A recession is among us and while it’s nothing compared to the great depression, there are some things that we can all do to plan for a better 2009.
The first thing that we need to think about is the unemployment rate and job security. In the past, there has always been an unemployment rate of at least 3% so we have to face it that we will always have people on unemployment, there’s no getting around that one. Even if the United States was at a 8% unemployment rate, 92% of us would have jobs. What kind of odds are those? Pretty good ones if you ask me.
The thing that we get caught up with is the media. No matter what we watch, it’s going to be negative. This is how the news gets it’s rating so that first thing we need to do is turn off the news and start thinking positive. A negative mindset makes you go down that negative path. This is why it’s important to be mentally strong.
Now, what should we do during a recession?
Start cutting costs: Let’s use coupons more often and be more savvy. Let’s compare prices and start to save money. Start buying what’s on sale rather than what brand you love.
Work out at home: A gym membership can be expensive and cost you upwards of $50-60/month. Why not put that money aside and get an at home gym or even a few cheap pieces of equipment for your home? It doesn’t take much to work out at home.
STOP the impulse buys: America is known for buying on demand. If you’re the time that just buys, buys and buys some more then don’t bring your wallet into stores but rather look. You can shop without buying some things. Look at the past and analyze how much of that stuff you actually used.
Enjoy the free things: Start going to the library and checking out DVDs instead of renting them, go to the park and enjoy a picnic, take a walk around your sub. Try and do all of these things rather than go out and spend your money each month.
Buy with cash: Many Americans put a lot of things on credit. What I recommend is that if you can’t pay with cash then don’t do it. Instead, wait until you save enough to buy what you want.
Look at your budget: Take a close look at your budget right now. Can you cut back on anything like your cable bill? your electricity? cars? Look over everything and see if there’s anything you can save on.
When looking to save money during a recession, there’s so much that you can do and these are just a few ideas. Use your imagination when looking to save money. Take action today and see what can work for you.