Top 10 Ways to Save Money in a Recession
10. Get better at re-using your stuff
It's the kind of stuff that fueled your grandparents' stories about hard times: Stretching supposedly disposable, used items further than most consumer companies want you to; Using your mind—and your hands—to solve problems without jumping in the car and busting out the wallet. We suggest finding inspiration from how Lifehacker readers creatively reuse disposable items. Re-purposing isn't all about balled-up tinfoil and grimacing, of course. Our most popular re-purposing posts of 2008 show that a little thought and some creative tinkering usually pays off with a one-of-a-kind solution to household needs.9. Cut your food costs
8. Dress and look sharp with less cash
7. Start working for yourself (crazy as it sounds)
Even if you've invested in your paid-by-someone-else career, the layoffs just keep happening, leaving hard workers looking for their next gig. Assuming one's money is locked down, it can be surprising how much cheaper it is to start working for yourself—if the conditions are right. The self-employed route is one of the most common suggestions from our readers in response topost-layoff confusion, and if you don't have to pay for a commute, parking, lunch-on-the-go, daycare, or many other costs, freelance work might help you stem the losses, at least until you can land back on your feet. Everyone's situation is different, of course, and self-secured healthcare isn't getting cheaper, but we happen to know at least one certain blogger/developer who's taking a chance on working totally off the grid for 2009.
6. Cut the cable and get your TV free
When the nation-wide transition to all-digital, over-the-air television happens (be it Feb. 17 or later), anyone with an antenna will get digital channels for free (in fact, you may even get more channels than you were before). If you don't get great reception, or you like your television a bit more on-demand, there's never been more free programming on the web. Start with our six ways to catch your favorite TV shows, which covers the free market in all its forms, from official sites to BitTorrent. Next, check out Lifehacker readers' five favorite sites to stream TV for more inspiration. Looking for something that doesn't tie up your computer? Our ooh-shiny-savvy sibling Gizmodo has posted a great tutorial on taking a relatively cheap Apple cast-off, the AppleTV, and using the free Boxee software to spin it into a TV-streaming, download-playing, multi-media powerhouse.5. Trim your cell phone costs
The economy stinks for you, but it reallystinks for providers of services that can easily be scaled back—like cell phone providers. On the one hand, they may fight harder to keep you paying for data plans, text messages, and other "value added" items, but they really, truly don't want to lose you as a customer. If you can't re-negotiate a better deal, though, take a tip from PC Magazine columnist Sascha Segan and cut your phone bill by actually jumping ship (to a pay-as-you-go phone), then let them come crawling back with a package pitch. Stuck in a contract with a huge cancellation fee? Check out contract-swapping sites like CellTradeUSA.com and CellSwapper.com, which make use of (legal!) trade clauses and might just help you escape your monthly vig.4. Invest in your career
Financial guru Warren Buffett, as he so often does, said it best back in April, before the market fell: Unless you're going to make investment analysis a nearly full-time gig, you're better off spending your discretionary time in furthering your main career and honing your skills than surrounded by earnings reports and endlessly changing charts. It's the same reasoning SmartMoney's Jack Hough uses in explaining why renting might make more sense than buying, especially if you're not partial to putting work, time, and money into a place right now. Neither is a call to yank all your hard investments out and start a blacksmith shop (as appealing as some might find the idea), but they reason that the revenue-generating asset you might have the most control over is your career.
3. Trick yourself into spending less, saving more
Curbing spending, like cutting back on calories, is something any self-help-ish expert can and will tell you to do, with few details given. So you're left, just as with dieting, to come up with your tricks and techniques for teaching yourself to do and not do certain things. When it comes totricking yourself into saving money, we like the kind that you don't need much to start out doing, like Merlin Mann's Crap I Just Don't Need.txt file, in which he captures all his do-wants and must-haves, as if it were a wish list, but ends up checking it every so often to see just how well he's gotten along without all those things. High-speed, low-drag spending psychology. Photo by Darren Hester.2. Get serious about Craigslist
Craigslist is a website built for an economy that's scaling back to basics. People looking for extra cash divest themselves of stuff they don't really need, and those who need to spend less snatch up their stuff. If you're on either side, it helps to have the right tools. Get savvy with your selling by digesting Adam's seller's guide to Craigslist, and on the flip side with our Craigslist tips for power users. Hone down on exactly what you're looking for (time is money, after all) with thepreviously mentioned Craigslist Image Preview extension, or the image mashupMyWiseBunny.com (formerly CLHack.com). It can feel harsh grabbing up deals when you know times are tough, but to many sellers, the buyer who actually pays is worth more than some future ideal of better times.1. Reduce your bills by simply asking
Where have you found unexpected savings or earnings in recent months? What's your plan for cutting back or cashing in if the downturn continues? Share your story in the comments.
