How to Thrive Financially During a Recession
Visit thrift or second-hand stores both to buy and to sell., Learn to delay gratification., Pay yourself first., Set goals for saving., Remember that saving money means not spending it., Pay your bills on time., Recycle and reuse as much as you...
Step-by-Step Guide
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Step 1: Visit thrift or second-hand stores both to buy and to sell.
One of the industries that tend to thrive in a recession is thrift stores.
In the U.S., shopping at Goodwill has become more popular.
While charities like Goodwill or the Salvation Army will take your used clothes as a donation, other stores will buy gently used clothing or give you store credit.
You can often find new or nearly new designer clothes at thrift stores for a fraction of the price of new items. -
Step 2: Learn to delay gratification.
So often we think that what amounts to self-indulgence—buying something the moment we see it just because we want it—will make us happy.
This may lead to buyer’s remorse, however, or even to unmanageable debt.
Instead we can learn to put off purchases, to save money rather than impulsively spending it as if that were an end in itself.
We can thus begin to thrive as we save for things that really matter to us. , Each time you receive money, put some of it into savings.
Many employers can automatically deduct money from an employee's paycheck and deposit it in the employee's 401K retirement account.
That's a pretty "painless" way of building a "nest egg."
It helps to have something concrete to save for: a trip, a house, or education, for instance.
Even something less tangible such as retirement is a worthy and motivating goal. , Buying something on sale to “save” money does not work as well as simply forgoing the purchase and putting the money in the bank.
In other words, don't buy something just because it's "on sale." Buy it because you need it and would have bought it even at the regular price. , When you pay bills late, you can waste money on late fees and interest charges.
The ideal situation is to pay off bills in full every month.
If this is not always possible, make at least the minimum payment required.
Failing to do that will result in toxic interest charges. , This goes beyond just putting your recycling bin at the curb.
Many people wash and reuse plastic containers or glass jars, hand down clothes or repurpose scraps of metal or wood into useable things.
The added advantage of this habit is that it is environmentally beneficial. , The old expression is that "the best things in life are free." That may not always be technically true (good health, for instance, can sometimes be expensive), but the fact remains that a person can be perfectly happy
-- and even thrive
-- without spending money constantly and habitually. -
Step 3: Pay yourself first.
-
Step 4: Set goals for saving.
-
Step 5: Remember that saving money means not spending it.
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Step 6: Pay your bills on time.
-
Step 7: Recycle and reuse as much as you can.
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Step 8: Remember that the best things in life are not things.
Detailed Guide
One of the industries that tend to thrive in a recession is thrift stores.
In the U.S., shopping at Goodwill has become more popular.
While charities like Goodwill or the Salvation Army will take your used clothes as a donation, other stores will buy gently used clothing or give you store credit.
You can often find new or nearly new designer clothes at thrift stores for a fraction of the price of new items.
So often we think that what amounts to self-indulgence—buying something the moment we see it just because we want it—will make us happy.
This may lead to buyer’s remorse, however, or even to unmanageable debt.
Instead we can learn to put off purchases, to save money rather than impulsively spending it as if that were an end in itself.
We can thus begin to thrive as we save for things that really matter to us. , Each time you receive money, put some of it into savings.
Many employers can automatically deduct money from an employee's paycheck and deposit it in the employee's 401K retirement account.
That's a pretty "painless" way of building a "nest egg."
It helps to have something concrete to save for: a trip, a house, or education, for instance.
Even something less tangible such as retirement is a worthy and motivating goal. , Buying something on sale to “save” money does not work as well as simply forgoing the purchase and putting the money in the bank.
In other words, don't buy something just because it's "on sale." Buy it because you need it and would have bought it even at the regular price. , When you pay bills late, you can waste money on late fees and interest charges.
The ideal situation is to pay off bills in full every month.
If this is not always possible, make at least the minimum payment required.
Failing to do that will result in toxic interest charges. , This goes beyond just putting your recycling bin at the curb.
Many people wash and reuse plastic containers or glass jars, hand down clothes or repurpose scraps of metal or wood into useable things.
The added advantage of this habit is that it is environmentally beneficial. , The old expression is that "the best things in life are free." That may not always be technically true (good health, for instance, can sometimes be expensive), but the fact remains that a person can be perfectly happy
-- and even thrive
-- without spending money constantly and habitually.
About the Author
Heather Wells
A passionate writer with expertise in home improvement topics. Loves sharing practical knowledge.
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