7 TIPS TO PREPARE FOR A RECESSION/Saving Money with Frugal Living

During a recession, the economy struggles, people lose work, companies make fewer sales and the country's overall economic output declines. Recessions occur every 4-4.5 years on average and last about 18 months. Knowing this, let’s be prepared, JUST IN CASE. We are already struggling with inflation as we all know, but let’s break down what we can do to peck away (calmly) at being steps closer to being prepared if and when recession hits. Stay calm, budget on. BOOM!

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#recession #frugalliving #frugal

[FrugalQueeninFrance]

We’re debt and mortgage free, with a fully funded 12 month emergency fund. However, with rising prices and costs, that 12 months is now not enough. We’re adding to that each month now to make it fully funded for the economy now.

[marep]

Being debt free is a wonderful gift to give yourself. I love the way you encourage the squad. No blame, no guilting, just encouragement 😃

[shawnajeree]

My husband’s student loan will be paid off this month and we are so excited to finally be done with it!

[sandrabryan]

Debt free and 1 year emergency fund. Birthday presents done for the year. I have 7 people looked after so far for Christmas ($130.80 USD) only 4 more people to buy for: the hunt is on. I have prepaid for grocery gift cards for next 3 months.. got them on a deal that would save almost 7% on groceries and that is before shopping loss leaders. Medication are well stocked. Pantry & freezers are full but still stocking up slowly. Had a bit of set back the last couple of months but I went into "super frugal mode" to offset unexpected expenses. Have a great weekend.

[jonquilcat]

Great advice. I always budget $20 per pay to go aside to take advantage of half price specials on things I'll always use so that I have a stockpile e.g. handsoap refill, feminine hygiene products, tomato paste and canned goods.
If it's not on sale this forntnight, it will be soon and I just don't touch that money 👍

[tennesseenana]

I've been debt free for almost 2 years now - just monthly bills - water, power, etc. I'd like to add to be sure you have cash on hand as well as in the bank for your emergency fund. Also, when your gas tank registers half, go ahead and fill it up.

[pigletsbank]

Bit by bit I stack up. 🍌🍓🫐🌽🫑🥦 In the freezer, bag of penuts🥜 or a jar of penutbutter. Bag of rice🍚, noudels 🍜 pasta🍝 and tomatoes 🥫, dried🥥(tastes great in rice, pancakes or porridge fill you up more), canned meat like hotdogs🌭, spam, tuna, some oil, oatmeal, flour to make 🍞🥞, longlasting🧀 (grate it yourself and put in the freezer), a bag or can beans, shelfstable milk🥛, ☕🫖, dont forget salt and a couple different dried herbs🧂. Last I do think🍫 or cacao pouder is great for a drink, porridge, homemade 🍪 or a piece of chocolate when you have guests.

[vickiehart]

I’m debt-free and have emergency fund plus. I had planned to do some house remodeling. Now I am going to do what I can myself such as painting and put my energy and elbow grease and organizing and decor with what I have and thrift store purchases.

[Ixoracraft]

Now everyday I always spend time to hear on your vids! I need motivation of frugal living and minimalism like everyday!! Thank you

[deidrecampbell]

Thank you Kate, this is such sound advice. I hope that there will be people searching for help with debt who come across your video as I know that this will help and encourage them tremendously. We were caught out in the 2009 recession when my husband suddenly found himself out of work and we had ZERO savings. It got us into major debt as we were forced to rely on credit cards to make up the difference It was the most stressful time of our lives that I do not wish to ever repeat. After that experience we promised ourselves never again and since then have worked incredibly hard at clearing our debt, increasing our earnings and building up savings pot. With talk of another recession looming it does not fill me with dread and know that whatever happens we should have enough of a buffer in savings to weather the storm. We were in our mid twenties at the time and it was such a valuable life lesson. For those in the UK who have debt and outstanding credit cards, I urge you to seek help. Don’t wait until things get worse, seek help NOW!! There are wonderful organisations such as Christians Against Poverty and Step Change available to help put you on the right track with advice and support and all for free.

[bookwormbon]

Please do videos on:
-Common mistakes of people starting out with budgeting
-Things you wish you knew when you started budgeting
-How to achieve balance between saving and spending on hobbies/ experiences and not be too extreme with either
-How to identify and tackle lifestyle creep

[UndertheMedian]

Awesome, straight-forward information and tips! Right now we are working on creating a running list of budget categories and ways that we can save in each category. Small savings add up over time. I don't know the movie - but, I did enjoy seeing you sing. However, the "don't panic" demonstration was the best! 🤩

[mskazz]

Such good advice.Thankyou. I’m in UK & food, petrol going up up up. I’ve been buying a few bits extra in my weekly shop.Tins, rice, oil etc not massive amounts just a little extra. Dreading food prices next year.🛒😔🤗

[monikaw]

I remember coming home from school and seeing my parents sitting outside on the patio crying. Both lost their jobs during the 80s. I saw gas lines that were about 1/2 mile long and foreclosures. This experience has made me the frugal person that I am today. Stay out of debt, save for things you want and make a monthly budget. Been out of debt for a while and COVID did not phase me - no anxiety!

[MOGirlOutside]

Love your common sense and practical advice! Nicely done. Keep it up!

[nestordesigns]

Under the median have been talking about you with ages, so glad I checked you out! You have given me motivation!!!! Thank you!

[beckyfischer]

This video came up in my feed and I enjoyed what you had to say. Everything you said is common sense and I will try to do what you said. We have one credit card which we are in the process of paying off. We are paying more than the minimum payment each month. The plan is to have it paid off in December of this year and then we will be debt-free. The other thing that we are doing is to cut way down on our Amazon purchases. For me, this means only purchasing what I need, not what I want. Thank you for the inspiration. I look forward to more of your videos. Also, your presentation is fantastic!

[amy]

1.)High School Musical 🎤, 2.)🙌🏻”Heck Ya”, 3.) saving to be one semester ahead for my daughters tuition 4k in California State School… no debts of any kind here and fully 6 months emergency fund 🎉

[paulafleming]

Just paid off my eye surgery the plan is have the car paid off by September. Then move on to getting the home paid for.

[sarahmc]

I save by cutting all the bills out such wifi or cable (Iv never had them my whole life and 35 now )
I use my phone for internet and never had get wifi !
I never pay for cable or wifi or extra stuff lol
Electricity /bins and prepaid phone is all I have now 😂
I am saving for a house and still don’t have enough!
Need 100k and sure ain’t easy I have to be super frugal ! I have cut everything out this year for myself again .so don’t buy clothes / hair colour or cuts / nails any of that 😂 I do buy good knickers and socks lol 😂 but make sure my
Son has all he needs - I can do without them for long time !
But when want a take out I get it from the to good to go app once a month for treats days for my
Son and I !
I have no debt, not sure why but when didn’t have money something I never got a credit card or go into debt for it .I just done without it !
It’s different in Ireland the credit cards not massive here when I was growing up .


I’m trying to pray and save for a job so can have a house on less and live below means as we always know ther be highs in the economy and lows and recessions all the time .


Best prep is knowing history !