Times are tough, money's tight, and nobody should be spending more than they need. If you think you've exhausted all avenues for saving a buck, check out our ten suggestions for saving money in a recession.
10. Get better at re-using your stuff
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It's the kind of stuff that fueled your grandparents' stories about hard times: Stretching supposedly disposable, used items further than most consumer companies want you to; Using your mind—and your hands—to solve problems without jumping in the car and busting out the wallet. We suggest finding inspiration from how Lifehacker readers creatively reuse disposable items. Re-purposing isn't all about balled-up tinfoil and grimacing, of course. Our most popular re-purposing posts of 2008 show that a little thought and some creative tinkering usually pays off with a one-of-a-kind solution to household needs.
9. Cut your food costs
8. Dress and look sharp with less cash
7. Start working for yourself (crazy as it sounds)
Even if you've invested in your paid-by-someone-else career, the layoffs just keep happening, leaving hard workers looking for their next gig. Assuming one's money is locked down, it can be surprising how much cheaper it is to start working for yourself—if the conditions are right. The self-employed route is one of the most common suggestions from our readers in response topost-layoff confusion, and if you don't have to pay for a commute, parking, lunch-on-the-go, daycare, or many other costs, freelance work might help you stem the losses, at least until you can land back on your feet. Everyone's situation is different, of course, and self-secured healthcare isn't getting cheaper, but we happen to know at least one certain blogger/developer who's taking a chance on working totally off the grid for 2009.
6. Cut the cable and get your TV free
When the nation-wide transition to all-digital, over-the-air television happens (be it Feb. 17 or later), anyone with an antenna will get digital channels for free (in fact, you may even get more channels than you were before). If you don't get great reception, or you like your television a bit more on-demand, there's never been more free programming on the web. Start with our six ways to catch your favorite TV shows, which covers the free market in all its forms, from official sites to BitTorrent. Next, check out Lifehacker readers' five favorite sites to stream TV for more inspiration. Looking for something that doesn't tie up your computer? Our ooh-shiny-savvy sibling Gizmodo has posted a great tutorial on taking a relatively cheap Apple cast-off, the AppleTV, and using the free Boxee software to spin it into a TV-streaming, download-playing, multi-media powerhouse.5. Trim your cell phone costs
The economy stinks for you, but it reallystinks for providers of services that can easily be scaled back—like cell phone providers. On the one hand, they may fight harder to keep you paying for data plans, text messages, and other "value added" items, but they really, truly don't want to lose you as a customer. If you can't re-negotiate a better deal, though, take a tip from PC Magazine columnist Sascha Segan and cut your phone bill by actually jumping ship (to a pay-as-you-go phone), then let them come crawling back with a package pitch. Stuck in a contract with a huge cancellation fee? Check out contract-swapping sites like CellTradeUSA.com and CellSwapper.com, which make use of (legal!) trade clauses and might just help you escape your monthly vig.4. Invest in your career
Financial guru Warren Buffett, as he so often does, said it best back in April, before the market fell: Unless you're going to make investment analysis a nearly full-time gig, you're better off spending your discretionary time in furthering your main career and honing your skills than surrounded by earnings reports and endlessly changing charts. It's the same reasoning SmartMoney's Jack Hough uses in explaining why renting might make more sense than buying, especially if you're not partial to putting work, time, and money into a place right now. Neither is a call to yank all your hard investments out and start a blacksmith shop (as appealing as some might find the idea), but they reason that the revenue-generating asset you might have the most control over is your career.
3. Trick yourself into spending less, saving more
Curbing spending, like cutting back on calories, is something any self-help-ish expert can and will tell you to do, with few details given. So you're left, just as with dieting, to come up with your tricks and techniques for teaching yourself to do and not do certain things. When it comes totricking yourself into saving money, we like the kind that you don't need much to start out doing, like Merlin Mann's Crap I Just Don't Need.txt file, in which he captures all his do-wants and must-haves, as if it were a wish list, but ends up checking it every so often to see just how well he's gotten along without all those things. High-speed, low-drag spending psychology. Photo by Darren Hester.2. Get serious about Craigslist
Craigslist is a website built for an economy that's scaling back to basics. People looking for extra cash divest themselves of stuff they don't really need, and those who need to spend less snatch up their stuff. If you're on either side, it helps to have the right tools. Get savvy with your selling by digesting Adam's seller's guide to Craigslist, and on the flip side with our Craigslist tips for power users. Hone down on exactly what you're looking for (time is money, after all) with thepreviously mentioned Craigslist Image Preview extension, or the image mashupMyWiseBunny.com (formerly CLHack.com). It can feel harsh grabbing up deals when you know times are tough, but to many sellers, the buyer who actually pays is worth more than some future ideal of better times.1. Reduce your bills by simply asking
Where have you found unexpected savings or earnings in recent months? What's your plan for cutting back or cashing in if the downturn continues? Share your story in the comments.
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