Here are 5 things I stopped buying to save more money during the recession.

How I Earn Passively From Home (99% don’t know about it) :

#1 : Bulk purchases

Research shows that when it comes to buying in bulk or buying in packages, you’re far more likely to use something when you know it’s just sitting there in your cupboard. Because I knew I had so many of them sitting in the freezer, I’d go through all those boxes of pizza really fast and be right back at the store a few days later to buy more. I wasted money instead of saving it, while also damaging my health. That’s why I now have a strict ‘buy as I need’ strategy. This has made me much more mindful about what I actually need versus scooping up large quantities of stuff just because it’s on sale. It also means I’m not just stuck with the same stuff, and I have the freedom to try new things out and to experiment if I change my mind.

#2 : Transportation

Since I live at home with my family, I recently decided to sell my car. Between the 4 of us, we already have 3 cars and since 2 of us work from home, there’s always at least 1 car in the driveway for anyone to use. Selling my car has allowed me to save a ton of money, not just on the lease payment or car loans but also on fuel, maintenance, insurance and all the other hidden costs that come with owning a car. So if I need to go somewhere, I just borrow one of the cars, and chip in for gas. On the rare occasion that no car is available, I just take public transport or grab an Uber.  The cost of occasional Uber rides is much lower than what I was spending on my own car. This approach won’t fit everyone’s lifestyle—I don’t have kids, and I don’t need a car for work.  But for now, it allows me to invest the money I save. 
 
#3 : Overpriced branding

This was something I didn’t fully grasp until my late 20s: a good chunk of every paycheck for me was spent on expensive shoes and other clothing that didn’t increase in value and wasn’t even worth the price tag in the first place.

Remember, these companies haven’t paid you to promote their brand; you’ve paid them to wear it. I’m not saying all designer purchases are a bad idea. If you’re buying a designer item because you really like its unique design, or it’s been made with long-lasting quality, then that’s great. Buy it. But to buy something flashy just to show off your wealth and gain social status, that’s a losing strategy that will keep you broke forever.

Ironically, when you stop trying to LOOK rich, and focus on following the strategies that rich people use … you’ll actually BE rich.
 
#4 : 48-Hour Rule

Now this one isn’t a particular item that I stopped buying. Rather, it’s a strategy that I started using to help me buy less stuff. I’ve started applying a 48-hour rule, and this really is as straightforward as it sounds, and you’ll be surprised at how much money you save when you apply this. So now, if I see something that I like, before I go to put it into my shopping cart and check out, I pause and wait 48 hours before submitting the order. After that 48-hour period passes, if I’m still thinking about it, I’ll go ahead and buy it. But if I’m not, it was just an impulsive buy, and I’ve dodged unnecessary spending.

#5 : Souvenirs 

One of the most common things that people waste money on during their travels is souvenirs. Society has normalized the idea of buying tons of souvenirs every time you go on vacation so you can bring something back for family and friends. But I personally see souvenirs as a huge waste of money. I would much rather use my money to travel to more places and collect more experiences instead of stacking up on mugs and keychains that will eventually go inside a shoebox and collect dust.

#6 : Books

This might be a bit controversial. We’ve all seen countless videos on YouTube talking about how important it is to read, and how all the billionaires read like 20 books a week.But there’s a subtle caveat here : No one said you need to BUY all the books you read.

There are 3 strategies that I use now to increase my knowledge, but also save money.

A) Watching book summaries on YouTube because it’s like reading the back cover of a book … but in an engaging video format.

B) Learning specific skills through online courses instead of reading generic books. For example, I learned more from a $7 course than from 200 page “how to make money online” books.

You can check it out here :

C) If I feel like the book is worth actually reading because it will include useful details, I look for it at my local library.

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. Some of the links are affiliate links, and I will receive a small commission for referring viewers to the service at no cost to you.

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The global recession has forced many people to reevaluate their spending habits and make some tough choices in order to save money. During this time, I made a conscious effort to cut back on certain expenses in order to build up my savings. Here are five things I stopped buying during the recession in order to save more money.

1. Eating out
One of the biggest expenses that I cut back on during the recession was eating out at restaurants. Instead of dining out multiple times a week, I started cooking more meals at home. Not only did this save me a significant amount of money, but it also allowed me to control the portion sizes and make healthier choices.

2. Subscription services
I also took a close look at my subscription services and decided to trim down the ones that I didn’t use regularly. This included streaming services, gym memberships, and magazine subscriptions. By cutting back on these recurring expenses, I was able to save a substantial amount of money each month.

3. Impulse purchases
During the recession, I became much more mindful of my spending habits and tried to avoid making impulse purchases. I started asking myself if I really needed an item before buying it, and in many cases, I found that I could do without it. By being more deliberate with my purchases, I was able to save a significant amount of money over time.

4. Brand-name products
One area where I made significant savings was by opting for generic or store-brand products instead of brand-name options. I found that in many cases, the quality was comparable and the savings were substantial. This simple switch allowed me to cut down on my grocery bill and save more money each month.

5. Unnecessary luxuries
Lastly, I cut back on unnecessary luxuries such as spa treatments, manicures, and expensive clothing. Instead, I found more budget-friendly ways to treat myself, such as at-home beauty treatments and shopping at thrift stores. By making these changes, I was able to prioritize my spending and focus on saving for more important expenses.

In conclusion, the recession forced me to reassess my spending habits and make some tough choices in order to save more money. By cutting back on eating out, subscription services, impulse purchases, brand-name products, and unnecessary luxuries, I was able to build up my savings and weather the financial challenges brought on by the recession. I have since maintained these frugal habits, and they have allowed me to be more financially secure in the long run.