Recession is a word that fills people with dread and bad visions. It’s a time people consider bad for finances, a time capable of magically shrinking a dollar’s value overnight. It also automatically increases the cost of basic living. And where money is a huge concern, people always ask, ‘Can I still save for real during a recession?’ The answer is: of course you can. You just need to be wise and creative about the whole thing. Here are ways how:
Plan your purchases.
By planning your purchases, you’re effectively planning your expenses. This will help eliminate the danger of impulse buying and unnecessary spending. Try to look at the bigger picture when it comes to your basic needs.
Plan for a week’s worth of groceries, for example, so you’ll have an idea of which items you truly need (and want) and which items you can do away with. To make sure that you maximize your planning efforts, consider incorporating items on sale into your planning. If there are foods on sale that week, for example, why not plan your week’s menu using what’s currently on slashed down prices?
Implement the ‘B’ word.
Budget, that is. If you want to be able to save money during a recession, learn to discipline yourself and your family. Using your plan as a reference, come up with a weekly or monthly budget and then stick to it. If you must overshoot it, you should have a very good reason to do so. Otherwise, don’t spend.
Keep an eye out for bargains and discounts.
Learn to monitor stores for seasonal sales. You’ll save a lot of money by buying items on sale than in their regular prices. During a recession, that’s considered wise spending. Check out store or newspaper ads and don’t be shy about asking for cheaper alternatives, getting store rebates or using discount coupons. Consider buying at discount stores as well. Each dollar you don’t pay is a dollar you save.