11 Ways To Save The Most Money During A Recession (2024)

Recently, there’s been a lot of talk of a recession coming. What we do know is that it will come, but when?

Since no one can accurately predict a recession, there are many things you can do to prepare for one to ease the stress and make it a more comfortable time.

What can you do now to actively prepare for a recession?

• Lower your expenses to the lowest possible.
• Find a job that is recession-proof.
• Be very intentional with how you use your money.
• Build a 6-month emergency fund.

Recessions come and go, so know everything will be okay and the recession will eventually pass.

Here’s a list of the best ways to save the most money during a recession.

Lower your bills and save money today (I saved $290)

Billshark is a MUST for anyone who has a cell phone, cable, internet, or insurance bill and wants to lower their bill.

And trust me, it works because I’ve used it myself on 3 different bills and I’ve saved$290.

Here’s how Billshark works:

1. Send copies of your bills to Billshark. (I did this by uploading an online PDF of each bill).
2. Billshark negotiates all of the bills you send in.
3. You get notified if Billshark was successful. If they are, they take 40% of the savings. Ex. Billshark saved me $290 over the course of 6 months, so I pay them $116. I can do this in a monthly payment plan or all at once.

It’s definitely worth the savings and it was such an easy process. I recommend every single person use this because pretty much everyone is spending way too much on things like internet and phone bills.

You can start lowering your bills with Billshark here.

Ebates

Ebates is awesome for anyone who regularly shops online. Ebates works by giving you cash back for purchases you would make anyway.

Ex. Shop on Amazon? Ebates gives cash back for purchases made on Amazon and hundreds of other stores.

I use Ebates any time I make an online purchase. All you have to do is find the store you shop at online on Ebatesand then start shopping. It’s seriously that easy.

You can get cash back up to 10% – which is why it’s so important to use Ebates to save money!

Create an Ebates account here. Make an online purchase of $25 and get $10 as a welcome bonus! So easy.

Ebates even has a free browser extension that automatically applies the best coupons to your purchases and activates cash back. There are so many times I forget to use Ebates when I’m online shopping – so the Ebates button reminds me every time I go online shopping. It’s a must.

Switch cell phone plans

Fox business recently shared an article that said the average person spends about $57,600 over 60 years for their cell phone plan. That number doesn’t include buying new cell phones, extra equipment, etc.

I tested out a Tello Mobile phone that cost me $19 per month (total). Tello’s goal is to eliminate overpriced wireless plans. They have no contract, no fees, flexible plans starting at $5 to $39, and unlimited text in any plan.

P.S. Sign up below for the FREE ultimate financial planner that includes printables like: debt tracker, income tracker, annual budget summary, savings challenges, financial goals, and debt thermometers!

Ibotta

Ibotta is a free app that gives you cash back for making purchases on things like groceries, clothes, toiletries, and much more.

It’s silly not to use Ibotta if you’re a grocery shopper and also have to buy things like clothes, toiletries, household items, etc. Pretty much any kind of item is available for cashback on Ibotta.

Ibotta works at almost every grocery store, Best Buy, Etsy, Forever 21, Hotels.com, Sephora, Instacart, Kohls, Nike, PetCo, Amazon, Target, and hundreds of other stores.

Recently, Ibotta even added a new feature that gives you cashback when you purchase in the app. It’s such an easy way to save money! I’ve been using Ibotta (yes, I actually use it!) for years. I use Ibotta for mostly fresh vegetable and holdhouse items like toilet paper and cleaning supplies.

If you sign up now, you can get $10 in your account by using my link here.

If you’re downloading Ibotta on your phone, the app will ask if you have a referral code. Use my referral code: lwyxxrb and you’ll get $10 for signing up.

Stop overspending on groceries

One of the easiest expenses to lower each month is groceries.

The average family spends $800 a month on food and a recent survey I read said many millennials spend an average of $400 a month on food and restaurant outings.

If you spend $400 on groceries and restaurant outings for 1 person, you can easily lower that to $300, and even $200 per month.

Saving $300 a month can go into your retirement savings and equal tens of thousands of dollars later on in life.

Click here to learn the 5 mistakes you’re making at the grocery store(and how much you should be spending).

You can only save so much – the next step is increasing your income.

$5 Meal Plan

$5 Meal Plan is a meal planning service that sends you a delicious meal plan and shopping list every single week for just $5 a month.

You learn how to cook healthy, delicious meals for you and your family on a budget.

