Budgeting During Recession

By: Li Bin Chen

During recession times, household all had to manage their budget efficiently to avoid over budgeting and went into debt. People say making money by spending less money is the best gift anyone can give to their family. But there is a conflict of interest going on; During recession time, the country want every household to spend more to pick the troubling economy while each individual household want to save their money because they feel insecure.

There are five tips to save at the supermarket:
1) Make a shopping list and plan meals for the week, make sure to put down items that you know you need and will use.
2) Write your shopping list the same order you shop.
3) Experts recommend that you eat before shopping to control your buying impulse.
4) Make shopping a learning experience if your children are shopping with you.
5) Being in the produce department and use the nutrition signs to select fruits and vegetables. Try to select variety of colors – yellow, orange and green – to ensure you get a variety of vitamins.

Beside the above tips, it is crucial to read over all of your bank statements from the previous three months. This process can better educate you in the area where you spend the most money and evaluate whether it is still necessary to continue that spending pattern. Also make sure you collect any coupons for later usage. Read the coupons first and then plan a weekly grocery list according to the coupons.

Reference:
http://www.associatedcontent.com/article/1330762/five_places_to_cut_the_family_budget.html?cat=3

http://ezinearticles.com/?Recession-Proof-Your-Family-Budget---5-Ways-to-Save-Money&id=1929091

http://www.ehow.com/how_2221896_budget-during-recession.html