How to save in times of economic recession

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How to Save during times of Economic Recession

Economic recession is gripping the country. This could be seen in the job losses and the rapidly growing cost of living in the United States. Be thought of as why the upcoming elections is all the more crucial as it would figure out just who will be \”unlucky\” sufficient to preside over this kind of messy economic problem. But politics aside, there are ways to survive the cost-effective recession while the competition to the elections is still taking place. Here are some tips on how to handle this cashless scenario.

1. Do not waste food
Food like veggies and also bread may not be since expensive as other products such as meats, fish and hemp but this does not mean that you can waste it or even throw the food apart. Teach your kids to get only the food that they’ll eat and if they need more, they can always get a second assisting. This way, no food is wasted especially now you can’t afford to discard food.

2. Plan your meals
Plan your meals in advance by making a meal schedule at home. This can allow you to determine what to get at the groceries in a particular time. Having a schedule also lets you know how much is necessary so that you will not be getting more than you can chew up literally.

In preparing meals, make sure also that you include dinners that is more or less comparable in ingredients. This way, you can buy in bulk for the remainder of the week, which is less expensive, but will be able to use the ingredients in numerous dishes.

3. Learn to recycle food
Food can be eaten the next day. Simply put it inside the fridge after eating and then reheat it the next day. Make sure though that you use serving spoon for the dishes to prevent spoilage. Practice clean cleanliness too when you are consuming to also minimize spoilage.

If the family do not want to take in the same dish for the next day, be creative as well as whip up a new meal using the old one which you cooked. Many people fry or barbeque grill the dish or use the dish being an ingredient into one more dish. It’s up to you.

4. Wander!
With the rising rates of gas, any kilometer can cost you a lot! So, bring out those rubber shoes and also prepare to walk individuals blocks. If you are merely going to visit a neighbors or just buying bread from the local store a couple of blocks aside, use the trip to do some brisk walking. This will save your money and will also save you from illnesses. Keep in mind that walking is a very excellent exercise. Not only does it help in building the muscle tissue in the legs and in keeping people fit, in addition, it strengthens the lungs and the heart.

5. Reduce water and electrical energy
You may not realize it but you may be paying more for your utilities as compared to most people with the same amount of people in your households. Thus, dont waste those water and electricity. Shut off the lights whenever you leave the room or perhaps when you are going to sleep. Place your television sets within sleep mode or on automatic shut off. When it comes to water, turn off the faucet when you are soaping the hands.

That way, you are not losing money paying off utilities that you are not actually using. This may go a long great distance when it comes to dealing with financial economic breakdown.

Comments: 43

  1. Marianne March 20, 2013 at 11:09 pm Reply

    Like, can you specify (SPECIFICALLY?) what he does on a typical day?
    How much time would they spend at work?
    Does a lawyer always have a case in hand?
    Do they get secretaries?

    etc

  2. Lesley June 25, 2013 at 8:14 pm Reply

    How has your lifestyle changed for the better as a result of the economic recession?

  3. Wilburn July 15, 2013 at 9:46 pm Reply

    hey everyone i have to make a general studies project on economic recession where will i get information for the same? Please help…

  4. Mollie July 18, 2013 at 11:09 pm Reply

    I do not understand why so many people are making huge purchases and spending money like it is going to be worthless in the economic recession. I think the better approach is to watch every penny, spend a little extra effort at work and watch your back during these troubling times. The economy is crashing and people need to build their rainy day fund before it gets really bad. While they are working they should be saving not spending. Agree?

  5. Scotty August 2, 2013 at 5:50 am Reply

    My husband and I do not have a lot of investment in the markets, and do not own a home yet, are there other ways a recession can effect us? We have a car loan and a unsecured line of credit…?

  6. Leonor September 21, 2013 at 1:56 am Reply

    C’mon, you know that we’re smack dab in the middle of a recession, even if the government doesn’t like to use the term… How is it affecting you and your community? What are your thoughts on the economic stimulus plan?

  7. Cayla September 22, 2013 at 7:33 am Reply

    I mean I’ve been knowing this for a LONG time but im not good with economics and im young so how did we get this way?

  8. Jay September 28, 2013 at 3:11 pm Reply

    I want to know which businesses grow in recessions. Thrift stores,discounts stores? which ones are really doing great now?Big lots? Pawn shops?

  9. Fabian October 19, 2013 at 10:25 pm Reply

    I need to find an article with an author and not a blog or something like that. Does anyone know an article where it states the causes, effects and other details of the economic recession in the US which can be easily understood. I need it for a research class. Thanks so much 😀

  10. Brandon December 23, 2013 at 3:32 am Reply

    Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. However many economists think that, to understand an economic recession, it is more important to look at investment than consumption. Why?

