How To Save Money Fast In An Economic Recession!

An economic recession brings with it several perks that could range from job cuts to lower standards of living, increased crime rates, and a lot of business closures.

While the biggest losers are usually employees, because they get their salaries slashed or end up unemployed, business owners also have to take extreme caution to ensure their businesses don’t get ousted by the economic crisis.

If you realise you’re possibly on the next route to unemployment, a lower salary, lower revenues, or are generally losing money that would rather have been set side for future purposes, here is how to save money fast!

1). Stop Buying And Start Selling:

A buying spree only keeps money away from your pockets. It gives you the illusion of future value, where as, what it actually does is to keep you cash crunch, which is a terrible state to be in during an economic recession.

The only time a purchase can work for any individual or business is if they’re not just capital expenditures, but are coming at amazingly discounted prices. At this, the smart move is to buy, since it adds a higher value to the individual or business involved.

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2). Reduce Your Home And Office Utility Expenses:

Electricity bills, water bills, unimportant group donations, excessive furniture purchases, irrelevant stationeries, and a lot more, unconsciously eat deep into an individual’s or organisation’s expenses.

The extra appliance that stays plugged, water that’s kept running, extra furnishing that do nothing more than beautify the environment, and several others when calculated over a long period of time mostly gives alarming cashflow negative statements.

A good step to cutting down your unconscious costs is to reduce your utility expenses. This is one way to save money fast.

3). Manage Your Transportation Costs:

Increased fuel and vehicle maintenance costs can eat up an individual’s income over a long period of time. A person who earns 100,000 Naira a month could spend almost 40,000 Naira of the sum monthly on fuel and vehicle maintenance, leaving them with about just 60,000 Naira, which would further get depleted by other expenses.

Constantly running and Maintaining a vehicle during a recession can be terrible for an individual with a low monthly income.

How to save money fast in this situation would be to share your ride expenses with friends, use the public transportation system whenever you can, use the staff bus if available, and always book your flights a long time ahead.

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4). Plan Before You Shop:

A poor shopping strategy usually leads to unplanned purchases of irrelevant items. The problem with just diving into the market is that your disorganised state would prompt you to buy things your mind tells you, you need, where as in reality, you may not need them.

Before heading out to shop, write down the list of items you want to buy, determine the sum, then carry a little extra cash along. This way, you’ll save more with every trip to the market.

5). Suspend Recreational Expenses:

Recreational expenses like having a treat with friends, hanging out at a bar, buying yourself a quick snack, and more, deplete your savings. Whatever amount you projected to spend at any of these outings are usually far exceeded, which negatively impacts your savings and keeps you losing money.

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6). Start Cooking:

Cooking saves you a lot of money fast! Since you’re buying foodstuffs in large quantities, the long term value of cooking your own meals far exceed the short-term value of purchasing meals at fast-food restaurants and local restaurants.

Cooking your own meals will help you manage your expenditure on food, which would go on to help you save more money.

What are your thoughts on this article on how to save money fast? Let me know by leaving a comment below.