Sat Jan 07 2023 11:43:26 GMT+0000 (Coordinated Universal Time) - QikTruck Media
A recession is an economic downturn that goes beyond the typical fluctuations of an economy. During a recession, businesses can experience declines in sales, demand, and lower levels of consumer confidence. As a result, consumers who are smart about how they spend their money can come out of a recession in much better financial shape than those who don’t.
If you’re looking for ways to save money during a recession, here are five practical tips to help you get started.
Eating out is a luxury that has become more accessible in South Africa. But when money is tight, making your own meals at home can help you save a lot of money. Opt for meals that are high in protein, low in carbs and require fewer ingredients. This will not only help reduce your grocery bill, but it will help you stay healthy as well.
To make meal prep even easier, set aside some time each week to pre-cook several meals for the week or the month. This will help you save time and money in the long run.
Investing and saving money during a recession might seem counter-intuitive, but investing in the stock market can help you protect your wealth as prices drop. Exchange-traded funds (ETFs) and unit trusts offer lower-cost options that allow you to diversify your investments and profit from market fluctuations.
Analyse the risk profile of each type of fund before you invest, and make sure to understand the fees involved. It is also important to know the exact date of investment and the return date.
Nobody plans for the unexpected, that is why it is so important to create an emergency fund. An emergency fund is money that is set aside for unexpected expenses such as car repairs, medical bills, or job losses.
If you don’t have an emergency fund, start small by setting aside a few hundred rand each month. As your emergency fund grows, you can gradually increase the amount you set aside each month.
Using cash-back websites or apps can help you save money on everyday purchases. These sites will give you a percentage of your purchase back as cash back when you shop online.
Take a look at websites like CashBackSA, PriceCheck, and Uday to get cash back on your purchases. You can also find cash-back apps in the Google Play or Apple App store.
Shopping smart is essential to saving money during a recession. Before buying an item, ask yourself if you actually need it. The more you can question your purchases, the more you will be willing to compromise and make decisions that save you money.
Also, take advantage of sales and discounts. Doing research before you buy something can also help you find the best deals. You can also take advantage of bargain days and websites like Gumtree, AfricaBazaar.co.za, and JubaSale. Visiting second-hand shops and trading websites can also provide you with the opportunity to find great deals and save money.
No matter how well you manage your finances, there are always unexpected costs that can strain your budget. This is where QikTruck can help. As an on-demand truck and driver hire service, QikTruck helps South African consumers save money by offering competitive quotes on goods transportation services.
QikTruck’s platform simplifies the truck rental process, allowing you to quickly find the best rates and to compare truck rental quotes from multiple suppliers without the hassle of waiting for calls or replies. Plus, our points rewards program helps you save even more money.
For more information, check out the QikTruck website at QikTruck.co.za, or download the QikTruck app from the Google Play or Apple App store.
By utilizing the tips above and taking advantage of quality services like QikTruck, you can make smart moves with your money and come out of a recession in a strong financial position.