The world is in the midst of recession especially America, Europe and the rest of the world were badly hit by the economic downturn. Asian leaders are also very fretful about the current global economic recession, but unfortunately in Malaysia most of the politicians are busy politicking for their own interests with all the nonsense. However, we have to recognize the impacts how the coming economic recession would affect us one way or another. In this article you are given some basic tips how we should response to the current turmoil.
Economic recession is a fact of our life and we can either sink or swim during this time. These times, we should not panic as it is almost an every 10 years cyclic adjustment period. Be prepared for it. You should be able to think clearly and urge to learn and grow. In this way, you can thrive during an economic recession. Here are some realistic ways to save money during an economic recession.
1. Read and learn how to save money during an economic recession. Walk off to the nearby library or bookstore and have a book “Financial Reckoning Day: Surviving the Soft Depression of the 21st Century” by William Bonner. Another book by the author which is worth reading is “Conquer the Crash: Similarly, you can consult deflationary Depression” by Robert R. Prechter.
2. See if your existing job is in a critical sector to avoid layoff during the recession, and if you are be prepared and look for alternatives. Most jobs in health care, educations, food production and supplies, home based freelance jobs are safe bets.
3. You should make a list of your spending habits. Make an effort to change them only to necessities and should learn to spend wisely.
4. Even if people are apprehensive to spend there is still money to be made if you have skills or services to the people need. Discover some niche that is generating income. Grow food to sell, or sell “nasi-lemak” is rather profitable, learn the skills like home tutor, house repairs, rent out space and use these skills to monetize.
5. Do not take further debt during an economic recession and control how you sign on your credit cards. If you learn to live on less money and when the economy picks up you’ll make more money and more rapidly with the skills you accumulate during the recession.
6. Make your own lunch and take it to your workplace with you. This will not only save money during an economic recession but you will also have the right food that you like to eat. It will healthier than what you would pay for by going out to eat.
7. Turn off the lights and air conditional when not in use, and try to do anything that you could possibly think off by yourselves and be self sufficient. This will save quite a few bucks by doing it yourselves.
8. Try to make your own coffee or “teh-tarik” instead of having it at “mamak-store” which costs from RM 1.00 to RM 1.70 per cup. Definitely avoiding going to Coffee Bean or Starbuck Coffee which cost more than RM 10 a coffee. Thus changing your habit each day on coffee and other beverages will sure help you save money during an economic recession.
9. Don’t buy excessive shoes and clothing. If you really cannot “tahan’ then go to the reject store or factory outlets. There are branded, cheap and nice. If you are poor, putting on a good brand will not make you look “rich”.
10. Go for free parking even if it is 5-10 minutes away from paid-parking. Why spending this unless your legs are cripple? This will help you to save at least RM 100 per month if you live in KL or Petaling Jaya.
11. Shared the newspaper or magazine with family, friends and colleagues when you do not need to buy all by yourselves. Take the turns and trouble to save additional few bucks.
12. Look into the possibilities of car pool to save some money on petrol & toll charges which can be a lot over a month cumulatively.
13. Make your own birthday cards & gifts to friends can help to save a few bucks and still give a good personal touch to someone you love and care.
14. Having happy hours with your friends at coffee shops, workplace is able to save you a lot more than going to pubs. This is not refrained you to continue socializing.
15. Meet with others and only doing buying and selling what you have for what you need. You can do this kind of business activities with your friends and neighbors.
16. Look up the Telco who offer best offers and packages and this saves tremendously. Only call when necessary or make it short and brief or by SMS as far as the other party get the message across. Maxis is getting more expansive than Digi at this moment.
17. If you wish to sell your house, car, mobiles phone etc, stop paying to advertise on papers as they are many free classifieds sites around like www.theyellowpages.com.my or www.superpages.com.my will help.
18. Signup Jusco card which allow you to rebate 5% on spot on every 100 Ringgit spend and collect Bonuslink points will let to redeem and in exchange of items. Do it when it helps to save.
19. Collect any redemption coupons at Giant, Tesco & Carrfour will sure help you save. Purchase their house brands instead of popular brands will rather sure saving you 20-30% of equivalent quality.
20. Sell any unused items in your house to www.eBay.com.my or
www.mudah.com.my to turn them into cash, even it is a small amount.
These are many valuable ways to save money during an economic recession and the above only show parts of it. These should be able to make your money carries extra mileage. Strive hard to find out other means as well to generate more income. Always ponder before you spend the money.
On the other hand, try to hunt for different means to earn extra bucks with freelance home based jobs where you can get the family members to participate such as data entry works. You can enjoy being together with the family and earn extra bucks.
