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How To Save Money in the Recession

Updated on July 31, 2009

At the moment many people are struggling with money. Even people who have never worried too much about money before are looking for ways to reduce their spending. Most people realise that it is even more important at times like this to save some money in case of emergencies such as redundancy, but it is getting increasingly harder to free up the money to be able to put by. This article aims to give ideas on how to reduce spending so that you can save more money.

The first thing to do is to look at your typical spending in a month. You should be able to find a bank statement and credit card statement so that you can take a look at the details. It is worth grouping items together so that you can get a better grasp of what is there. For example, add up everything you spend on food, clothing, eating out, gifts, utility bills, mortgage, car etc. Then you can see which of these categories is the biggest and work on reducing this one first as it is likely to have the biggest impact on your outgoings. Then work through everything until you have done all that you can to make some reduction in each area.

The first way to reduce spending is to see whether you can get better prices. This applies best to mortgage, utilities and insurance. Make sure that you shop around if you policies are coming to an end and see whether you can save money. Also find out whether you can remortgage and reduce your monthly payments. These things can make a significant difference and it is easy to do them if you have a computer. It may even be worth joining a cashback website and take your insurance policies and join utility companie sthrough those as you may get an extra bonus payment.

If you are looking to reduce spending on luxuries such as clothing, gifts and going out, then it is a good idea to set yourself a budget for each month and when it runs out, stop spending. This means that you can still treat yourself to a few things, but you will think harder before you do so.

Spending on a vahicle can be massive and it is important to do a few calculations. Once you seem to be repairing it a lot then it could be worth cutting your losses and buying something new. When you are buying, consider how fuel efficient it is as well the initial cost as you may save more in the future if you pay a bit more now. It is also worth checking fuel prices and making sure that there is not a cheaper place to buy from. Be careful though, that you do not travel too far for fuel or else this will eat up the saving that you have made.

Food is an area which can be hard to save money in. We all want to eat the best quality products so that we are healthy but there are ways to reduce the amount you spend without sacrificing the quality. Try visiting a few different supermarkets and look around at the local shops in your town to see whether you can get things cheaper. Also look at your food choices and decide whether they are the best way to spend your money or whether you can get some cheaper things which are as healthy or better for you.

Spending frugally can feel a bit like you are cheating yourself. If you are saving the money or using it to pay off debts then it may feel like you have nothing to show for your hard work. However, keep focussed on what you end goal is, whether it is to get a nest egg, emergency fund or pay off debts. Keep a track of how well you are doing and use that to motivate you.

It is also good to make sure that you have a few small treats even if they are very few. This will mean that you will not feel totally deprived and you may find that by reducing how much you treat yourself, you will apprecaite the treats that you do have much more.

So by carefully looking at all of your outgoings you should be able to find places where you can spend less money and you will be able to save money.


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