Recession is not an excuse to deplete your savings account. At this time, more than ever, you should be wary about your spending and saving up for a more difficult time. With job losses, bonus cuts and various financial problems, how do you cope? Here are some tips on how to grow your savings during recession times:
If you are used to saving up at least ten percent of your earnings, then do not make recession stop you. Continue allocating the same percentage that will go to your savings account.
- Reevaluate your spending habits. If you are used to having lunch at fine restaurants and heading straight to the bar after work, then your savings will be in trouble. Consider limiting your lunch outs and partying to once a week. This will significantly lower your spending (and your weight too).
- Bring lunch to work. Home cook meals are not only cheaper; they are also a lot healthier. Bring a homemade sandwich to work. Add variety to your sandwiches so that you’d look forward to your daily lunch. Encourage a friend at work to do the same. It will be good for you to swap ingredients or split your schedule so one can prepare lunch for the week.
- Brew your own coffee. A cup of coffee at your favorite coffee shop each morning will significantly add up to your daily expense. Consider brewing your own coffee and bringing it in a thermal mug.
- Check your investments. Discuss with friends and family on the best place to invest your money. Consider consulting with a trusted finance expert on where to put your money during these times.
- Shop! Yes, shopping is not completely banned from your saving-up routine. As this is the period where people are mindful of their purchases, most retailers have on-going promotional sale. Wait for final slash-down of your favorite stores before you purchase anything. Now is the time to wait for sale events to happen before buying anything.
- Get another source of income. There are several ways to earn more. Consider taking another job during your free time. If you’re good with kids, then offer to baby sit. If you can bake, then bake some brownies and sell them at work. Evaluate your talents and earn from them. Check out various on-line sites that offer freelance projects to just about anyone from different profession. Be sure to check out for legitimate ones.
- If you’re driving a car, skip a day or two without driving. This will reduce your gas consumption. Organize a carpool in your area so you can save money together.
Being conscious is the key to growing your savings during recession.
Each dollar you spend should be well thought. Do not allow impulse or
stress to dictate you on spending. If you suddenly see something you
like, go home and think about it. Most likely, you will change your
mind about it. Get the people around you to share the same mindset as
you. This way, you will be able to pool your resources together to save