Recession-Proof Saving Tips

Since the recession, everyone’s had to tighten their belts. We can no longer spend without thinking about where exactly our money is going. Inflation has continued without a noticeable rise in wages, and there has been nothing to indicate that things are going to change at any point soon. As well as failing to spend as much as we used to, we’re also constantly conscious that we should be saving. We have a responsibility now to make sure that we make our money go as far as possible, and are constantly told in papers and magazines that it’s of utmost importance to save.

Sometimes these tips can be unrealistic. They can expect you to pay less for quality items or scrimp on the things that matter a lot to you. Saving is about knowing when to save money, and when to spend it, so being overall unwilling to spend is simply unviable.

To help you in these troubled times, we’ve put together a number of recession-proof tips. These are foolproof ways of getting the most out of your money, and life, in these current difficult times.

Prioritise

Think about the things that are really important to you. What is it important that you spend a lot of money on? How does this affect your lifestyle? Prioritise these needs, so you can form a budgetary plan around them. If you know what’s the most important aspect of your life, then you can be sure to plan around that.

Think about what items you personally like to spend more on. These aren’t needs, but if they’re going to significantly influence your quality of life, then it’s worth thinking about them. Is it of utmost importance that you be seen to have bought the most recent high performing sports car, or are you happy to find a used dealer like the Thames Motor Group?

Organise

When you’re worried about your personal finances it can be easily to shirk your responsibilities. Who hasn’t thrown away a bank statement because they’re too nervous to see their balance? Who hasn’t stood at the cash machine with their fingers crossed, hoping that they have sufficient funds to make a withdrawal?

Hopefully these days are long behind you. But everyone still has their own personal hang-ups about finance and money. Get over them by being organised. If you sit down once a week and keep a record of your expenses, marking them on a spreadsheet then you’ll never be missing vital cash again. If you know how much money you have you’re always at an advantage.

Compromise

Saving is all about compromise. Find a middle ground between your ideal product and the one that is best value. Think about spending less in some less vital areas so that you can spend more on purchases that will increase your quality of life. Try to distance yourself from the situation and think analytically. Be clever about your situation, and don’t be afraid to be ruthless at the same time.

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