  11. Florencia January 9, 2014 at 10:27 am Reply

    It seems that today we are not spending during a slump, when Keynes advised this. We are not saving money during a boom which Keynes also advised.

    If we are no longer using Keyensian economics what are we using?

  12. Jacki January 14, 2014 at 8:06 pm Reply

    This question is directed at the public. So please just tell me some items you would buy during this rough time. Thanks in advice.

  13. Delia February 2, 2014 at 10:57 am Reply

    I was wondering how the current economic recession is affecting everyone’s outlook on vacationing. Personally I know I can’t spend much on vacations, as I have a young family to support. Even so, I want my kids to be able to have the same kind of experiences traveling and visiting new places that I did as a kid, as I feel they helped shape my life. So I was thinking about different ways that I can both take my kids and wife on vacation, as well as save enough money to stay out of the red.

    I found some sites that specialize in providing really cheap deals in exchange for having the visitor go on a vacation ownership tour. All in all it seems like a good deal, as long as you know what you are getting into and in exchange you can make ends meet with the affordable price. What does everyone think about these?

    Here are some of the specific sites I’ve come across in my research:

    http://www.vacation-offer.com/

    http://www.saveonresortts.com/

    http://discountvacationgetaways.com

    Does anyone else have any innovative ideas on how to go on vacation during these bad economic times?

    Thank you,

    Darwin

  14. Gertha February 2, 2014 at 6:00 pm Reply

    what can we do to make ends meet.
    Im English but live in Spain and until recently was working for a property company and was made redundant .I haven’t worked for several months and we are only just surviving on my husbands wages .
    There are no jobs in the winter so we have to try to hold on until things get better.
    The trouble is because I have always worked ,we have lived a comfortable lifestyle so have never had to worry before.
    We are lucky don’t have any debts and don’t owe anything but need help with cutting down , where can we save money .
    Thanks for your kind reply , I know Im luckier than most and we are all in the same boat , I suppose we just have to watch every penny.

  15. Shannan February 21, 2014 at 10:35 pm Reply

    I was born in the later half of the 70’s and have never really had to suffer hardship or doing without on a large scale (other than the Michael Jackson Thriller jacket we could not afford in the 3rd grade and things like that)…with our economy looking as shaky as it does these days and the housing market not being balanced,…what would a recession be like?…and how might it affect my family’s future ? (I do not know if it helps, but we rent a rather inexpensive home right now,…have very little debt…but still live paycheck to paycheck….

  16. Willard February 21, 2014 at 10:35 pm Reply

    That is, wouldn’t protectionism be more effective, saving lots of jobs and firms? Wouldn’t it save the well-being of a country and its people?
    But yet, isn’t free trade said to be much better for the economy?
    How could one politically convince someone that free trade is still better, even in case of crisis?

  17. Virgie February 21, 2014 at 10:35 pm Reply

    Ok guys I need your help!!
    Im doing a project on the recession in Ireland 2011.
    I need answers to the following questions please:
    1)Why is Ireland in a recession?
    2)What did Ireland do to get into a recession?
    3)Why is there an economic crisis?
    4)What should our government do to get out of this recession?

    Thanks guys!!
    Any help would be very much appreciated! 😀

  18. Micah February 21, 2014 at 11:46 pm Reply

    There is a fairly predictable chronology of stages for individual savers, which in turn influences economic cycles. Do you believe these listed stages accurately reflect your own savings timeline? What do you think would occur if the majority of the population entered a conservative savings period at the same time? A spending period at the same time? When overall savings decrease, what do you think happens to investments and the lending abilities of financial institutions?

  19. Brady February 22, 2014 at 1:11 am Reply

    I am really interested to read what people think about ,whose fault is it that we are heading to recession.

  20. Eilene February 22, 2014 at 4:06 am Reply

    “Economy soars 5.7 percent, fastest in 6 years”
    http://news.yahoo.com/s/nm/20100129/bs_nm/us_usa_economy
    Samm, not relevant. Of course it slowed in theh 4th quarter, because people save their money then to buy Christmas gifts.
    …and pay taxes in January

  21. Allyn February 22, 2014 at 8:00 am Reply

    Generally, Americans love to have big lavish weddings, but now with the recession I’m wondering if people are just opting to go to Vegas or just do a civil ceremony.

  22. Hiram February 25, 2014 at 12:02 pm Reply

    a) total income
    b) total expenditure
    c) investment
    d) consumption

    PLEASE EXPLAIN WHY THE CORRECT ANSWER IS C
    THANKS!

  23. Iliana February 25, 2014 at 1:29 pm Reply

    and save money , heres one great money saver idea , i want your opinions about it ;
    re-usable condoms – whenever u use them , just wash them , dry them and they can be used again n gain , what do you say ?

