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How to spend during Recession? email this discussion to a friend?

myLot reputation of 85/100. vinslounge (843)   ranked 1,285 out of 32,657 in mylot.com6 months ago

We are witnessing Recession and Economic slowdown everywhere across the globe and no one is yet to arrive at a proper conclusion that when will this recession be over. We have witnessed that the spendings have come down at a drastic phase and people think twice before buying any products. At this time of Recession how do you spend? Are you upto any cost cutting measures? What are the ideal ways you suggest to overcome this recession and Economic slow down? Please post your valuable response.

 
 
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tags:  recession, frugal living, recessio
 
1. myLot reputation of 95/100. marguicha (3618)   ranked 489 out of 32,657 in mylot.com   6 months ago

For me, being frugal has been second nature since my hubby died 9 years ago. I like to live well so I have to use more my imagination.
I don´t have a knowledge of economy to say how the different countries will overcome this, but I am taking small measures to live well with less money myself.
I guess the main ideas that I put in practice are: 1. In my house NOTHING is thrown away. No leftovers, no used anything. All is recycled. 2. Food is made from scratch and there´s no room for fast food luxuries (which I don´t like, by the way, I like to eat well)3. In winter I wear more clothes to keep me warm and in summer I use short at home. I don´t have AC or central heating. I don´t need it in my country really, but in winter temperature goes down to freezing sometimes (that´s when wool socks come handy).
I have a vegetable garden. This coming spring I´ll make it grow more.
I use public tranportation to go to many places (I just go near it in the car) and also walk to the places that are near enough.
I hope this helps some. Take carehappy


myLot reputation of 85/100. vinslounge (843)   ranked 1,285 out of 32,657 in mylot.com  6 months ago

Thanks for your valuable response. This is simply great and I appreciate it. You have given some really valid and helpful points to tackle the current economic slowdown. Nice that you people are actively participating here and giving your valuable response to the topic. I will definitely try to practise some of the nice points being putforth by you. Have a great day ahead. Happy Mylotting:-)

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2. myLot reputation of 83/100. benny128 (1736)   ranked 3,303 out of 32,657 in mylot.com   6 months ago

the more people who change the spending habits the longer we will be in recession,

if people stop spending then companies stop making profits and pay people off, which then means they stop spending and companies lay more people off.

Everybody needs to be sensible and to cut their spending to a certain degree but not massively as if people stop spending and putting money into the economy then the situation will continue to get worse.


myLot reputation of 85/100. vinslounge (843)   ranked 1,285 out of 32,657 in mylot.com  6 months ago

Yes that is true and you have hammered the point well. We must cut our spending only to a certain extent and if we stop spending money, then definitely we would be at the receiving end as the situation will continue to get worse. It can be like while purchasing clothes, instead of opting a costly and branded one, we could opt for a less popular brand and in that way we can cut our costs. Simply not buying what we wish is not going to help us anyday in anyway.

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3. myLot reputation of 97/100. daliaj (2865)   ranked 702 out of 32,657 in mylot.com   6 months ago

I am one of the many persons who is affected due to recession. I didn't get a salary hike or bonus for the past 2 years. My company is saying it is recession time and there is no money, but the work is going on well as usual. I tried to shift my job, but the other companies are also not offering good hike, they are also blaming recession and making it as a reason to give low salary regardless of the factor that they are affected by recession or not.

I have planned to cut down my spendings due to recession, but later I realized that it is not practical because I got used to spending a lot. But, it is high time and I seriously have to put an effort to stop spending more. Thanks for reminding me.

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4. myLot reputation of 91/100. faisai (623)   ranked 20,412 out of 32,657 in mylot.com   6 months ago

First, I must say that thinking twice before buying any products is the right attitude of spending no matter it is recession or the economy is rocket high.
Now, back to how to spend during recession. I would say it is the best chance to spend if you have a relatively secure income source (such as your job is kind of secure and resistant to recession). The reason is simple, things are getting cheaper in now when most shops are having sales and big discount to attract customers. Thus, a dollar spent now is going to give you more satisfaction than when the time is good.


myLot reputation of 85/100. vinslounge (843)   ranked 1,285 out of 32,657 in mylot.com  6 months ago

Well said mate. Taht is a pretty good analysis from your side and I appreciate that one. If our Jobs are recession proof, then it is a right time to spend as we get everything at a discount rate. But the problem is not many jobs are recession proof and people are unable to spend even a penny owing to no salary hikes or better jo profiles. In India, only Public sector units are paying a Handsome amount as of now and not Private sectors are doing that. Infact, private sectors have resorted to Cost cutting measures nowadays.:-(


myLot reputation of 97/100. daliaj (2865)   ranked 702 out of 32,657 in mylot.com  6 months ago

Yes, that is what happening in India. Now a days I getting so depressed without having a salary hike for two years. My expenses are going high and I can't control it. I currently stay in a hostel and I give one-thrid of my salary for staying in hostel. I have to spend all the other expsenses using the rest of my salary and save some for future. I don't know how long I can go with the same salary. I have updated my resume in many job sites. It seems there are no openings.


myLot reputation of 91/100. faisai (623)   ranked 20,412 out of 32,657 in mylot.com  6 months ago

Fewer job openings around is kind of normal as businesses are cutting investments and save cash so that they won't run into troubles when the banks tighten the loans. At time like this, I think it is important to at least stay in a job and keep working because having better preparations and gaining more experiences now will give us more advantages when the economy turns good again.

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5. cherrylover (69)   ranked 14,451 out of 32,657 in mylot.com   3 months ago

I would really find other better and cheaper alternatives before parting with my money. cost cutting measures are simply using common sense, so it's not really any harder. find cheaper or better alternatives and be sure that it's a need rather than a want. the golden rules are there, just follow them.:)


myLot reputation of 85/100. vinslounge (843)   ranked 1,285 out of 32,657 in mylot.com  3 months ago

You are absolutely correct. What you say just reminds me of Warren buffet saying "Never spend money on unwanted things. If you do that, then you may need to even forgo the things you want the most". Yes, a meaningful decision before spending would definitely help us to protect ourselves from recession and the impacts of The economic slowdown. Thanks for responding to my discussion and have a great day. Happy Mylotting. Cheers:-)

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