5 Ways to Save Money During a Recession

With the coronavirus affecting essentially the entire planet, many have feared an economic collapse and recession is on the way in the coming months.

While it’s hard to predict exactly what will happen for the rest of 2020 and beyond, one thing you can start planning now is your financial reaction to it all.

Now’s the time to start saving money wherever you can and think about ways of cutting costs. We’ll provide a few tips for how you can be more frugal if a recession is on the way.

Learn how to upcycle and reuse items.

When something around the house breaks or becomes outdated, many of us simply take the route of throwing it away and buying another one.

However, learning to upcycle is incredibly advantageous, as you can save a lot of money when you repurpose an item for a whole new reason. 

Instead of buying something from Amazon, see if you can use a broken or old item around the house. For example, turn toilet paper rolls into organizers, a suitcase into a cabinet, or even a fridge as a storage unit!

Sell things you really don’t need anymore.

Odds are, if you were to look around your home with a critical eye, you’d spot dozens of things that could be sold and you could still live a happy life.

Old games consoles, decorative plates, comic books, leather jackets, old sneakers… you’d be surprised what people love to buy second-hand. Make an eBay and Craigslist account and put up anything you think could fetch a pretty penny.

Once you start selling online, you’ll get some extra income and clear up some closet space at the same time.

Just make sure that everything is working well and looks great before selling, as you don’t want to accept a return for selling anything faulty.

For example, shirts and jeans should be washed thoroughly! Learn how to wash jeans and make sure they look as good as new.

Try out store brand food.

Basically every supermarket has their own budget version of a popular food or drink, such as cereals, sodas, chocolate, etc. Although the taste is sometimes a bit different, most people couldn’t tell the difference and these cheaper store brand products merely suffer from a lack of exciting advertising.

If your family is steadfast on only liking brands they know but you’re determined to stop buying these expensive things and save some money, then here’s a good trick:

Keep an old cereal box or soda bottle from a well-known brand (Kellogg’s, Coca-Cola, etc.) and simply pour in the cheaper product into the older packaging. If no one notices the difference, then keep on doing it and it’s win/win.

Consider sharing subscription services.

We all need to be entertained, and whether you like to listen to the latest tunes on Spotify or binge-watch great shows on Netflix, it’s too hard to give up these things simply to save cash.

However, see if you can share an account with a trusted friend or family member. Many of these services allow people to watch or listen on different devices at same time, so split the cost and keep enjoying that entertainment!

Tell companies that you’re leaving them.

Gas, Internet, electricity, and mobile phone companies are just a few examples of businesses who all love a new customer and entice them with nice, shiny offers like, “First three months are free” or “20% off your first bill.”

However, what about customers who’ve been with the same company for several years? You basically get nothing special anymore, but you can change all that by threatening to leave.

Honestly, if you email or call one of these types of businesses and tell them you’ll walk because you’ve found a better deal elsewhere, watch how quickly they’ll scramble to give you a cheaper rate or throw in some great bonuses… it always works a treat.

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