Recession - 12 Tips I have used to save Money

Help yourself to a few £50 notes

All round the globe, people are beginning to find it difficult to cope with the Financial Climate in their Country. Below are practical ways I have found useful to save money.

  • Credit Cards - I used to have 4 Credit Cards and have now limited it to 2. Also, when I go out I don’t take a Credit card (just a Debit Card) so when there is a temptation to spend, I remind myself that I don’t have aCredit card on me.
  • No Standby’s – Before sleeping, all electrical appliances are switched off, except the Fridge and the Boiler. Nothing left on standby. This reduces electricity bills.
  • Bulk Shopping - Buying in Bulk. This is cheaper and obviously lasts longer.
  • Entertainment ­- For Satellite, No more monthly payments. I got Freeview, which is a one-off payment. It’s a Digital box that has more channels than Terrestrial TV and less channels than Satellite. (still has CNN, Sky News, music channels, drama etc.) Its about £20 - £35. No monthly fees.
  • Cooking on Large Scale – Cutting down on Take Away’s. E.g Chinese Food, Pizza’s. I tend to buy this on my way from work because I’m tired to cook. At weekends, I cook on a large scale and store it in plastic containers in the Freezer. Before I go to work, I’ll put one in the Fridge to defrost and all I have to do when I get home is warm it up.
  • Analysing Expenditure – To analyse spending, I prepared a Spreadsheet on Excel that helped me monitor my expenses. See a copy of my simple spreadsheet below. I have deleted all the figures but it gives you an idea of how to prepare one. The spreadsheet will automatically add up the Totals for you. If you are not able to prepare one, email me and I will send you a copy which you can adjust to suit you.

Spreadsheet (numbers on the left mean dates)

  • Shopping Lists – After analysing my expenditure, I noticed I was spending a lot on Groceries. I set myself a limit on weekly shopping and decided not just to have a shopping list, but to stick to it when shopping.
  • Bonds – No more spending £2 on the lottery every week. I bought Premium bonds from NSI (National Savings and Investments). They hold a prize draw every month with a £1 Million Jackpot. You buy a minimum of 100 bonds for £100. These are entered into monthly draws and you could win a Tax-free prize. However, if you don’t win anything, you don’t lose any money. The money (your bonds) is put in the next monthly draw. That way its intact and you can withdraw your money any time.
  • Hairdressing – Most of the time my friends do my hair for me. Vice Versa.
  • Packed Lunches - Less visits to the Staff Canteen. Most days I take a Sandwich or small packed lunch. It might not seem a lot of saving, but try putting £2 (or the equivalent in your currency) in an envelope everytime you take a packed lunch to work. In 4 months, you’ll have at least £100 in that envelope.
  • Car Wash - I no longer take the Car to the Car Wash. If I’m free on a weekend, I’ll wash it and sometimes I’m lucky to have a friend who washes it for me.
  • Wardrobe – I don’t buy shoes and clothes every month, unless there is a real need to.
  • Break down Cover - I changed my Break down Cover from the AA to RAC as AA was increasing my premium every year.

In recession, a lot of people have gone on to get a second job, which is fine but I personally have found that if I keep to what I do above, there should be no need to get a second Job and work all the hours God sends. It’s all about Planning and Discipline.

Bottom of Spreadsheet - See how it looks if you do it every month

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Comments 17 comments

Pete Maida profile image

Pete Maida 7 years ago

That is excellent! We do lot of those things ourselves. We have only one credit card and pay it off every month. We use it because it has better theft protection than a debit card. I wish we had the alternative to cable and satellite TV that you have. Those are great ideas and I think many people could benefit from them.


bingskee profile image

bingskee 7 years ago from Quezon City, Philippines

very helpful tips, Lady_E. especially about the credit cards.


Lady_E profile image

Lady_E 7 years ago from London, UK Author

Thanks Pete and Bingskee. Learnt the hard way on Credit Cards. I was in heaven when using them and buying all sorts, but I hit Earth with a thud when it came to paying all the money back. Cheers.


marcofratelli profile image

marcofratelli 7 years ago from Australia

Yup, you're doing things the smart way :) Now that I'm working back in the city again I need to resurrect my spreadsheet too.


emievil profile image

emievil 7 years ago from Philippines

Your spreadsheet looks better than an accountant's =). Good tips for saving. Thanks for the hub!


Lady_E profile image

Lady_E 7 years ago from London, UK Author

Cheers Emie and Marco. :)


Pupa profile image

Pupa 7 years ago from World

good stuff, great practical advice. keep it up


Lisa 7 years ago

Great advise Lady_E.


fierycj profile image

fierycj 7 years ago from The Fiery Heart of Africa

I like the spreadsheet; very practical. The recession is really crazy. No one can say that he/she isnt affected by it, really. Helpful tips.


Lady_E profile image

Lady_E 7 years ago from London, UK Author

Thanks Pupa, Lisa and Fiery.

Fiery - (Director in the Making) I'm sure when you start Directing your films and living it up in Hollywood & Nollywood, Recession would be a foreign word to you. :)


mailxpress profile image

mailxpress 7 years ago from New York

Hi,

What a great Hub. I will use some of your ideas to save a few bucks. I like the lunch one the best. Every time I pack a lunch I'll put $3.00 in an envelope and save it for Christmas time. Thanks again.


veronica harrigan 7 years ago

very good food for thoughts.You can bet i`ll try some of those tips.


Lady_E profile image

Lady_E 7 years ago from London, UK Author

Thanks mailxpress.

Thanks for stopping Veronica. Saw your comment on RG and will check your profile out. :)


Support Med. profile image

Support Med. 6 years ago from Michigan

Excellent tips Lady_E. I stick to my grocery list as well and freeze leftovers when possible. Cooking on a large scale and storing in the freezer has helped me much when I was working nights. I was never a credit card fan. These ideas will be helpful to many people. Peace/rated up.


Lady_E profile image

Lady_E 6 years ago from London, UK Author

Good to know SupportMed; It all adds up. (all the litte savings)

Thanks for your comments.

Best Wishes.


vocalcoach profile image

vocalcoach 5 years ago from Nashville Tn.

Very good thought-out suggestions. I shop at high end thrift shops and walk away with designer fashion, saving a ton of money. And I'm helping the planet too. :)


Lady_E profile image

Lady_E 5 years ago from London, UK Author

That's beautiful VocalCoach. Wow...

So glad you stopped by. Thanks.

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