Mastering Your Budget: How to Save Money During a Recession and Inflation.

One of the first steps to saving money is creating a budget. When I was in my 20s and 30s, I struggled to save for a house. Despite getting salary increases, I never had more money at the end of the month. You might be experiencing the same thing—making more money but seeing it disappear by month's end. Here's what you should do:

1. Take a piece of paper and draw a line down the middle.
2. On one side, write down all your income for the month.
3. On the other side, write down all your expenses.

Keep every receipt for the next 30 days, whether it's for utilities, rent, groceries, or that $7 cup of coffee. Add up your total income and total expenses to get a clear picture of where your money is going. This exercise will help you identify unnecessary expenses that you can cut to save money.

During a recession or inflation, it's crucial to be strategic about spending. Cutting unnecessary expenses is vital. For example, I once held a $7 cup of coffee and realized how ridiculous it was to spend that much on coffee regularly. Evaluate what expenses are essential and which are not.

Groceries are one of the most expensive commodities. Use electronic coupons to cut back on costs per item. Many grocery stores also offer discounts at gas stations—use these savings opportunities.

Another tip is to be mindful of utility usage. If you're not using lights or HVAC, turn them off. Simple actions like these can save you significant amounts of money over time.

When buying anything, especially big-ticket items, it's essential to shop and compare prices. Use apps and online platforms to find the best deals. Comparison shopping can save you a lot of money and ensure you're getting the best value for your purchases.

Impulse buying is a significant way to lose money. Retailers make a lot of money from your impulse purchases. Try to resist the urge to buy unnecessary items, especially at the grocery store.

Another money sucker is unused subscriptions. Review all your subscriptions—whether it's for streaming services, magazines, or other memberships. Cancel any that you don't use regularly. You'll be surprised how much money you can save.

One of the biggest expenses people fail to realize is the interest rates on their credit cards. It's exciting to get your first credit card and build your credit score, but you need to pay off your balance at the end of each month. Otherwise, you'll be paying around 24% interest, which can quickly spiral out of control.

Banks are not your friends. They pay minimal interest on deposits but charge high interest rates on loans. If you need a loan, it's often better to approach friends or family who can offer you a fairer deal. Credit card debt is particularly detrimental to your financial health—get rid of it as soon as possible.

Review your insurance policies annually. Shop around for the best deals on health, auto, and homeowner's insurance. You might be surprised at how much you can save by switching providers or negotiating better rates.

Saving money during a recession and inflation is all about discipline and smart financial practices. Create a budget, cut unnecessary expenses, shop and compare prices, avoid impulse buying, and manage your credit card debt. Follow these tips, and you'll be in a much better financial position.

If you found this helpful, share it with your friends and family. Let's succeed together by making smart financial decisions. Until next time, cheers, my friends!