Budgeting for the recession: share your tips

Former_MSE_Lawrence

This discussion links on the back of the article:

Recession-proof your finances

Please read the article first, then come back to share tips on budgeting for the recession with other moneysavers. Thanks

tiff

Budgeting for the recession, for me it seems food is an investment so I'm stocking up on food when its on sale, by stocking up I mean aiming for a 3 month supply. Buy now before prices escalate even more. Its also a good idea if the food distribution network breaks down and there are food shortages. Basics like flour, oats, sugar, rice etc are not likely to go lower than the price they are now, although keep an eye on prices as supermarkets sometimes use these as loss leaders to get you through their doors.

This way if my DH is made redundant we dont have to worry about spending money on food and its not wasted even if the worst doesnt happen. redundant.

getmore4less

Budgeting for the recession: share your tips

Start earlier when the time are good(lesson for next time it's too late for this one),

Make sure you are debt free(servicing debt requires income)

Don't commit to things that require paying in the future without having the money saved already(eg.holidays).

Do not commit to any long term contracts, gym, tv, phone etc. that require future earning to pay for them, have all the payment earnt allready.

Know what your minimum spend footprint is and be ready to drop down to it quickly.

Ideally have loads of savings but if you can't limit it to that which allows benifits to kick in.

Learn the system so you can claim benifits if needed.