Recession-Proof Saving Tips

Recession-proof saving tips

Living costs are increasing, and it’s more difficult than ever to save. A recent survey revealed that 67% of Americans are worried about money (source). With economic uncertainty lingering, here are some recession-proof saving tips to help you save more and spend less:

1. Embrace budgeting

Budgeting is a quick and easy way to regulate spending, track transactions and save more. Create a budget using a spreadsheet or an app by noting down your regular income, monthly outgoings and one-off expenses for the month ahead. Calculate your disposable income and set spending limits and savings targets.

2. Keep an eye on expenses

With contactless payments, direct debits and online shopping, it’s hard to keep track of spending. Keep an eye on your outgoings and try to reduce expenses. Check your statements and account balances regularly, use online banking and sign up for notifications so that you know when money goes out of your account.

3. Set saving goals

Setting saving goals is a great way to motivate yourself to control spending and save more. You can work towards short and long-term targets. It’s wise to transfer a lump sum to your savings account when you get paid.

4. Lower your monthly outgoings

Most of us could make savings by changing our spending habits or paying more attention to our accounts. Look for ways to decrease base expenses and lower spending on non-essentials. You can save money without room in your budget by shopping around for the best deals and offers, comparing prices and cutting back on luxury items.

Conclusion

Almost 70% of Americans are concerned about the cost of living. If you’re on a mission to save money, start budgeting, keep track of spending, set saving goals and try to lower your monthly outgoings and make your money stretch further.