Recession in general means slow down in economic activity in a country for a business cycle or for a certain period of time. Recession has many attributes that occur simultaneously which are unemployment, reduced corporate profits and investments. The stock market and economy are closely related. Economy crisis or recession had lead to reduced stock market also. The financial crisis, reduced job, fear of loosing job, reduced perks and incentives, credit crunch etc has led to a depression among all.
Few tips to deal with all this is very well explained in my previous article Make Life Meaningful in Times Of Recession. Reduced shopping or suppressing your wishes to buy certain things can sometimes cause stress, thus shopping wisely is a good option. Few tips are available at How to shop in Times Of Recession. Moreover, if we think wisely and spend money appropriately i.e spend money where required and reducing few unwanted expenses will help you in fight with recession without getting stressed.
Money Saving Tips In Recession
Here are few tips to help you fight recession and remove financial stress:
- – Minimize Your Budget – To minimize your budget, cut unnecessary expenses. Reduce spending on expensive clothes, eating-out, weekend parties with friends, excessive beers etc. I known it is difficult, but will help you in long run.
- – Avoid Using Credit card – Credit cards have a huge rate of interest, thus you may end paying 2 – 3 times the amount taken by you. Thus avoid using cards as much as possible.
- – Reduce phone bills – Chatting online is also a good option, it is cheap as well as inexpensive. This will help reduce your phone bills.
- – Save more – Concentrate on saving rather than spending, always remember A Penny Saved Is A Penny Earned. Choose your investment options wisely after careful investigation, if possible invest in gold, property etc.
- – Shop Wisely – Go shopping and enjoy but don’t forget checking out for sale options before going to shopping, it will help you shop at lesser price without compromising on quality.
- – Develop a habit of maintaining a journal – Develop a habit of jotting down your daily expense in a journal, it will help you know your monthly budget which will give you an idea about your expenses and you can figure out where you can reduce your expense.
- – Save Fuel – Develop a habit of cycling or walking for nearer location this will reduce your fuel bills, burn your body fat and help you stay fit and energetic. Moreover, this will also reduce your Gym bill. Cycling and walking are considered as best cardio workouts by expert.
- – Buy in Bulk – Shop for entire month so that you don’t have to shop again and again. Moreover, it has been observed that large quantity is always cheap.
- – Processing of bills – Make a list of bills to be paid, instead of paying all the bills target one bill and minimize it as much as possible.
- – Low Interest Loan -If possible consolidate all your debts into a low interest loan, so as you will be able to reduce huge taxes on credit, thus saving your money for long run.
- – Use library – Library provides a wide range of options, moreover it is free or have a small monthly amount to be paid. So use library as much as possible and save money.
- – Subscribe magazines – Instead of buying magazines from market or malls, take an yearly or monthly subscription. In general quarterly or yearly subscription are cheaper and user friendly.
I would love you to leave me a comment and let me hear your opinion. If you’ve got any thoughts, comments or suggestions for things we could add, leave a comment.