How to Survive the Recession/Credit Crunch

LJPearce By LJPearce, 12th Sep 2011 | Follow this author | RSS Feed | Short URL
Posted in Wikinut>Money>Money Saving Tips

Surviving a recession or credit crunch is not as difficult as you may think. This article provides top tips on how to survive a credit crunch or recession

How to Save Money in a Recession - 7 Top Ways to Survive the Credit Crunch/recession

The credit crunch/recession is finally upon us, Money and credit is no longer freely available, so how do you survive, how do you get by. How do you save money, how do you make your money go even further?

Here are 7 top tips and ideas you can put into action.

1. If you have debts, consider consolidating them, or even contacting the loan company to see if they could temporarily freeze the debt you have or lower the payments.

2. Create a budget for clothes and entertainment. You don't have to completely cut down, put make some cutbacks, try to buy less and spend more to help survive the credit crunch.

3. Always use price comparison websites when making any purchase, to help make sure you are getting the best deal for you money, from home insurance to flights, compare prices to make sure you are getting your money worth.

4. Collect and use coupons, even if you can only save yourself a few pence or cents on items, you will soon start to see how these small savings build up to something more substantial over time, and you will be glad you saved and used any and all available coupons.

5.Learn to say 'no' this is very important, its best to always think about whether you will need, want, use or benefit from the product or service in question, no matter how small it is (small purchases always add up) Learn to say no every so often and you will soon see how not buying frivolously can soon add up.

6. Use your local library, for books, CDs and DVDs. Why buy these items when you can just get them out of your library for free or next to nothing

7.Start saving coins. Save pennies and cents, pick up any you find lying around and you will soon see how the pennies and cents turn into dollars and pounds that can be used to buy products, pay bills and build up savings.

These are just a few ways you can help yourself in these uncertain times. Plan ahead if you can, plan for all eventualities and possibilities, create an emergency saving fund if possible to ensure you can cover bills and expenses as and when required.

Remember by putting little things into action during these troubled times you will be helping yourself and those around you. Don't buy what you don't want or will not use, be careful and you will survive and probably most likely survive in the current economic climate.

Good luck with everything and anything you do.


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Meet the author

author avatar LJPearce
Entrepreneur, Personal finance writer and business owner who has over 10 years business experience.
Interested in and always working on creating multiple online and offline income streams.

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