By: Kekeli K. Blamey
As the global economy continues to face uncertainty, financial experts are urging individuals and families to take proactive steps to protect their wallets.
In a recent survey, 75% of respondents expressed concern about their financial stability, prompting experts to share 10 essential measures to save money during hard economic times.
- Create a budget: Track income and expenses to understand where your money is going.
- Cut unnecessary expenses: Reduce non-essential spending, such as dining out or subscription services.
- Build an emergency fund: Save 3-6 months’ worth of living expenses in a readily accessible savings account.
- Pay off high-interest debt: Focus on eliminating high-interest loans and credit card balances.
- Cook at home: Prepare meals at home instead of relying on takeout or restaurants.
- Cancel subscription services: Review and cancel unused or unnecessary subscription services.
- Shop smart: Compare prices, use coupons, and buy in bulk to reduce grocery bills.
- Reduce energy consumption: Lower your utility bills by conserving energy and water.
- Use public transportation: Consider using public transportation, walking, or biking instead of driving.
- Avoid impulse purchases: Practice delayed gratification and think twice before making non-essential purchases.
By implementing these measures, individuals and families can build resilience and navigate financial challenges with confidence. Remember, saving money during hard economic times requires discipline, patience, and flexibility.
