servicing. By doing that, you are able to save money and our planet as well.

Learn how to cook

You have probably heard this one too many times, but if you can cook at home — that is savings right in your pocket. Not only will you save money; you will also have the benefit of eating healthy food how you want it every day.

READ ALSO:  Financial Market Trading: How to Make Money While Safeguarding Your Investments

Ask and you shall be given

If you feel like your loan payments are going to lag behind, there is a way out: let your bank know. You may be able to come up with something that works for both parties. Furthermore, this will save you future financial trouble. So don’t be shy to talk about your problems!

It’s best to be prepared, so when a recession comes, you and your finances may not suffer too much.

Photo Courtesy of Images_of_Money

About the author

Mark Holland

Leave a comment: