RECESSION:- According to Wikipedia is "a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters".No doubt Nigeria and even some other countries world over in this scenario now. Times are hard, things are costly, no money making venture in sight, companies are packing, employers are slashing salaries, some are sacking.
People should learn how to adjust and manage what they have so as not to go broke or starve themselves as the case maybe. This article presents some easy to follow guide you with some tips on how to save money in recession. Read bellow;
HOW TO SAVE MONEY IN RECESSION:
Utilize the power of Bargain, ask questions:
Gone are the days when people dabble into expenses without asking proper questions. Even when you visit a mall or need some service try to bargain strongly so as to get thee best price for the goods or services you need. Don't give a go ahead or utilize a service without first knowing the price tag. Calling a mechanic to carry you car for servicing without asking him how much it will cost can land you not only in an unnecessary expenses but also extra trouble which you don't need in this recession. Always ask question, bargain.
Trick yourself into spending less, saving more:
Curbing spending, like cutting back on calories, is something any self-help-ish expert can and will tell you to do, with few details given. So you're left, just as with dieting, to come up with your tricks and techniques for teaching yourself to do and not do certain things. When it comes to tricking yourself into saving money, we like the kind that you don't need much to start out doing, like Merlin Mann's Crap I Just Don't Need.txt file, in which he captures all his do-wants and must-haves, as if it were a wish list, but ends up checking it every so often to see just how well he's gotten along without all those things. High-speed, low-drag spending psychology. Photo by Darren Hester.
Invest in your career:
Financial guru Warren Buffett, as he so often does, said it best back in April, before the market fell: Unless you're going to make investment analysis a nearly full-time gig, you're better off spending your discretionary time in furthering your main career and honing your skills than surrounded by earnings reports and endlessly changing charts. It's the same reasoning SmartMoney's Jack Hough uses in explaining why renting might make more sense than buying, especially if you're not partial to putting work, time, and money into a place right now. Neither is a call to yank all your hard investments out and start a blacksmith shop (as appealing as some might find the idea), but they reason that the revenue-generating asset you might have the most control over is your career.
Trim your cell phone costs:
The economy stinks for you, but it really stinks for providers of services that can easily be scaled back—like cell phone providers. On the one hand, they may fight harder to keep you paying for data plans, text messages, and other "value added" items, but they really, truly don't want to lose you as a customer. If you can't re-negotiate a better deal, though, take a tip from PC Magazine columnist Sascha Segan and cut your phone bill by actually jumping ship (to a pay-as-you-go phone), then let them come crawling back with a package pitch. Stuck in a contract with a huge cancellation fee?.You can even make a swap from the network you use depending on which provider is better of.
Cutdown your TV Cable Expenses:
Making a swap from DSTV to GO TV will kill you, its just for the moment. Trying hard by starving or other means just to subscribe you DSTV won't do you any good in this recession. Make a smart decision by opting to a less expensive cable network that will serve you with less charge.
Start working for yourself (crazy as it sounds):
Even if you've invested in your paid-by-someone-else career, the layoffs just keep happening, leaving hard workers looking for their next gig. Assuming one's money is locked down, it can be surprising how much cheaper it is to start working for yourself—if the conditions are right. The self-employed route is one of the most common suggestions from people in response to post-layoff confusion, and if you don't have to pay for a commute, parking, lunch-on-the-go, daycare, or many other costs, freelance work might help you stem the losses, at least until you can land back on your feet. Everyone's situation is different, of course, and self-secured healthcare isn't getting cheaper, but we happen to know at least one certain blogger/developer who's taking a chance on working totally off the grid.
Dress and look sharp with less cash:
Let's not pretend you can look like a million bucks with N1000 and change. What you can do is focus on taking a clean, elegant style and maintain and extend it without hitting the malls at all. The thrift-conscious J.D. at the Get Rich Slowly blog has 18 tips on smarter used clothing buys, whether as a staple or just a complement to your wardrobe. And, while the political hook is a bit, er, dated, we did consult with style-conscious types to help dress like a honcho with humble means. For everything else that isn't soap and a haircut, try taking on easy ways to look sharp, like de-cheap-ifying a suit, shaving with a straight razor, and using coat hangers to prove to yourself that, yes, you really do have something to wear.
Cut your food costs:
Other than shelter (rent) and water (also rent, or municipal bills), food is the one thing you have to spend money on every day. If you really want to hack down your bills, carnivores can save money by buying whole animals—a process that's easier than they might think. For a weekend kick, you can make your favorite chain restaurant recipe at home. Stay away from the high-fat cruft on Naira menus and switch to a cheaper, healthier Mediterranean diet
Get better at re-using your stuff:
It's the kind of stuff that fueled your grandparents' stories about hard times: Stretching supposedly disposable, used items further than most consumer companies want you to; Using your mind—and your hands—to solve problems without jumping in the car and busting out the wallet. Re-purposing isn't all about balled-up tinfoil and grimacing, of course. a little thought and some creative tinkering usually pays off with a one-of-a-kind solution to household needs.
