5 simple ways to save during a recession

Recessions might have a bad effect on our finance which is why we need to find ways to save during a during a recession or when a recession is about to happen.

A recession is a period when there is a decline in the economy and there is a heavy drop in spending which affects most people.

Here are simple ways to save during a recession

1. Spend less and save more

If there is a global recession or economic downturn in your country, you need to adjust to such situation by cutting down on costs and expenses.

Remove things you don't necessarily need and can do without on your spending.

You need to curb your spending by cutting down on costs which in turn doesn't only help you manage your finance but also helps you save more on expenses.

To avoid been affected too much by a recession, you should plan beforehand by setting aside for such occurrence.

2. Cut down on your utility bills

If at the end of the month you always have a high utility bill to pay, then you should find effective ways to cut down on your utility bills.

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Electricity bill is one of the most common utility bills we have to pay in Nigeria. It is advisable to watch how you use electricity in your household. Doing this helps to reduce cost on utility bills, which helps you with your savings.

3. Cancel subscription plans

You can really do away with some subscriptions. Subscriptions like cable tv subscriptions, internet subscription, gym subscription.

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Any kind of subscription that might be taking a huge part of your income away, try to do away with.

You would have more to save when you cancel some unnecessary subscription plan which doesn't add any value.

4. Create another source of income

When there is a recession it might be difficult living on just one source of income. In such situation, it is best to find and create another source of income.

By having another source of income, you don't have to depend on just one income. Also, you tend not to worry about the state of your finance if you have another source where you make money.

5. Do smart shopping

When there is a recession, it would be best to do shop smart, instead of doing the impulsive spending.

When you are about to go shopping, make a list of items you are about to get, striking out the items you feel are not necessary.

Also, avoid spending on impulse. It has a way of destroying your savings and personal finance.