How to save money in recession?
1) Have a tight budget.
2) Don't eat out.
3) Use grocery game or other tool to save on buying groceries. (Can save 30+%)
4) Don't make new purchases unless absolutely neccessary. Like a car, furniture, electronics, etc.
The same as when times are good. Don't go out spending money, don't buy new clothes, reduce your consumption to what you need, and find hobbies that cost no money.
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Follow a simple rule; avoid spending on unnecessary things. Set a target for savings, ideal would be 10% of your income (this is what i do personally). Get control over your financial transactions- track every dollar earned and dollar spent. If it's ok with you, you could use one of the financial management tools like Rudder.com.
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Save your money for unnecessary expenses. Spend your budget for food and utility expenses.
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Just watch everything you spend. I opened a savings account and every week put a small amount into it. You never know when you'll need it.
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Stop going out for shopping, and keep a record of every penny you spend.
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