Saving money may be a true challenge when your budget
is tight – an unforeseen expense here, another there; and
oops there's no income left to save. If you're sick of
having to dodge saving, then this is for you! Keep saving easy by taking yourself out of the equation.
Utilize your bank's auto-draft feature to schedule steady
transfers from your checking account to your savings
account. Then, take it easy; and let the bank manage all of
the particulars for you.
Cut Down Spending
Cutting down on your spending does not have to mean lots
of giving up of things. Try out a few of these painless costcutters, and observe your spending reduce to a more
Fancy Name brand products are great, but regular store
brand products are frequently even as good (if not one in
A recession is not all sorry news. Since rates of interest
tend to go down during recessive periods, your debts will
cost you less; and your debt repayment dollars will go
farther. It’s a good time to pay down charge card debt.
Look over your budget, and ascertain if you are able to
afford to use more money to pay off your debt.
Likewise keep an eye on the mortgage rates. Now may be
the time to refinance to a lower interest rate and a shorter
Put Stuff In Reserve
Prices may be a bit irregular during a recession. The
resolution? Establish a reserve of sale-priced foods and
commodities, and you'll only have to purchase when it's a
good deal for you.
No need to purchase new when you are able to make do.
Consume leftovers; discover substitutes for items that
you've run out of; find new uses for the things that you
already have; and you'll keep that shopping list withering
month after month.
Make It Last Longer
Pinch more life out of everything that you own, and you
won't have to pinch as much income out of your budget
for replacement items.
Make Sure You Keep Your Income
The most important thing you want to do is protect your
income. If you work for or own a company that’s going to feel very
little issues as a result of a recession you've very little to
worry about. Irrespective of what company you work for, all
the same, now is a capital time to begin making yourself
indispensable. It’s simple fact that the employees that are
the 1st to go when lay-offs happen are the ones who aren’t
viewed as crucial enough to stay.
Create Another Income Stream
Produce another income stream, even a little one. Perhaps
you take a second job for a month to pay off a credit card
or perhaps you sell your baseball cards on EBay or
perhaps you find another way to begin a small business on
the side. As the economic system moves closer and closer to a worse
situation, we’ve seen many layoffs happening. How do you
protect yourself and make sure you have a little extra
Consider Your Home
Your mortgage payment is probably your biggest monthly
bill. Reduce your mortgage with one of the many options
including downsizing, doubling up, renting, refinancing or
even foreclosing. Assuming you can't sell your home... here are some ideas
If you purchased your home with 0% down and it’s worth
less than your real estate loan, then your most beneficial
option is to just foreclose.
Move your investments to lower-risk securities like bonds
during the market shakedown, than move back to stocks after the market hits the bottom – in a couple of years. A
different option is to invest in commodities like gold,
silver, wheat and corn, which are bringing back high
profits, but they're also very risks, so be heedful and don’t
bet the farm.