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 how people save money during a recession.
10. Re-Use Old Stuff
During a recession, it is important that you 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.
8. Dress Nicely With Less Cash
You don’t need to own a $1500 Armani suit in order to dress sharp. As a matter of fact, you can look and feel like a million bucks for less than $20. 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 hair styling 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 in order 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 that there are a variety of 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 some 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 all together, you would be able to save a decent amount of money each and every month. While a lot of 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, one reason why people spend much more money on food than they should is because they are watching television. Studies have shown that people are likely to eat much more when they are watching television than doing any other activity in their home.