There are a lot of people today who insist that you can’t really save any money when there’s a recession going on, but that’s simply not the case. It can be done, but it’s certainly true that it can be more difficult when times are harder. Being creative with your saving during financially tight times also means that you have to be creative with your spending, and that’s something that you can do with a few good ideas. One thing you shouldn’t do is buy into all of the hype going around that says you can’t save any money in a recession and that you’ll go broke because you won’t even be able to make as much as you’re spending.
People who generally have a tendency to save money will already have some money put away in savings or investments, and they’ll probably have a little bit easier time during a recession simply because of the security of having some of that money. People who have money put away don’t fret as much during a recession because they can live off of that money if they have to, but that doesn’t mean that they shouldn’t still try to save, since a very long recession can even cause savers with nest eggs a problem if they aren’t careful. People who generally don’t save money and who spend all that they make won’t have that nest egg and they can go into panic mode, but if they practice being more careful during a recession they can actually save some money and survive the uncertain financial times.
Really, though, it doesn’t matter if you’ve been a spender or a saver in the past, because you can learn how to hold onto your money during a recession and you can even learn how to save money and build up a nest egg when other people around you are struggling. You could end up seriously needing that money in the future if the recession doesn’t ease, so recession times can be some of the best times to concentrate on saving some money. When you’re able to save during a recession when you’re making less money and things are tight, just think of how much you’ll be able to save once the recession eases up and things return to a more normal level.
In order to save during a recession (or anytime, actually), you have to spend less than you are making, and there are many different ways to do that – most of them very simple. For example, do you go out for lunch at work or stop and buy yourself a coffee in the morning? If you do, you probably don’t realize how much money you’re actually spending on these things when you could make coffee for yourself in the morning and carry your lunch to work from home, both of which would be much less expensive and often better for you, depending on what kind of lunch you typically eat.
The food that you buy and cook at home for dinners and breakfasts can be an area where serious savings can occur, too, since most families eat pretty heavily today and they often buy whatever looks good instead of paying attention to any of the sales that the grocery stores are offering. When you look for sales you can often buy something and get another one for free, save several dollars each on certain items, and use coupons to get more savings – but be careful of coupons because the store brand is often cheaper than the name brand, even if you use a coupon. At first glance it could seem as though you’re giving up a lot, but you can turn it into something more fun by trying to see who among your family and friends can find the best deal and comparing your shopping with other people who are playing the same ‘game’ of saving money.
Things are not great deals if you don’t need them, no matter how cheap they might be, so don’t fall into the trap of buying things that you really don’t have a use for just because they’re on sale. Those kinds of purchases are usually things that you’ll end up regretting, especially when you see that you could have saved that money to put back or to purchase something else that you really did need. If you read the sale fliers each week and make lists you can shop at the grocery for a lot less money than you used to, meaning that you won’t have to worry as much about how you’re going to save money, and putting you into better shape financially.
You can also keep a journal or other list of how much you’re spending and on what, like a budget. When you budget for things and when you literally track every penny that you’re spending, it’s much easier to see where the money that you’re making is going. By doing that you can better identify areas where you could spend less without a hardship and that will help you save money, even when there’s a recession going on.
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