Here are ways to save money during recession

Plan your purchases.

By planning your purchases, you are effectively planning your expenses.  This will help eliminate the danger of impulse purchasing and unnecessary spending.  Try to look at the bigger picture when it comes to your basic needs.

Plan for a week’s worth of groceries,so you will have an idea of which items you truly require (and want) and which items you can do away with.  To make sure that you maximize your planning efforts, consider incorporating items on sale into your planning.  If there are foods on sale that week, for example, why not plan your week’s menu using what’s currently on slashed down prices?

Keep an eye out for bargains and discounts.

Learn to monitor stores for seasonal sales.  You will save more money by purchasing items on sale than in their regular prices.  During a recession, that’s considered wise spending.  Check out store or newspaper ads and do not be shy about asking for cheaper alternatives, getting store rebates or using discount coupons.

Put off bigger purchases.

A good rule of thumb is, if you can not afford it, do not purchase it.  If, for example, you’ve enough money for a downpayment on a new LCD TV but will have to borrow money off your credit card just to tide you over for the next few weeks, it would be really insane to make a purchase.  Wait until you can truly, comfortably afford something.

Practice prevention, not cure.

If you look closely, there are several things you do in your home that are siphoning precious dollars from your wallet.  Simple steps such as repairing and maintaining your home and appliances, using more efficient equipment and cutting down on unnecessary consumption can do wonders for your wallet and piggy bank.  And what better way to treat a recession than to be prudent?

Earn extra money.

If, after all your efforts, the money you’ve saved is still not enough, do not let recession get the better of you.  There are times when your efforts are just not sufficient – mostly because you do not earn enough.  Rather than asking for a raise that might never occur or waiting for a promotion to drop on your lap, consider finding other means with which to earn (and save) money.

Consider getting a part-time job, work extra hours, do selling on the side or offer your skills as a freelancer.  The extra income you earn, along with your recession-powered money-saving plan, will help you make enough until after the tough times are over.