Save Money and Survive a Recession

When the economy is in the middle of a major recession, panic is quick to set in. The necessities, such as gas and food staples, begin to peak at prices that our lingering salaries suddenly can't afford to cover. While most families are trying to get through paycheck to paycheck, and are turning to credit cards and loans to get through the week, you may think that saving money is a laughable ideal. In reality, with some forethought and creative planning, you can not only survive a recession, but save money at the same time.

First things first: determine your necessities. The most important bills are the ones that need to get paid in order for you to survive. The mortgage, the electric bill, and the rest of your utilities all fall under this category. Your grocery shopping is also an obvious necessity, but there are ways to cut back on your grocery spending. Everything else, including your cell phone, can probably stand to be cut back, if not turned off entirely while you wait out the crunch.

Next, focusing on conserving in every aspect can help you whittle down your monthly bills. Most of us are guilty of leaving our electronics running day and night. Computers, video game systems, and a television going in every room of the house - and that's just the tip of the iceberg. While unplugging every single electronic appliance in your home is dually unnecessary and annoyingly burdensome, powering down the major appliances like your computer, when it's not in use, can help you save a few hundred on your electric bill.

Grocery shopping is another budget breaker for many families, especially if you have some big eaters on your hands. One easy way to cut down on the unnecessary grocery spending is by eating before heading out to the grocery store. Shopping on an empty stomach results in shoppers spending 50% over what they had planned to spend, because they start seeing junk foods that they want to eat as soon as they get home. Make your list, and plan your budget accordingly to give room for a few extras that you may have forgotten to add to your list. Clipping coupons and signing up for the free grocery store savings club will also help you keep costs down.

Cutting back on your driving can also help, especially with petrol prices that have remained high. While you'll obviously need to get back and forth to work, other trips to complete errands can be lumped together in order to keep gas use at a minimum. Instead of squeezing your shopping in during your lunch breaks, save all of your shopping trips for one day on the weekend. Hit the stores you need to shop at in order of where they are located, so that you don't need to drive all over creation. You can even turn to the internet to purchase some of your typical monthly necessities, which can save you money both through discounts and through shipping. Most online companies charge significantly less for shipping than it would cost you in gas to buy the item yourself at the store.

More Tips on managing and saving your money.




author: Melissa Nykorchuk

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