With a Recession Looming Here Are Some Tips to Save Money

With a Recession Looming Here Are Some Tips to Save Money

Between inflation and overcoming a pandemic, the economy isn't in a good place. No matter what your income may be, it's probably difficult for you to make ends meet. And things may only get worse. As a recession looms, you can take several measures to save money.

Plan Your Meals

One of the easiest ways to save money is to plan your meals. If you usually buy your lunch, you could be wasting hundreds of dollars each month on food. Every weekend, plan ahead and decide what you will bring to lunch each day. If you're the type of person who gets bored with sandwiches, you can plan to bring leftovers from dinner.

Just as you should plan your lunches, you should organize your dinners as well. If you don't, you might end up taking the lazy route and ordering take-out. Meal plan for the entire week and do all of your grocery shopping at once. This makes it easier to stick to a budget.

Delete Your Subscriptions

While you probably can't delete all of your subscriptions, you should take a close look at your monthly expenses. You may be paying for subscriptions that you don't even use. Analyze your monthly spending and figure out what monthly subscriptions you need and which ones you don't. Although one subscription might only be $10 a month, the cost adds up.

You might also be able to get creative with some of your subscriptions. If you pay to stream multiple movie and TV apps, you can consider sharing a login with your family member and have them split the expense.

Sacrifice Without Affecting Your Quality of Life

You don't need to decrease your quality of life to save money. Before you start cutting out everything you love, think about what sacrifices you can make that won't affect you much. For instance, you might stop at your favorite coffee shop every day. Rather than pay the high price for a coffee, you could make your own at home. You can enhance the experience by buying a fancy creamer or using high-quality coffee beans.

Look at other areas of your spending with a similar mentality. If you love to take your spouse out to fancy restaurants for a date night every Friday, try cooking them a nice meal at home. You don't need to completely cut out everything you love. If you can manage to cut your spending without affecting your quality of life, you can sustain your lifestyle.

Create a Budget

Before you start stressing over your finances, take the time to create a monthly budget. This requires you to save up all of your receipts for at least a month. Then, input your receipts and expenses in a spreadsheet. Include your monthly income, and you can better understand your monthly spending.

Categorize your expenses for a clear understanding of your spending habits. How much of your paycheck goes to bills? And how much of it goes towards frivolous expenses? If you truly want to save money, you need to understand your spending habits. Tracking your expenses is the only way to do just that. If you want to save yourself some time and trouble, you can pay for an app that tracks your spending. Of course, you don't want to hang onto the subscription for months at a time.

After you track your spending, you can plan for the future. Make a monthly budget and allocate a certain amount of money for bills, entertainment, and food. If you stick to the budget, you should be able to save a little money every month.

Sell Your Excess

You could have hundreds or thousands of dollars worth of unused things in your home. If you need a little extra spending cash, you should consider selling off some of your belongings. Take a weekend to go through all of your items and figure out what you want to keep and what can go. Then, consider how you want to sell everything else.

You have a few options for selling your belongings. If you live in a busy neighborhood, you could try having a garage sale. But you can also let technology do most of the work. If you have an active Facebook account, list a few items on there. Join local buy and sell groups to get more views. Typically, you can get higher profits selling on marketplace than you can in garage sales.

Consider Gig Work

Currently, gig work is easy to get into. If you want more money, why not take on a second job? You could deliver food, groceries, or people from one place to another. There are a variety of platforms you can use to get steady work, and the platforms tend to be very flexible.

Depending on your career, you might also be able to start a side gig from the comfort of your home. For instance, online writers, bookkeepers, and nurses are all able to work from home. You can set your own hours and work on nights or weekends. If you develop a strong following, you might even be able to quit your main job and start up your own business.

Get a New Job

No one should have to work all day and night to make ends meet. And right now, the job market is in your favor. If you don't already make a fair salary, you should consider looking for a new job. First, speak with your employer about getting a raise. If they refuse to give you one, it's time to find something new.

Update your resume and post it on LinkedIn as well as any other professional platforms you have. In only a short time, you could have recruiters reaching out to you. For a more active approach, you can do a job search and look for what's available. You could find a great job that pays much better than your current position.

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