This video is kindly sponsored by Skillshare. The first 1,000 people to use the link will get a 1 month free trial of Skillshare: https://skl.sh/shoestringjane11221
With a recession looming, it’s a worrying time for many of us. Here are some of the things I did to help me cope with a financial downturn.
UK debt advice organisations:
Citizens Advice: https://www.citizensadvice.org.uk/
Step Change: https://www.stepchange.org/
PayPlan: https://www.citizensadvice.org.uk/
National Debtline: https://nationaldebtline.org/
Debt Advice Foundation: https://www.debtadvicefoundation.org/
Debt Camel: https://debtcamel.co.uk/
My favourite frugal books video: https://youtu.be/sPCP34Zu9J4
For ideas on how to live a more frugal and simple life, you can find me in the following places:
My blog: www.shoestringcottage.com
My Facebook group: https://www.facebook.com/groups/1015664032263189
On Instagram: https://www.instagram.com/shoestringcottage/
On Pinterest: https://www.pinterest.co.uk/shoestringjane/
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11 Comments
This video is kindly sponsored by Skillshare. The first 1,000 people to use the link will get a 1 month free trial of Skillshare: https://skl.sh/shoestringjane11221
Great tips!
'Recession' is always manufactured by the rich , who rarely suffer due to it… remember the 1990's and the sub prime reposessions , negative equity etc… Employers ( especially the larger corporates) and the government ,do not want to pay appropriate true cost of living wage/pension/benefit increases so if people are laid off in theory desperate people will accept any poorly paid jobs that are going just to survive, not to mention that women STILL do not have equal pay… the ill/disabled /& carers cannot afford medication or decent food/heating , pensioners standard of living dips to unsurvivable levels as they struggle with care and increasing costs, bearing in mind the pension triple lock was originated due to the pension being below sustenance level in the first place, then they robbed the pension from the WASPI'S …. ooh my cage is truly rattled by all this…. Meanwhile, at the top of the food chain……. drinking cocktails on a beach somewhere warm…
The UK is technically in a recession, interest rates are set to rise and the disaster capitalists are posed and ready to buy up repossessed properties as rents and returns from rents are currently at 10%. Every one should pad out their emergency fund.
Great advice(: My problem is I am good at tracking fixed expenses but I haven't tracked my variable expenses like I need to ☹️. I need to track both over about 2 to 3 months. If I don't, I can't do a true budget.
Thanks Jane. I like your comments and your attitude towards life and frugality. You have a good balance in how you approach things. I remember previous recessions very well. People need to take a deep breath and know that they will get through it. But you are correct that it helps to be smart about your choices and actions. I think one of the best side effects of reducing debt is the peace of mind it gives you – and the reduction of stress in your life. Whether in a recession or not, this stress reduction is impactful on all parts of your life. Thanks again.
I'm "hustling " at the moment..doing things I never thought I'd want/have to do….trying to keep ahead of the situation, which I doubt will change frankly. Its amazing once you change your mindset full 360 degrees, where you can see opportunity…
I feel the same way you do. Little things do add up. Was just tallying up my sales from the craft show I just participated in. Sold many small hand-crafted items. Doesn't look like much on paper, but when I added the numbers up, I actually had record sales! All those small items really added up and pushed me past my goal. Yep, pennies do count! My grown children feel the same way and are followers of Dave Ramsey. They are all debt-free, or just about there, including their homes and any loans. It gives you a good feeling when you don't have debt over your head and helps you deal with what life sends you more comfortably and securely.
I've taken advantage of the free trial to Skillshare, OMG, what a lot of classes to choose from, I've bookmarks so many craft ones. I'm self aware enough to know that I'm not likely to take up silver smithing and leather work but I'll enjoy watching someone teaching it however macrame keyrings are on my 'must learn' list as they'll make great stocking fillers. Thank you!
In a recession, cash is hard to come by which makes everything cash buys hard to come by. Debt reduction while keeping a roof over your head is critical; if things are desperate, you can worry about heat after you secure the roof over your head. Because cash or actual money is hard to come by, reducing your minimum monthly bills or payments is critical. If debt exists, work to not only reduce debt but reduce your monthly minimums; in a time of interest rate increases, sometimes the first goal is to simply keep minimums the same. Keeping minimum monthly bills down includes eliminating goods and services like subscriptions, streaming services, etc…; as things get worse, sometimes things you dint think you can do without become less important. And then its time to reduce use of things like utilities for some savings.
Because cash is short during a recession, anything and everything you can do for yourself as opposed to pay someone else is important. This may mean doing your own yard work, sew on your own button, make toys and other things from free cardboard boxes, or make your own gravy without a packet. Taking advantage of the things offered by your community be it the local library, a park, or community events like tree lighting ceremonies provides new knowledge, interaction with others, and free "entertainment". Looking at everything you might toss and asking, can this still be used, used for something else, or used differently becomes a way of life for those who best traverse the economic insecurities of a recession. It is very, very important to only count on the cash in your hand or in your account. Don't put yourself out on a limb banking on more income at the end if the week, within a month, etc… Get your living expenses within your regular paycheck; overtime can get shut off at any time.
You have super common sense!