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 lowest possible.
- Find a job that is recession-proof.
- Be very intentional with how you use your money.
- Build a 6-month emergency fund.
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.
Before we get started, make sure to sign up for my free resource library and get tons of free printables to save money and build wealth.
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!
Create an Ebates account here. Make an online purchase of $25 and get $10 as a welcome bonus! So easy.
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.
3. Switch cell phone plans
Are you overpaying for cell phone service? Probably.
After seeing ads for low-priced mobile plans for years, I decided to take the leap and try out a mobile plan that isn’t AT&T, T-Mobile, or Sprint. I tested out Tello Mobile for only $19 per month.
What I learned from testing out a new mobile plan: Just because you pay more doesn’t always mean you’re getting better service. T-Mobile charges me $80 per month while Tello Mobile charges me $19. I got the same coverage with both phones in my city. I went out to different locations in my town and tested both phone plans. They got the same exact service. This is why I recommend moving to a cheaper phone plan.
Why pay more for the same thing?
Most of us are going to have cell phone plans for forever. A savings of $100 a month can be roughly $1,200 a year.
In 10 years, you’d save $12,000.
In 20 years, you’d save $24,000.
Tello Mobile uses the SAME towers as Sprint to get service. Tello Mobile has NO contract and NO fees, with flexible plans starting $5 to $39. Yes, the most expensive plan is $39 per month. Tello has Nationwide 4GB LTE coverage Calls to Canada, Mexico, and China is even included.
If you’re hesitant on switching carriers, think about all the money you’ll save over the years to come. You can even test out Tello Mobile for 1 month before totally switching over.
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.
If you’re downloading Ibotta on your phone, the app will ask if you have a referral code. Use my referral code: lwyxxrb and you’ll get $10 for signing up.
5. Walmart Grocery Pickup
My new favorite app is Walmart Grocery Pickup for 2 major reasons: 1) It’s a huge time-saver 2) Convenient, easy pickup. You don’t even get out of your car to get your groceries.
How to get started easily:
- Click here and get $10 off your first Walmart Grocery Pickup.
- Order groceries online.
- Schedule your pickup.
- No fees, no tips accepted, no subscription model. It is free to use Walmart Grocery Pickup.
If you’re new to Walmart Grocery Pickup, you get $10 off your first purchase here. That means you can get $50 worth of groceries for only $40.
I needed 1 substitution because they didn’t have the item I ordered, so they gave me an even better item for the same price as the original item I ordered. You also save money on groceries because you don’t even get the chance to impulse spend since you’re not in the store.
Bonus: Are you bad at picking fresh produce? Their grocery experts know exactly which to pick from for maximum freshness. If you aren’t satisfied with the freshness, you can get a refund.
Even better, once you fall in love with Walmart Grocery Pickup (which you will), you can start referring friends and family. Just get 5 friends to try out Walmart Grocery Pickup and you’ll get $50 toward groceries.
6. 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.
7. $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.
10. 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.
If you have a credit card balance, use this free credit card pay off plan below! You can even pin it for later.
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).
You can only save so much – the next step is increasing your income.
Here are a few ways to make more money (both part-time and full-time jobs).
1. Facebook Ad Manager
Did you know you can become a Facebook Ad Manager for businesses and make an extra $1,000+ a month with just 1 client? Facebook Ad Managers are in charge of running ads for businesses to increase their customer base and income.
There are over 27 million businesses in the U.S. with over 500,000 new businesses starting every month. Out of 27 million businesses, all you need is 1-2 clients to make $1,000 a month. If you want to go all in on this side hustle, you can take on 5 clients, which can be roughly $5,000 a month.
You can learn how to become a Facebook Ads Manager in less than 28 days with the Facebook Side Hustle Course.
2. Start a blog
I started this blog in college and graduated my senior year making $80,000 a year. Blogging isn’t easy and takes a lot of hard work. It’s not for everyone. If you feel that you can help people with a blog and inspire others to live better lives, a blog is a great way to do that.
