Learn ways to save money before recession hits

 We have not hit the recession yet but experts say it will hit most people by the end year 2023. Many have been laid off jobs in major industries including them who work with google, amazon and big companies. It's not like we have not seen such disaster fall on us two years ago when coronavirus hit all of us in terms of not just health but also costs us our jobs and over all imbalance in everybody's lives.

Source: The Balance

We should have learnt our lesson back then, but we did not do so because we were waiting more for a normal life routine that we had before coronavirus hit us. The year 2022 was better for a lot of us. Much of us did get back to the normal we expected and some of us people who lost their jobs and business are still building their life back together. 

Mostly because of the war in Ukraine and other political issues in various countries like, UK, Sri Lanka, Russia, USA, China, India and so many more, people are facing adversaries everywhere. It hurts to know that the poor are getting hurt the most in all this chaos while the rich are continuously trying to make the most money out of the sadness of others.

What can we do as a lay man to survive the coming recession? How can we save money at least for some more years to come. It's a scary world out there. 

1) Clear out your debts as much as you can

If your spending a large amount on loans and credit card payments, clear it out as soon as possible. Consolidating debt to a fixed rate loan may save money on interest and can also make for predictable monthly payments, which can help with budgeting during a recession.

2) Emergency Funds

Unexpected expenses can throw a wrench in your financial plans, especially if you don’t have cash on hand to cover them. According to the most recent Federal Reserve analysis of household well-being, 36% of Americans say they’d be unable to cover a $400 emergency in cash, according to Forbes.

3) Cut Down Unnecessary purchases

If you're thinking about making big purchases like a new car or home renovations, then keep them out of plans this year.

4) Invest

Invest in bonds, golds, shares or even physical options like spaces (home or office, if you have money to invest).

5) Eat at home

Learn to cook more and enjoy food at home than spending money in restaurants. It will also make you healthier and happier when you eat home cooked meals. 

6) Budgeting

Keep a budget of your household items and eliminate unnecessary spending on items that are not important at all.

7) Be needed at work

If you think your job is at risk during this recession, then have a change of attitude and work hard and better so that you don't get laid off. Learn a new skill, take up a course that can help you do your job better. An employer will need an employee who is willing to put more effort than one who works only to earn.

8) Start a side hustle

Research your market and decide on which side hustle would make you at least a passive income during these hard hitting time. If you are good at baking, you can start a side cake business or if you are good at fixing electronics, you can keep a side hustle of fixing them for others. You can find ideas here.

9) Manage with low costs

So if you can manage living with products and services that you use daily with a lower cost option, then you can do that. For eg, buying a different brand of toothpaste that is not bad; only a different brand that costs less.