  24. Patria February 28, 2014 at 11:50 am Reply

    It didn’t help the Japanese economy in the 1990’s, and if you cut them too much you risk inflation.

    Isn’t it inevitable that as we reach the end of available resources, that the economic model of constant growth is dead? Isn’t it time for a new economic system instead of tinkering eith the old one?
    Brandon M if you come back to this question please read the following:

    http://www.lifeaftertheoilcrash.net

  25. Yoshie February 28, 2014 at 10:37 pm Reply

    (a)Recession (i.e.disposable income falls)
    (b) NO. of graduates looking for jobs falls (i.e.expected future is lower)

  26. Lauren March 1, 2014 at 7:49 pm Reply

    Please don’t be offended, but I’m asking here because your parents and grandparents (and possibly even you) have lived through the Great Depression.

    As they say, there’s no teacher like experience, so I’m wondering what your experiences in stretching a buck, making do, etc, have taught you.

    In turn, what can you teach us?

    I’m more interested in the daily aspects of getting by, rather than how to make a smart investment. What did your family do to survive, and (quite possibly) thrive?

    As always, thanks in advance for sharing your stories.

    Your section is so great … It’s always delightful to stop by for a visit.

    A wonderful day to you all. 🙂
    ((((( Lord Vader )))))

    Long time no see. 🙂
    ((((( Wifey )))))

    My kids got me a bread machine for Christmas. I’ll supply the fresh bread, you bring the olive oil.
    Uhhhh … why are we giving Jim the thumbs down?
    I *really* dislike putting a question to vote, but there’s just too much excellent information here for me to choose best. You’ve all outdone yourselves.

    Thank you so much.

  27. Adeline March 2, 2014 at 4:30 am Reply

    in getting US out of recession, creating jobs and stimulating economy

  28. Lorenzo March 2, 2014 at 4:31 am Reply

    Why has there recently been so much volatility in the markets of late? Seems like the recession is going to be in full swing. What are bad signs in a progressive economy —-could we have foreseen this when we were so bullish about the markets? Also, wasn’t bush’s economic stimulus plan a little too superficial? I mean, giving cash is not the long-term solution to an ailing economy. We need to raise taxes on some segment of society.

  29. Scarlett March 2, 2014 at 4:31 am Reply

    I’m in the military, so I’m not worried about losing my job or anything. I am, however, saving to buy a house and invest and I’m worried that investing and/or buying a house may not be a good idea with a possible recession later this year or next. What do you economic whizzes advice?
    I’m 22. I live in Middle Tennessee at the moment. I plan on living in either East or West TN in the next few years. I haven’t decided yet. The cost of living in the Nashville area is absolutely ridiculous compared to the rest of the state. If I do invest it will be retirement investing that I have no intention of touching until I’m at LEAST 60.

  30. George March 5, 2014 at 5:19 pm Reply

    I hear talk of a possible recession in Aus, but I was not around when the last one occurred. Can someone tell me what excactly ( I know that it has an impact on the eccomony ) but what sort of impact does it have on the individual or family?
    Any info will be helpful thanks

  31. Rene March 9, 2014 at 6:45 pm Reply

    I NEED FACTS PEOPLE! FACTS, and explain

  32. Corinna March 10, 2014 at 7:20 pm Reply

    1. What do you think are the causes of the economic problems?

    2. What are some solutions to our economic problems?

    I have an essay due tomorrow and I need expert opinions and facts to help me! Thanks for the help, answerers! BTW, any links to websites where I can get the answers… I’d rather get your answers then the links. Thanks!

  33. Denver March 11, 2014 at 7:05 am Reply

    The recently passed (Winter, 2009) “American Recovery and Reinvestment Act” contains a mix of tax rebates, tax credits and increases in various transfer payments (such as extension of unemployment compensation). It also contains funding for a large number of infrastructure spending projects and some funding for scientific research. Most republican legislators voted against the proposed stimulus bill on the grounds that it should have contained more tax cuts and less infrastructure/research spending.

    A) Briefly explain the economic rationale for enacting a large fiscal stimulus package at this time.

    B) Compare and contrast the “multiplier effects’’ on AD of $1 billion of tax cuts/transfer increases with the multiplier effects on AD of $1billion of increased infrastructure spending. Assume in both cases that the timing of the tax cuts/expenditures occurs over a 2 year period.

  34. Doreatha May 2, 2014 at 4:53 pm Reply

    I know the housing market is bad, but I can’t quite figure out what SPECIFICALLY makes this time a recession. I know people are saving, not spending, and a lot of businesses can’t cut it, but my question is why? What exactly happened to make the economy fail like this?

