“Recession” is a big, scary word that gets tossed out into the open from time to time. Any period of financial uncertainty can be enough to cause people to change how they view their financial situation. News of an impending recession should be enough for you to reconsider your budget.
In this article, we will go over five important money tips to help save during a recession. These tips can help you and your family to navigate uncertain financial times. Let’s get right into it!
First off, let’s clarify what a recession is. There is a lot of fear surrounding recessions and what they might mean for the average American. Recessions are quantified as two quarters of GDP decline in a row according to Forbes.
These periods of time can have impacts to average Americans including higher cost of goods, higher gas prices, and impacts on interest rates.
5. Reduce subscriptions.
Starting with an obvious choice, reducing the number of subscription services that you subscribe to can be an easy way to save money. Subscriptions are tricky in that they seem cheap on the surface. However, when you add up all the different services you subscribe to, they can add up to hundreds if not thousands of dollars per year depending on how many you have.
4. Pay down debt where you can.
High-interest debt is a savings killer. These interest rates can be especially restrictive in times of financial need. Avoid struggling with your high-interest credit card debt by trying to get the jump on it before a recession. These debts can bite you during a recession and times of high inflation.
3. Re-evaluate your budget.
Like our lowest tip on this list, finding other places in your budget where you are spending excess money. These could be habits such as online shopping, impulse buying, or spending too much money on gifts. A full budget overhaul can be valuable in preparation of financial recession.
2. Don’t be afraid to ask for help.
If you need to start joining forces with your loved ones to save money, it might be time to do so in anticipation of a recession. If you can organize carpools to save gas, every cent counts when preparing for bolstering your savings. Alternatively, you can stop eating out as much to reduce food costs.
One of the easiest ways to save additional money on a key bill is through the Lifeline program. This government-funded program is supported by reputable phone companies. The SafeLink program through TracFone Wireless also allows Americans who qualify to access free government phones. This major savings relief is our top tip for saving money in anticipation of a recession.
In conclusion, when times are tough, there are many options for savings increases in your existing budget. If push comes to shove, government assistance programs can be helpful with finding room in your finances. For more information on SafeLink Wireless, click here.
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