10 Tips to Save Money during the Recession

Posted on April 5, 2009
Filed Under Make Money Online, Money Making Videos | 10 Comments

If you’re battling to keep up your payments and are up to your eyeballs in debt, here are 10 tips to help you get back on-track:

  1. Keep a tight grip on your credit cards. As useful as they are, credit cards make it too easy to buy things we don’t need. For instance, people who put their meals on plastic typically spend 30 percent more than those who pay cash. Also get into the habit of paying off store cards immediately or as soon as you can.
  2. Rethink your automatic expenses. Go down your list of debited expenses and ask yourself what is absolutely necessary and what you can do without. Can you do without that satellite television subscription? You can always sign up again once the economy normalises.
  3. Cut out unnecessary luxuries, like takeaway meals. Put the brakes on impulse buying.
  4. Create a budget or ‘spending plan’. Firstly, track the money you spend over the course of a week or a month and also factor in any infrequent payments. Look closely at your discretionary expenses, like travel, entertainment, and eating out. These are expenses that are flexible (as opposed to fixed expenses such as your bond repayment or rent, which you don’t have as much control over). Then you can decide where to cut costs.
  5. Get the family involved in your money-saving mission. Saving money as a family can teach your kids some valuable life lessons.
  6. Get organised. Most of our lives are hectic and so bills tend to be the last thing on our minds. So it’s a good idea to schedule one day a week to pay them. If you stay organised you will also save money on late fees and charges. And your life will be a lot less stressful!
  7. Pay yourself first. Yup, that’s right, you can save money by paying yourself. Give yourself a limited weekly ‘allowance’ to use for whatever you want. But once that money is gone, you don’t get any other money. Paying yourself an allowance to save money will at first be quite hard. But once you get used to it, you’ll begin to be far more prudent with how you spend your allowance.
  8. Make more money. Think of things that you could sell online, or perhaps you could take on extra shifts at work. Be creative who knows you could land up making some extra money online!
  9. Get professional help. Talking to a qualified professional (at no fee) will help you determine the quickest way to settle your debts.
  10. Deal with the most urgent payments first. Look at all your expenses and determine what are the most costly and pay those first, such as store cards.

Comments

10 Responses to “10 Tips to Save Money during the Recession”

  1. melanie on April 10th, 2009 8:56 am

    This is really helpful. And sooooo true, too. I’ve done some of these tips, and they really do work. I am able to save money.

  2. ryanvines on July 7th, 2009 12:28 pm

    Thanks for the post.I truly agree with your 6th point of getting organised.You are doing some good work in these tight stages of economic slowdown …keep up

  3. vishal on July 14th, 2009 5:32 pm

    it’s nice and informative

  4. Acne Scars Treatment Info on September 7th, 2009 5:12 am

    Economic recession created huge unemployment rates around the world. I think the world economy is already on the road to recovery.

  5. michael on October 18th, 2009 8:52 am

    the economic recession made a lot of workers jobless. my best friend and me lost our jobs because of job cuts. i hope that our economy would recover soon

  6. Janet Reyes on December 8th, 2009 9:19 am

    Our country was also hit hard by the Economic Recession. At least we are seeing some signs of economic recovery now. I hope that we could recover soon from this recession.
    .z….

  7. CameronDz on December 29th, 2009 9:53 am

    Our country had been so much affected by this Economic Recession. there are lots of job cuts and company shutdowns. We are seeing some signs of economic recovery right now and we hope that it would continue.
    :

  8. | Acneguy on January 5th, 2010 5:57 pm

    I think we are also seeing some signs of recovery from the Economic Recession. Of course, we have no idea of how long it will take to completely recover, but some say it’s going to be longer than for the other recessions in decades. I also scanned an article yesterday that said business owners need a new set of tactics to do well during recovery.

  9. Juan Torres on April 28th, 2010 3:00 pm

    Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. :

  10. The Ark Angeal on August 6th, 2010 11:56 am

    Yes, we all being affect in some way but the we seem to be rocovering slow but showly and soon enough things will be back to normal. All the best to everyone

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