How to manage and control your personal expenses during recession
Managing your own expenses sounds very simple or you might have already got several advices to manage personal expenses. Most people thinks he/she is good in managing expenses, but what happens is they do not consider what is going in the market, how are the conditions in the country or globally. These scenarios can also affect you, like in the situation of recession. So if you will plan your expenses by considering the ongoing trends, it will help you in case some thing unexpected happens.
Someone may lose his/her job, may be you were planning to sell some of your property or investment in equity market to have some extra cash or to meet some unavoidable expenses, but suddenly you found property prices started falling steeply or market is behaving quite badly. So, it is always better to check the current market trend, and control and manage your personal expenses to have extra cash in your bank account. Also make a habit to invest some part of your savings in some plans/instruments which offers guaranteed returns.
Best ways to Save Money
What normally happens is, most of us think that we do not spend on un-necessary things, so how we can reduce our expenses. But there are various ways in which you can save some significant amount of money. Do not spend much on outings, reduce your dinner outings, and prepare food at home. You can reduce your long drives that are meant for fun only. Reduce time of outgoing calls to your friends, talk to the point. You can also change your mobile postpaid plans as per your current needs.
Shop less and buy only what you really need, do not buy un-necessary items, buy limited clothes and jewellery. Always search on internet before shopping, to know what all offers are there in the market and from where you can get that product/service with better prices.
Go Green and Save Money
Suppose if you go to office in your car, and if you have some of your colleagues from the same or near-by area, you can go for car-pooling option. It will save your fuel cost to some extent and also the maintenance cost of your car will be reduced. Switch on less number of lights in the day time, better to open windows, you will get fresh air and light and it will save on electricity bill cost and this habit should be used in general also, as it saves the environment from getting polluted.
If you are living in a rented flat or apartment, then do not rent a lavish apartment, get a smaller one as per your needs and not as per your guests needs. After all, it is your money that will be saved and can be used during hard times. So if you will peep inside your expenses, you may get some more loop-holes and extra ways to reduce the expenses and live a happy and consistent life forever.
Download a free copy of budget planner to manage your monthly expenses and plan your budget easily to save more money.
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chailcute on June 12, 2012:
yeah everyone must spend their money wisely...buy only those things that are needed in order to sustain life.
Rakesh Yadav on June 24, 2011:
That's really very good things. Everyone should have follow these ideas in their life.
Anuj Agarwal (author) from Noida on May 31, 2010:
Thanks for the comment Rejith.
Rejith,from kerala on May 31, 2010:
The ideas above mentioned are good.I think every one should know about this subject,unnecessarily we are wasting lot of moneys.
Anuj Agarwal (author) from Noida on January 04, 2010:
Thanks for the comment sherylinmotion.
sherylinmotion on January 02, 2010:
Interesting points made although very general.