If your dream is to become a full-time blogger and start a blog, I recommend starting a blog with Bluehost. Bluehost has 24/7 support, a money-back guarantee, and makes it as easy as possible to start a blog. Start a blog today for just $2.95/month with my step-by-step tutorial here. It’s easy, painless, and takes less than 20 minutes to start a blog of your own. With my link, you get a discount from $7.99/month to $2.95/month.
Are you not sure where to start on creating a profitable blog? I recommend checking out this course roadmap to figure out where you should get started first!
If you need a little more help starting your blog, I even have a free How To Start A Successful Blog quick 5-day course that shows you step-by-step what to do AFTER you started your blog. This quick course is filled with a TON of value giving you everything you need to get started the best way.
A bookkeeper’s job is to keep records of financial transactions of a business. Bookkeepers can make between $30,000-$60,000 per year. Becoming a bookkeeper has several benefits, such as low startup costs, high profit, and the ability to work remotely.
If you’re eager to learn more about becoming a bookkeeper, check out this free training that will show you the quickest and easiest way to start and run a successful virtual bookkeeping business.
4. Teach English online with VIPKID
With over 600,000 students, VIPKID is the leading platform for teaching English online. Teaching English online is a great way to make income at home, while on your schedule.
VIPKID pays up to $25 per hour, and the entire curriculum is provided for you. Forbes even recognized VIPKID as one of the best places to work online. To meet VIPKID application requirements, you need to have a bachelor’s degree in any field, eligibility to work in the U.S. or Canada, and at least 1 year of teaching experience (includes tutoring, homeschooling, coaching, mentoring, and other life experiences).
5. Freelance writing
I had no idea what freelance writing was (or that you could make money from it) until I met my friend Holly. Holly makes six-figures with her freelance writing career; $225,000 a year to be exact. There are hundreds of freelance writing jobs out there, but getting those freelance jobs isn’t easy, which is why Holly created Earn More Writing.
Earn More Writing helped me get started freelance writing. I landed gigs on sites like GoBankingRates and many others. I went from charging $50 to $250 per article.
This work from home opportunity is legit, lucrative, and lets you work anywhere in the world. Holly travels (a ton!) and works all around the world.
In her free workshop, she shares her techniques she’s used to make six-figures freelance writing. You can check out her course and free workshop here.
6. Sell Etsy Printables
Julie from the blog Millennial Boss is killin’ it in the side hustle world by selling Etsy printables.
This side hustle is almost entirely passive, meaning you do the work in one sitting, and then get paid for it for months and years to come. With just a few hours of work, Julie’s made over $5,000 selling printables on Etsy.
Julie recently created Etsy Printables where she shows you exactly how to make money selling Etsy Printables. I’ve gone through it myself and plan on adding this as a side hustle myself because it’s one of the easiest ways to make passive income.
Are you wondering how to get started selling Etsy printables? This free guide here has a secret list of best-selling products by month and how to capitalize on seasonal trends to make sales. It’s a free download and SO good!
I did an AMAZING interview with Julie that you can check out here. She shares pictures of her printables, revenue dashboard, and exactly how you can get started.
7. Professional Proofreader
Transform your passion for words and reading by becoming a professional proofreader, and help people like me who are terrible at proofreading. I hire a proofreader for special projects which has been a must in my business. Proofreaders are a must for books, magazines, websites, and tons of other projects, so they’re always in demand.
Proofreaders can earn between $17-$30 per hour and offers competitive pay and flexible hours while working from home.
Here is a free workshop that will show you if proofreading is right for you.
8. Sell on Amazon
There are more than 100,000,000 (yes, million) Amazon Prime members. More than 50% of all Amazon sales come from third-party sellers. Selling on Amazon is a legit way to make great money and isn’t going away any time soon. And if you’re completely lost on how to even get started selling on Amazon, bear with me for a sec.
My friend Jessica and her husband have perfected the art of selling on Amazon and have made well over $100,000 profit (their first year in the biz).
Jessica even has a FREE 7-day course that tells you everything you need to know in a simplified way to get started selling on Amazon.
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 are always ways to lower overall expenses.
Here are 2 articles I recommend reading next:
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