Recently, there’s been a lot of talk of a recession coming. What we do know is that it will come, but when?
Since no one can accurately predict a recession, there are many things you can do to prepare for one to ease the stress and make it a more comfortable time.
What can you do now to actively prepare for a recession?
- Lower your expenses to the absolute lowest possible.
- Find a job that is recession-proof.
- Be very intentional with how you use your money.
- Build an emergency fund that lasts for 6 months.
Recessions come and go, so know everything will be okay and the recession will eventually pass.
Here’s a list of 12 ways to save the most money during a recession. You can do this!
Take action now: Before we begin, take action now, and download the FREE Ultimate Financial Planner. Paying off debt and managing your finances can be FUN. Included is a bonus debt thermometer.
1. Lower your bills and save money today (I saved $290)
Billshark is a MUST for anyone who has a cell phone, cable, internet, or insurance bill and wants to lower their bill.
And trust me, it works because I’ve used it myself on 3 different bills and I’ve saved $290.
Here’s how Billshark works:
- Send copies of your bills to Billshark. (I did this by uploading an online PDF of each bill).
- Billshark negotiates all of the bills you send in.
- You get notified if Billshark was successful. If they are, they take 40% of the savings. Ex. Billshark saved me $290 over the course of 6 months, so I pay them $116. I can do this in a monthly payment plan or all at once.
It’s definitely worth the savings and it was such an easy process. I recommend every single person use this because pretty much everyone is spending way too much on things like internet and phone bills.
Ebates is awesome for anyone who regularly shops online. Ebates works by giving you cash back for purchases you would make anyway.
Ex. Shop on Amazon? Ebates gives cash back for purchases made on Amazon and hundreds of other stores.
I use Ebates any time I make an online purchase. All you have to do is find the store you shop at online on Ebates and then start shopping. It’s seriously that easy.
You can get cash back up to 10% – which is why it’s so important to use Ebates to save money!
Ebates even has a free browser extension that automatically applies the best coupons to your purchases and activates cash back. There are so many times I forget to use Ebates when I’m online shopping – so the Ebates button reminds me every time I go online shopping. It’s a must.
Trim cancels subscriptions, negotiates your cable or internet bill, finds you better car insurance, and more.
Not only that, Trim analyzes your accounts to find recurring subscriptions and determines where you can save more money.
There are so many ways to save money with Trim. Click here to see how users saved $1,000,000 last month.
Check out Trim’s savings calculator here to see how much you can save.
Ibotta is a free app that gives you cash back for making purchases on things like groceries, clothes, toiletries, and much more.
It’s silly not to use Ibotta if you’re a grocery shopper and also have to buy things like clothes, toiletries, household items, etc. Pretty much any kind of item is available for cashback on Ibotta.
Ibotta works at almost every grocery store, Best Buy, Etsy, Forever 21, Hotels.com, Sephora, Instacart, Kohls, Nike, PetCo, Amazon, Target, and hundreds of other stores.
Recently, Ibotta even added a new feature that gives you cashback when you purchase in the app. It’s such an easy way to save money! I’ve been using Ibotta (yes, I actually use it!) for years. I use Ibotta for mostly fresh vegetable and holdhouse items like toilet paper and cleaning supplies.
If you sign up now, you can get $10 in your account by using my link here.
5. Refund unnecessary fees
Did you know you can get bank and credit card fees refunded?
It’s possible with Cushion. Cushion finds any fees that can be refunded. They let you know which fees can be refunded and they take only 25% of the refunded amount.
You can expect refunds on things like foreign transaction fees, wire transfers, minimum balance fees, ATM fees, and credit card interest charges. Pretty awesome.
Cushion makes money by keeping 25% of the refunded amount.
6. $5 Meal Plan
$5 Meal Plan is a meal planning service that sends you a delicious meal plan and shopping list every single week for just $5 a month. You learn how to cook healthy, delicious meals for you and your family on a budget.
I recommend trying $5 Meal Plan because most people overspend on groceries. People are already busy enough and don’t need to add meal planning to the list. This way, you can save money on groceries and make satisfying meals for the whole fam.
If you aren’t satisfied, you can cancel at any time.
Honey finds you the best discount codes on the internet, saving you so much time and money.
This is how much I love it – I went shopping on Fashion Nova the other day and pressed my Honey extension button. Honey found me a 40% off coupon. When I went searching online for the best coupon (which wastes so much time), the best coupon I could find was 25% off.
Honey’s free for you to use and is a must if you shop online.
Sign up with Honey here (takes a minute).
If you’ve been following my blog for a while, you know I’m a huge fan of Ibotta. What I haven’t been a fan of with Ibotta is having to upload receipts.
Drop is essentially Ibotta, but you don’t have to upload any receipts.
Your credit or debit card is linked to your Drop account, you automatically get points.
You can get points from Uber, Walmart, HEB, Whole Foods, Instacart, and many others. You redeem points for gift cards. This makes saving money effortless.
9. Plan out your money
Instead of wondering where your money is going, plan out your money with a budget planner.
A budget planner helps you stay organized with your savings, budgets, credit cards, and finances all in one place.
Each month includes payment trackers with space to manage monthly bills, debts, savings, and expenses.
If you don’t plan, you plan to fail (so they say). So it’s essential to get prepared ahead of time with a budget planner so you don’t just wing it with your finances.
10. Master Your Money Super Bundle
For just $49, you get 45 books, courses and printables to pay off debt, budget like a boss, and reach your financial goals.
With the Master Your Money Super Bundle, you can feel awesome about your financial future and learn from CPA’s, Certified Financial Planners, financial coaches, and a former hedge fund manager.
Shown below is everything included in the Master Your Money Super Bundle. There is so much value here, and it’s worth checking out!
Would you like to pay off debt without even thinking about it? Stay with me for a sec because this isn’t some generic money-saving app.
Qoins helps you by using your spare change from everyday transactions to make an extra payment to your debt.
Let’s say you go to Starbucks and pay for a coffee that is $3.71. Qoins rounds up your payment to $4.00, meaning $.29 goes to your debt. This might not seem like a lot, but it definitely adds up over time. Qoins has helped users pay off $4.5+ million with this method, so it must be working.
12. Read personal finance books
Personal finance books can educate and inform people about topics that might seem intimidating or foreign.
Having necessary personal finance information is key to succeeding in life and getting control of your money.
I went years without knowing anything about money. I picked up my first personal finance book a few years ago and ever since then, I’ve read dozens of books on topics ranging from investing, budgeting, and paying off debt.
Some of my favorite personal finance books are:
13. Stop overspending on groceries
One of the easiest expenses to lower each month is groceries. The average family spends $800 a month on food and a recent survey I read said many millennials spend an average of $400 a month on food and restaurant outings.
If you spend $400 on groceries and restaurant outings for 1 person, you can easily lower that to $300, and even $200 per month. Saving $300 a month can go into your retirement savings and equal tens of thousands of dollars later on in life.
Click here to learn the 5 mistakes you’re making at the grocery store (and how much you should be spending).
There are so many ways to save money during a recession. It’s important to create a budget that accounts for the lowest amount of spending possible and following that as closely as you can.
There’s always ways to lower overall expenses.
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