How Are People Saving Money In The Recession?

By: Laurie Tam

Break Studios Contributing Writer

Are you wondering, "How are people saving money in the recession?" There seems to be a trend towards people saving money in the recession due to job cuts. Even if the economy is getting better, saving some money is always a good idea no matter what. Here are some ways many people are saving money in the recession.

  1. Buy necessary items at consignment, discount, and thrift stores. Many people have gotten smart about where they shop in order to save money during recession. Shopping for splurges at consignment, discount, or outlets is a great way to treat yourself while still saving money. Even if you live out in the middle of nowhere, there is probably a thrift store or bargain store near you.
  2. Use coupons. Use coupons for as many things as you can. Everywhere from restaurants to supermarkets to clothing stores are offering coupons these days.  Do not spend money on something you would not have bought otherwise just because you have a coupon though.  Use your coupons wisely but be on the look out for good coupons for items or services you are already going to purchase.
  3. Buy items which you use often in bulk. There are items that are worth paying more for in order to save money in the long run, since you use them on a daily basis. Go to stores that sell items in bulk that do not require a membership. Avoid purchasing things with short expiration dates, however. Make the most of your money by making large purchases of non-perishable goods such as toilet paper, paper towels, and soap.
  4. Either exercise for free or switch to a cheaper deal at health clubs. Not all health clubs are created equal when it comes to monthly fees. If you are on a very tight budget, it would be better to buy cheap equipment to workout at home. But for the folks that need the motivation to be fit, find some cheaper deals in your own town or try to negotiate a cheaper plan at your current health club, chances are your health club will not want to lose your business.
  5. Attend free, fun social events. Living in major cities can give you endless possibilities to some cool and free events. Instead of plunking down some cash to go to a rock concert, catch a free one at a park or coffee shop. Check your local paper or social website calendars for events near you.
Posted on: May. 06, 2010