How to Save Money During Recession

  posted by: Gretchen

 

 

saving money during recessionEconomic downturn has started last year.  It has affected the lives of most people.  Some people lost their jobs and others suffer from depression.

To help you get through economic crisis or recession, we will try to come up with a list of ways on how to deal with the situation.  Read the following.

Saving Money Tips During Recession

  • Be alert.  Know what is going on with the economic status of your country.  Watch out for devaluation.  Prepare yourself to things that might happen like closure of companies, layoffs, and others.
  • Cut down your food expenses.  Food is a basic need.   However, if you can find some ways to reduce your food costs, then that will be a good way to survive recession.  As much as possible, avoid eating out.  Cook and eat at home with your family.
  • Shop for your groceries in bulk and use coupons if you have them.
  • If you have space in your yard, plant some vegetables.  You will have fresh and healthy veggies right from your own garden plus you will save much.  You won’t have to go to the market for veggies.  You can even sell them and earn.
  • Buy fruit and vegetables that are in season.  They area a lot cheaper.
  • Find a part-time job if you can manage.  Think of something that will help you make money.
  • Put off your big plans.  If you plan to travel or to renovate your house, don’t pursue it, not this time.
  • Settle your debt and have a savings account.

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Maintaining a frugal living is always a good practice.  It’s not bad to be luxurious for as long as you have the means.  But if you are used to a luxurious lifestyle it’s quite hard to adapt to changes once your financial status falls down.

 

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