  35. Jo May 5, 2014 at 10:05 pm Reply

    I can’t afford gasoline so they’ll be plucking half of each strand of grass by hand, its not a giant yard, just about the size of a small field. They don’t do much around the house and I need their help. Help me in motivating them. Thank you!

  36. Dino May 21, 2014 at 4:28 pm Reply

    Ok so this “raising the debt ceiling what doe this mean in plain English? it means the US owes money and the US wants the US to say, “well, lets owe more money and eventually something will happen positively.”

    There is problems mind you, America is BROKE ok? we have very little gross domestic product, we have people who have been unemployed for years no fault of their own.

    What would happen if the American Economy the govt was like a fragile plate (made in china) and what if you dropped it and it broke into thousands of pieces never to be put back together?

    THAT IS WHAT HAPPENED TO OUR ECONOMY.

    it is BROKEN, that is while there is ONLY CONSUMPTION AND HARDLY NO PRODUCTION WHICH IS A ROAD TO DEPRESSION. I am 100% reliant on the Govt so this worries me,
    WTF are we going to do?

  37. Towanda May 21, 2014 at 4:28 pm Reply

    I cant understand how this will save the crisis, as it will further boost borrowing which is the very culprit that has plunged the world, especially the western world into this mess? Isnt it like giving an overdoise of Morphine to a terminally ill patient to make him feel comfortable? It will provide comfort but not change the inevitable.

  38. Zena May 21, 2014 at 4:29 pm Reply

    well the economists were saying that the recession will end by october this year…..

    but as things are going it is just getting deeper and deeper ..i have just moved in2 a motel .i used to stay in a apartment in baltimore and the rent there was 800 dollars…i have left baltimore and gone for delaware which is tax free…and i live in a motel and the rent there is 500 dollars…

    please suggest some good ways 2 save money,i am trying my level best…things actually started 2 get worse after the insurance firm i worked for crashed and shut down due 2 the economic downfall

    i am now working in a shopping mall(sigh) .please tell me some good ways 2 save money during these wise times..

    god bless
    oh god forgot 2 ask about the main question in my sorrowful story..lol..

    any ideas when this recession will end??

  39. Curtis May 21, 2014 at 4:29 pm Reply

    Is the current recession worse than the 30’s? How bad are things in comparison?

    In the last 100 years what has been the worst recession and why?

    Sorry I’m not experienced in economics, just want a perspective on how “bad” things actually are. Thanks
    great answers so far, thanks!

  40. Britteny May 21, 2014 at 4:29 pm Reply

    I’m not against government stimulus per se. Of course, it’s a standard measure of economic stabilization.

    What I do have an issue with is borrowing more money to issue more debt for a stimulus.

    So why not have a Trust Fund where the government stashes away money during non-Recession times, and when we’re officially in Recession (i.e., multiple quarters of economic contraction), we use that Trust Fund money as stimulus?

  41. Tesha June 6, 2014 at 7:57 pm Reply

    It is my belief that the country cannot have a perpetually good economy. From time to time, recessions need to happen (I also think money should be saved for these hard times as these times are inevitable). I also think that the depth of the recession is related to how out of line people got during the good times. We had people dipping using their homes as ATM’s, banks willing to hand out lots of money, and people undervaluing the risk associated with these investment instruments. The fed certainly seems a bit nervous about this with their huge lowering of interest rates in late January. There is also the currency issue that will need to be resolved and will take some time (in my opinion, the value is too low and will be causing increased inflation). So, all together I think we are in for fairly substantial recession. Am curious as to other opinions about this.
    Thank you for your answer. My concern with the money issue has more to do with inflation than anything else. Since we import the oil that we use, the people we are buying from want the same amount of purchasing power. So, oil prices go up and up due to currency devaluation. Since oil is involved in most products via transport to get the stuff to the store, then prices of other goods go up due to oil price increases. $4/ gallon gasoline may be a bit of a challenge. I do agree that a weak dollar makes our exports cheaper on the world stage, but it also leads to inflation.

  42. Noe June 6, 2014 at 9:01 pm Reply

    I think that the British Isles are AMAZING and that in the promise of a richer and more stable future, Americans in droves should apply for work visas and move to the United Kingdom.

    Do British people think my advice is well taken?
    I know, I love the UK! Relatively speaking, you have far more to gain than any economic loss if any.

    The UK is a well developed unitary state.

  43. Jerica June 17, 2014 at 8:05 am Reply

    Borrowing constraints exist when consumers are unable to borrow as much as they desire, i.e., they are not able to smooth consumption. This is more likely to happen during a recession than an expansion. Suppose the economy is currently in recession. In order to spur economic activity, would you recommend a reduction in taxes or an increase in government expenditures?

    Any help would be appreciated.

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