Bad news makes headlines. And right now, as regularly reported on the nightly news, the U.S. economy is suffering. However, this current situation can be weathered, although it will take a few changes to our lifestyle. And those changes may be beneficial not only to our pocketbook, but also into the future.
It is important to remember that the economy does go through cycles. As difficult as this one may seem, it will change in time.
One way to handle recessionary times is to live below your means. In a recession, it will be more expensive to eat out. It will cost more for vacations. It will affect the prices of clothes and household items.
To counter this, it is a good idea to begin cutting back. We can prepare more meals at home and take-out less. Meals could be more of the casserole or pasta type so that there will be leftovers which can be refrigerated for a second meal later in the week. We can gradually cut back where we can so that we are banking more savings for use later.
We can save on gas. We may be able to stretch our tank of gas by combining our errands into one trip. We should plan our trips before getting into the car so that we have fewer stops. If we know where we are going for our errands, we may be able to accomplish what we need to do with less trips. We could carpool to work if this a viable option.
We can save at the grocery store. Buying in bulk will save money in the long run if storage does not pose a problem. By planning for our future needs, we can buy items that are currently on sale. The objective is to buy items that are used regularly and have a long shelf life — such as paper goods, non-perishable items, and canned items that will be used before they expire.
One of the easiest ways to get through a recession is to have no debt. Paying off the credit cards and short-term loans can make life less worrisome. This frees up cash and reduces interest expenses. In the future, we can curb our spending to what is truly necessary to avoid having future credit card debt.
If time and circumstances allow, we can get a small part-time job. Ones that focus on our strengths and can be done from home offer the best opportunity to get through recessionary times. Bookkeeping, minor repair services, or developing an online business are just some of the ways that we can develop a secondary stream of income. We can then take the extra income and save it. Home repairs and maintenance will cost more in the future. It is best to save now while we can.
These suggestions are only a few of the ways that we can actively control the impact of a recession on our lives. It is not a matter of overhauling our lifestyle but, rather, changing the way we think. Spontaneous buying or buying in an emergency usually costs more.
Planning for our future needs makes sense and saves in the long run. In time, the economy will rebound. Habits developed now can have a huge impact later when times are better.
