Saving Pennies during Economic Recession/Job Loss

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Recession is a difficult time for all of us. Losing jobs can be traumatic. One’s standard of level gets a tremendous jolt and the fear of not being able to meet both ends is there. Depression sets in for some, whereas others try to fight it out. Naturally, stretching one’s income to its maximum is required and trying to save one’s pennies is essential. A penny in the piggy bank is worth a million during recession.

Housewives have a difficult time managing the budget. Less money on hand means, all desires cannot be fulfilled. One has to count one’s pennies. In normal times, one might spend a lot, but during recession one has to manage with limited income.

Managing the budget is difficult. It requires compromises, adjustments and acceptance of the existing conditions.

How can one save pennies?

  • Tight Budgeting – One has to tighten one’s purse. One has to be careful in spending.
  • Priority setting – One has to get one’s priorities right while spending. Money has to be spent on essentials like food, children’s education, and medical bills. Social outings have to be cut short, and having one’s favorite meal at a favorite restaurant may not be all that frequent.
  • Save on petrol – Travel is expensive during recession. One can pool in a car and share the expenses. Four people can travel in the same car in case they are heading for the same destination.
  • Holidaying on a low key – One has to cut down on pleasure trips. Perhaps one can choose a place that is within one’s limited budget. The frequency of holidaying would be less.
  • Cutting down on luxuries – One has been probably accustomed to a luxurious living. Naturally, recession would mean that one has to compromise on luxuries and settle for basic needs. It can be quite depressing at times, but one has to accept the realities of life. It is a temporary phase only.

Managing limited income is very difficult indeed. But recession means less money on hand and less money implies less spending. Make the best of what you have and spend it judiciously. Get the maximum mileage of the income on hand.

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