As the global economy begins to shrink, people are going to be tightening their belt. Jobs will be lost, wages low and money will need to stretch a lot further in order to survive.
Eventually things will turn around and the economy will rebound. In the meantime, people are looking for ways to not spend as much money so they can get through these lean times and be ready for when the economy does start back up again.
Saving money is important no matter the economy but when there is a recession, it’s vital.
In this article, I will go over several ways that you can make your dollar last longer during a recession.
Look for deals
You have to spend money no matter how much money you have or make. There are plenty of essentials that you need for your daily life.
Since you have to buy these things, you should be looking for bargains. In other words, you have to do some old fashioned coupon clipping. Weekly flyers stuff our mailboxes and now is the time to start really poring over them to see where you can shave some off of the price of goods you already need.
If you prefer using tech, then your smartphone can help you save money in a click or two. Apps like Ibotta will give you cash back when you shop online for things you would have been buying anyway. This will help you keep your hard earned money.
Frugal living is not as austere as you had thought. There are plenty of ways of getting more with less and not needing to feel like you are living in the Great Depression.
For instance, buying in bulk is very frugal. You should set up a pantry and fill it with dry goods. Don’t get tinned beans, but buy dried beans in bulk and you will save quite a bit of money.
Look for like-new clothing on upcycling sites for your kids. Kids clothes are expensive and they grow out of them quickly. Buying them for pennies on the dollar is the way to go.
Learn to fix things instead of replacing them when they don’t work. Even a smartphone screen can be replaced at home yourself by watching some Youtube videos and buying a kit.
There are a lot of ways to spend less by living more frugally and not giving in to immediate gratification.
You are probably paying for more insurance than you need for your cars. Shop around and get some quotes from other companies and you may end up saving hundreds per month.
Likewise with your phone provider. If you are not locked into a long contract, your mobile phone provider can be replaced. If you have to finish a contract or pay a fee to get out of it, then look for better plans to replace what you have when it is finished. Switching to a pay as you go model could save you money.