Recession Tips!

6 Dec 2015
As you may have read or heard, our economy is going to be going through some tough times ahead so we at Home & Garden Caribbean want to offer you some money saving tips so you can ride out this recession.

Recessions can be tough and can shake the foundation of your relationships with your loved ones.  Now while directly saving money is important it’s also very important to acknowledge the situation. Trust us you don’t want to be in denial until you're left with only doubles money in your pocket!

Remember finance is math, not magic. If you don't have the necessary amount of money to live, you need to deal with it. If you can’t make money, you can’t spend it. In the past, you may have been able to spend money on liming, big screen T.V.’s or fancy smart phones but the reality is you may have to cut back on them for a little while as the economy makes an upswing.

Well until the economy changes or you catch the NLCB Goose we have some tips to help you save some of that cash.

Ask for Discounts

When shopping at malls, markets, hardware stores etc., ask for a discount …haggle for a better deal, even if it’s only a 5% discount. Hey, in tough times, most companies are willing to work with you and offer you a good deal.  In tough times companies that don’t work with their customers will lose them to the competition.

Sell It!

If you haven’t used it in a year you probably don’t need it. Place an ad in the papers or on facebook and increase your income.

Money Diet

Like trying to cut back on calories while on a diet, you will have to come up with your own tricks and techniques for teaching yourself what to do and not do when it comes to spending. We like this tip, as it’s the kind that you don't need much to start out with and you can implement right away.  

Grow It

Growing your own food is not only a great way to cut expenses but also a way of ensuring you are getting organic, clean and healthier foods. Now it’s possible to spend a small fortune on the quest for the perfect garden, but we recommend a simple organic garden. The trick to saving money with a vegetable garden is limiting the costs while maximizing yield. It’s also a great form of physical exercise, and we haven’t met a nutritionist yet who didn’t think that fresh produce was “good for you” too! So, growing your own vegetables can be rewarding, regardless of the potential savings. But with a few tips, it can save you some money on a grocery bill or two.

Cell Phone & TV Cuts

Trinidad & Tobago’s economy maybe in for tough times (albeit hopefully for a very short period of time), but it is really going to impact providers of services that can easily be scaled back - like cell phone and T.V. providers.

On the one hand, they are going to have to fight harder to keep you paying for data plans, text messages, movie channels and other "value added" items if they don't want to lose you as a customer. If you can't re-negotiate a better deal or package though, consider jumping ship to the competition. Trust us the great deals for Television, Telephone, Cell and Internet are coming and you will be able to reap the rewards.

Go Big …or Direct....and buy local!

Other than shelter (rent) and water (WASA bills), food is the one thing you have to spend money on every day. If you really want to hack down your bills, you can save money by buying in bulk and repackaging at home. Additionally you can go directly to the farm or butcher, a process that's easier than you might think.

We also recommend that you visit your local Market where you can get all your ground provisions, fruits and vegetables at a fraction of the price.

Diversify Your Income

Ever heard the saying, “don’t put all your eggs in one basket,” well this adage is applicable to your source of income. Relying solely on a single particular job for all your income has its risks, if you lose your job, you’ll also lose your ability to make money.

If one income source is reduced or gets eliminated completely, you can fall back on the other sources. Diversifying your income doesn’t necessarily entail getting a second job but could mean looking at manufacturing a product, growing vegetables to sell or fixing / restoring old furniture or electronics …look for ways to cash in on your skill sets. Any skill or talent your have could potentially be turned into another way to earn extra income, and who knows it could be the beginning of a career change!

There are hundreds of ways to save and make money, and they aren't all complicated. With money saving tips, you can rest a bit easier knowing that you've saved without spending hours of time. Remember, a recession may not be pretty, but it doesn't have to be ugly.

If you liked this article, please take a read of "Life Balance