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5 Places To Go Shopping During A Recession

It is not necessary for the whole economy to be in doldrums to experience a recession. Sometimes, a recession happens only in your home for various reasons. At such times, you need to stretch each of your dollars to its maximum capacity. Either you find a out way to do that or go into debt, which is of course not an option to consider, even in jest.

It is good to know at such times that there are place you can go and shop for supplies at a fraction of the regular cost. Below are stores where quality on a budget is a valued keyword.

1. The Dollar Store – This is a superb shopping outlet. For one, it has a wide variety of products ranging from cleaning supplies to kitchen utility items to cosmetics to fancy household items to food; however, the best part is that most of these quality items cost only one dollar – hence the name of the store. Use your discretion in purchasing items and remember that just because the price is low does not mean that the quality is.

2. Walmart – If you want grocery items at a lower cost that your regular grocery stores, go to Walmart. This is a recession-friendly store where you can get stuff for the whole family at great savings. The additional benefit is that Walmart is a tremendous value when it comes to size and variety of a shopping mall. So, you get the best of both worlds. Walmart prides itself on providing quality for low prices. Walmart also has a price match guarantee against a competitors advertised price on the same item they have for sale. Just bring in the advertisement and they will meet or beat the competitors price. Walmart offers household items, grocery food, pet and cleaning supplies as well as clothing. You can also purchase car items and furniture. It is essentially a catch all for your family's needs.

3. Costco – This is basically a warehouse that sells things in bulk at a superb discount. You need to be a member to make use of their offers and the membership does involves a fee. However, the savings obtained would more than compensate you for the charges that the membership imposes. This is a place best used by people who need items in large amounts because Costco sells in bulk. Buying in bulk is best for items that are non- perishable or that are used frequently. It makes no sense to buy an item at a great price and have it expire before you are able to use it.

4. Plato’s Closet – This is a great place to pick up some high-fashion designer label clothing. This is used clothing, but very high quality and well maintained used clothing. For people who want to stay in the latest fashions without burning a hole through their pockets – this is a great place to know and shop at. To add to the savings, you will also find reasonably priced accessories to go with the clothing. It is a one- stop shop for all your clothing needs.

5. Sam’s Club – This is another excellent place that offers great savings on wholesale items bought in bulk. Whether you have a large family that requires big time stocking of food and other items or you are running a business and need stuff at the lowest possible cost per unit – this is the place to shop. Keep in mind that you get the most savings if and when you are buying in bulk at Sam’s club; so plan your shopping list and budget accordingly.

Whether you are having a temporary financial hardship or you are not yet earning to your full potential – this list will help you stay out of the red. However, keep in mind that financial hardship should not be the only time that shopping at these places becomes a staple of your habits; but also as a way to stay within the means of your monthly financial budget. Shopping at these places can help you save more money while still enjoying all the items that your family wants and needs. Of course, you need to know that this is not an all-inclusive list; there are many similar outlets out there that could help you save a bundle. You just have to do a bit of research and find them.

5 Ways to Encourage and Sustain The Use of A Budget

If you ask any credit repair expert how best to manage your finances- the first thing you will hear is “make a budget and follow it religiously.” This is easier said than done for obvious reasons. It is always easier to steer away from rules and regulations than to follow them. Most people avoid even the word budget, let alone the actual act of setting a budget and following it.

It is not however, as hard as you may think it is. All you need to do is make up your mind that you want to stay clear of financial trouble and debt and follow a few simple steps:

1. Make a budget – Of course, the first step is to make a budget. Without actually creating the budget on paper, there is no use to even discuss any further steps. It is important to write out the budget in order to have a tangible visual reference of your financial goals. Do not act hastily when putting together a budget. Ensure that you include all your needs and still make provisions for savings, charity and entertainment. Utilize the help of professionals initially, if you are not sure you can draw up a proper budget. Once you make your budget, stick to it as if your life depended on it, because essentially it does. This should be one of the rules that are non-negotiable in your house.

2. Test-drive your budget for at least 3-6 months – This is going to be your lifestyle for the rest of your life. Do not be hasty in setting up a budget. If it is set unrealistically it will frustrate you and you will be forced sooner rather than later to dump it. If it is too liberal, you will not be able to instill financial discipline in your life – which is the most important function of a budget. So, be patient and keep adjusting your budget until you find the structure that suits your financial needs best.

3. Allow a once in a quarter splurge – Why are crash diets such terrible failures? It is because starvation brings on the unstoppable wish to binge and in the end you undo it all because you cannot resist food any more. Deprivation does not equal success. Similarly, if a budget focuses only on financial responsibilities; such as bills, and eliminates fun, you will end up thinking of nothing else but entertainment spending. The best way to manage this pitfall is to allow for a periodic splurge that will keep your mind at rest. This could be a bi-monthly outing or once in a quarter larger venture.

4. Involve every member of your family – The biggest threat to a family budget comes from non-cooperation from your family members. What is the use of you following the budget, if the rest of the family spends money with both hands? Before you launch the budget in your home, talk and convince each member of your family of the importance of having a budget and following it. Encourage each member to contribute and support the budget. Without everyone’s contribution your budget may never succeed.

5. Adjusting expenses instead of enhancing income – A healthy and sustainable budget is one that takes care of every need of the members of the house and still has a little spill over for a few wants. Learn to identify needs from wants and balance these two aspects in a way that no one feels deprived. If the budget falls short of the income – the answer is not cutting expenses but enhancing the income.

Following a budget is crucial to your financial independence and self-sufficiency. Are you ready to set up a budget for your home in order to live a more fruitful future?

Resources

The Credit Repair Organizations Act
The Fair Debt Collection Practices Act (FDCPA)
Fair Credit Reporting Act (FCRA)
Consumer Credit Protection Act
The Fair Credit Billing Act
The Equal Credit Opportunity Act (ECOA)

 

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