Have you noticed that your money isn’t stretching as far as it used to? Are you left with no money after paying bills?
This is due to the current economic downturn. The current economic downturn has left all of us wondering how we can survive in this new, expensive world.
Becoming financially savvy and tightening your purse strings is just one way that we can all work through this tough financial period. It is clear that the cost of living crisis is affecting everyone, so let’s explore some ways that we can get through these tough times.
Change The Way You Shop
Instead of splashing out on expensive items when you are out shopping, you should try and buy home-branded items. People often think that cheap=poor quality, but this is not always the case. You will find that many of the home-branded items in your stores are essentially the same thing as the big brands, they are just packaged differently. Making this switch to cheaper items can sometimes be tricky, especially if you are not used to it. You may find it easier to make smaller, less important switches first of all, instead of completely altering your shopping routine. You could also do some online research too, as this will help you find cheaper alternatives to your regularly bought items.
Build Up Some Savings
You will often hear people say: “you must save some money for a rainy day”, and this phrase is incredibly relevant in the current economic world. Having some savings put aside is something that we absolutely recommend, as it means you have a chunk of cash to fall back on, should anything go wrong. Saving money can be easy, so long as you take it slow and don’t put too much pressure on yourself. Even just putting $50 away per month can help you generate a bit of savings, so start off small and slowly build it up. Alternatively, you could choose to place some smart investments, as this can help you make a bit of cash. TradingView economic calendar can tell you about the changes in the stock market. For someone looking to invest, keeping an eye on the US economic calendar will prove to be beneficial, as you can stay updated on any changes in the market.
Furthermore, in the realm of building up your savings, there is a valuable resource known as VectorVest. This platform specializes in swing trading education and strategies, providing individuals with essential knowledge about the stock market. By embracing the principles of swing trading, you can potentially generate additional income to bolster your savings. Remember, the key is to start small and maintain a consistent approach. If you’re interested in exploring investment opportunities, it’s advantageous to stay informed about market dynamics.
Utilize Money Saving Apps
On your smartphone, it is likely that you mainly have apps for social media or entertainment, but did you know there are apps for saving money too? Money saving apps are excellent for someone who struggles to save money, as they essentially do all the work for you. You could get a smart banking app that tracks and controls your spending, or you could get an app that provides discount codes and vouchers. If you find that you struggle with putting away money every month, then you should download an app like TopCashBack or Chime-Mobile Banking. Both apps make it super simple for anyone to start saving, and within months you should have built up a decent amount of money. Putting money aside every month can seem stressful, so why not eliminate that stress in your life and let an app do all the heavy lifting for you?
Declutter And Sell Your Stuff
We are all guilty of buying too much stuff. Whether you like to buy lots of clothes, shoes, or even furniture, having too much can sometimes be a problem. So, if you want to make some space in your home and make some extra cash then why not declutter your belongings and sell them online? Doing this essentially kills two birds with one stone, as you get to clear out your home and earn some money. Selling your stuff really has never been easier, these are some of the best sites to use:
- Depop
- Vinted
- Facebook Marketplace
- eBay
- Craigslist
- Poshmark
- VarageSale
When you do get around to posting your items online, make sure that the pictures are good quality. No one wants to buy a sofa or a pair of shoes that they can’t even see, so spend time getting good lighting and good angles for your items.
Cut Out Unnecessary Spending
Ultimately, one of the best ways to survive this economic downturn is to cut out any unnecessary spending. Although it is nice to buy lunch every day or buy a cup of coffee on the way to work, you can just make lunch and your coffee at home and save $20. Additionally, if you pay for a gym membership, you could instead just start working out at home. Living in a cost-of-living crisis will involve some sacrifice, but it is something we all must do together if we are going to get through these rocky financial times.
