Saving money in a bad economy

Ummigal

Active member
Saving money isn't really that easy unless you started it at a very young age. On normal circumstances people usually find it quite difficult to save money let alone in times of economic hardship. They are all about some effective ways through which one can save money during economic crisis examples are:
Doing most of the things used to pay for yourself: cutting down expenses is very important when in a situation of economic crisis. you wouldn't want to spend your money on things you can actually do yourself. Work like washing your clothes the car and sweeping the house should all be done by you.
Minimize the time you spend on social media: social media is one of the top consumers of time and money. In in times of economic crisis it is very important for one to cut down with use of social media so as to save money used for frequent subscription.

Plan your budget well and track your savings: in times like this it is very important for a person to plan his body so as to cut down the unnecessary ones and focus more on the necessary ones. Tracking your savings can also help you keep track of the amount of money you spend per day.
 

Sotherefore

VIP Contributor
Saving when there is a bad economy may really be difficult for people to save money especially those people that are not earning good amount of money every month .the best things that can help you at this point is to find a business or Side business that you can combine with your main work to have two source of income.
 

jemmy

New member
Yes saving in a poor economy is a very hard thing to do because it will be a very hard thing get food to eat or basic needs to be able to live a standard life.
 

btaliat

VIP Contributor
To be very honest, it is not easy saving money during the period like this where there is inflation and bad economy in general. The price of almost every thing has doubled. The only thing to be done in this era is just to have multiple income because saving is a must for someone thinking about his future.
 

Abigael

Valued Contributor
Personal financial management is truly very important now that the economy is getting harder and harder. So as much as you are earning something online or offline, you need to budget it well so that you don't end up being broke. Managing the time you spend in social media is really great. Especially of you need the data subscription to make money online.
 

Nite

Valued Contributor
The thought of being hit with an economic crisis can keep anyone awake at night. However, the prospect of something like this happening can become less stressful, if you're properly prepared. Setting a monthly budget will help keep the track of all your financial health. Got to agree, that our focus should be on all the necessary things to buy first.
 

Alexandoy

VIP Contributor
We are in a bad economy due to the pandemic and I agree that instead of enjoying the luxuries in life maybe you have to do most of the chores now. Take for instance the cleaning of the car, I will not go to the car wash but instead I would spend my energy in cleaning the car. That would give me the exercise and also I would save from the expense of the car wash. Some other savings that we can do are the things that we see at home particularly the usage of electricity and utilities.

On the other hand, I would advise to refrain from touching the food budget because it is not good to scrimp on the food. We have to live a normal life especially with the food. All the leisure and convenience can be affected too. We have cut our travel plans and we will just wait for the pandemic to end before we go on vacation abroad.
 

Caramelle

Active member
We need to prioritize the essentials and forego some luxuries until the times get better. To minimize the stress brought about by the uncertainties, we should plan and strategize, and look for ways to augment our income while cutting back on our expenses. It can be as simple as planning our trips to minimize transportation expenses or switching to store brands that are way cheaper. Being conscious of the ways we use money will help us identify and correct wastages. Preparing a budget and sticking to it will help ensure that we don't overspend and that there will be enough funds for the family's needs. It will also be a big help if we can plant and cultivate vegetables to supplement our food budget.​
 

Jasz

VIP Contributor
So many people wish to save some money, they really want to do it right now, but it's very difficult. Have seen how some persons live. They have to work in a day to feed. Some of them have family they need to take care. All they get is what they can feed on in a day. The economy situation of some countries don't support savings, as unrealistic as it seems. So many just want to survive and not to get rich anymore.
 
D

Deleted member 28127

Guest
The monetary value of our savings is decreasing gradually year after year and this decrease could be a little in the good or medium economy or bigger in the bad economy so there will be thinking of buying gold because monetary value increases or real estate or house or lands or anything to save money not save fiat currency at the bank.
 

Mellorando

Banned
Having emergency savings when a recession hits could help you pay for essential purchases if you lose your job or your work hours are reduced. If you already have enough money socked away to live on for six months, it doesn't hurt to put away more than that if you can afford to.
One of the biggest risks consumers face during a recession is a loss of income. Unfortunately, there is no way to predict whether you'll lose your job or if your income will otherwise be impacted by an economic downturn. By diversifying your income, you can insulate yourself from potential risk should your main source of income be taken away. To create a new stream of income, consider finding a side hustle, or something you can do easily in your spare time to earn extra money. Consider food or package delivery, tutoring, child care or other jobs suited to your skills and availability. Different streams of income will not only protect you should an emergency occur, but they could help you beef up savings and pay down debt now. The lower your total debt balance, and the more you have in savings, the better off you will be should a recession hit.
If you budget your money and know you can save even $50 a week, don’t let that money tempt you by sitting in your checking account until you manually move it into savings. Find a bank that offers a great interest rate on your savings and then set your account up where it automatically takes the $50 from your checking and moves it into savings every week.
 

Kingsley

Valued Contributor
Saving money in a bad economy is almost near impossible as there is hardly enough for people to survive on and take care of their basic needs. I am speaking from experience because where we find ourselves here in Nigeria there is alot of things happening which is not suppose to be happening in a sane country. Our leaders here are highly insensitive to the yearnings of the citizenry. Sometimes I wonder if these crops of leaders have a heart of their own or they are just beast out there to put tears in the eyes of the people.

Just before the coming of the covid19 pandemic in 2019/2020 the country has experienced recession twice all due to bad leadership, corruption, and high level of mismanagement and lack of technical know how on the part of the leadership. They have displayed a high level of incapacity and yet they have refuse to resign rather they have dragged the people into untold hardship.

During the pandemic all the food and cash grants given to Nigeria were all embezzled and misappropriated people died of hunger, and the police harrasment then lead to end scars protest. Infact this is the worst times Nigeria has ever experienced and it is hard to save now. People even end up borrowing.
 
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