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How to Save Money During a Recession

When times are tough, it is hard to keep a positive attitude.  We see that we have to start spending less money, and that it’s hard to save more money.  If you’re finding it difficult to add to your life savings during this recession, there IS hope for you now, and in the future.  Continue reading below for helpful tips on how you can start saving more money today.

Slash bills - First, you’re going to want to think of all your bills.  Write down all your bills, and how much they’re costing you monthly.  Are there any that you can eliminate or at least cut down?  For example, your TV bill, are you spending extra right now for HD or a large amount of channels?  If so, maybe cut back for a while or call them up to see if you can get it lowered.  Do this will all your bills, and you’re see a difference in no time.

Watch leisure - What are you doing for fun every week?  Are you going to the bar to have a few drinks, spending money at the movies when it’s $10 a ticket, or getting the latest electronics that come out?    Leisure can be very expensive if we don’t set a budget.  Set a reasonable budget for yourself, and find alternatives for leisure that are cost free.  Spring is coming, spend some time outside getting fresh air, and some exercise!

How do you save? - How are you saving your money right now?  Do you have the majority of it in your checking, your ordinary savings account at the bank or is it collecting interest?  The best way to save money, and make money is by making money off your money.  It is the easiest way to make money, and is very rewarding.  Open up a money market or a mutual fund now to start earning ALOT more interest.

Where does it go? - Try writing down every penny that you spend.  It sounds silly but it really helps you understand where your money goes.  You can see if you’re spending too much on food, leisure, on unnecessary bills, etc. 

Coupons - Use coupons as often as you can.  Everything that you spend money on you can easily get discounts for.  Whether you’re looking to spend money on your next oil change, to the next pizza you’re going to order or simply groceries.  There are always coupons out there so keep your eyes pealed!

Saving money during a recession may sound difficult, but if you spend your money wisely, and look to save as much as possible, you can make it a lot easier.  Consider the tips listed above for guidance and help during this recession.

Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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