I recommend trying $5 Meal Plan because most people overspend on groceries. People are already busy enough and don’t need to add meal planning to the list.

This way, you can save money on groceries and make satisfying meals for the whole fam.

If you aren’t satisfied, you can cancel at any time.

Get your free $5 Meal Plan 14-day trial here.

Honey

Honey finds you the best discount codes on the internet, saving you so much time and money.

This is how much I love it – I went shopping on Fashion Nova the other day and pressed my Honey extension button. Honey found me a 40% off coupon.

When I went searching online for the best coupon (which wastes so much time), the best coupon I could find was 25% off.

Honey’s free for you to use and is a must if you shop online.

Sign up with Honey here (takes a minute).

Drop

If you’ve been following my blog for a while, you know I’m a huge fan of Ibotta. What I haven’t been a fan of with Ibotta is having to upload receipts.

Drop is essentially Ibotta, but you don’t have to upload any receipts.

Your credit or debit card is linked to your Drop account, you automatically get points.

You can get points from Uber, Walmart, HEB, Whole Foods, Instacart, and many others. You redeem points for gift cards. This makes saving money effortless.

You can sign up for Drop here.

Plan out your money

Instead of wondering where your money is going, plan out your money with a budget planner.

A budget planner helps you stay organized with your savings, budgets, credit cards, and finances all in one place.

Each month includes payment trackers with space to manage monthly bills, debts, savings, and expenses.

If you don’t plan, you plan to fail (so they say). So it’s essential to get prepared ahead of time with a budget planner so you don’t just wing it with your finances.

If you have a credit card balance, use this free credit card pay off plan below! You can even pin it for later.

Read personal finance books

Personal finance bookscan educate and inform people about topics that might seem intimidating or foreign.

Having necessary personal finance information is key to succeeding in life and getting control of your money.

I went years without knowing anything about money. I picked up my first personal finance book a few years ago and ever since then, I’ve read dozens of books on topics ranging from investing, budgeting, and paying off debt.

Some of my favorite personal finance books are:

• Broke Millennial
• The Financial Diet
• Money: Master The Game

Here are a few ways to make more money (both part-time and full-time jobs).

Sell printables on Etsy

Are you looking for a stress-free and profitable side hustle that makes up to $10,000 a year?

Selling printables on Etsy is the best side hustle out there right now. Tons of women are making between $100-$1000+ a month selling printables online (see their success stories here).

This is the side hustle for you if you’re looking for something stress-free to start from home that also makes passive income.

You don’t need any previous experience to do this, you don’t need to be a graphic designer, and you don’t even need to be tech savvy for this. This is a great side hustle for someone low on time but wanting to make extra money.

Find out what kind of printables to make (so you can make the most money) and how to start an Etsy shop in this free training.

Facebook Ad Manager

Did you know you can become a Facebook Ad Manager for businesses and make an extra $1,000+ a month with just 1 client?

Facebook Ad Managers are in charge of running ads for businesses to increase their customer base and income.

There are over 27 million businesses in the U.S. with over 500,000 new businesses starting every month. Out of 27 million businesses, all you need is 1-2 clients to make $1,000 a month.

If you want to go all in on this side hustle, you can take on 5 clients, which can be roughly $5,000 a month.

You can learn how to become a Facebook Ads Manager in less than 28 days with the Facebook Side Hustle Course.

Start a blog

I started this blog in college and graduated my senior year making $80,000 a year. Blogging isn’t easy and takes a lot of hard work. It’s not for everyone.

If you feel that you can help people with a blog and inspire others to live better lives, a blog is a great way to do that.

If your dream is to become a full-time blogger and start a blog, I recommend starting a blog with Bluehost. Bluehost has 24/7 support, a money-back guarantee, and makes it as easy as possible to start a blog.Start a blog today for just $2.95/month with my step-by-step tutorial here.

It’s easy, painless, and takes less than 20 minutes to start a blog of your own. With my link, you get a discount from $7.99/month to $2.95/month.

Are you not sure where to start on creating a profitable blog?

I recommend checking out this course roadmap to figure out where you should get started first!

If you need a little more help starting your blog, I even have a free How To Start A Successful Blog quick 5-day course that shows you step-by-step what to do AFTER you started your blog.

This quick course is filled with a TON of value giving you everything you need to get started the best way.

Bookkeeper

A bookkeeper’s job is to keep records of financial transactions of a business.

Bookkeepers can make between $30,000-$60,000 per year.

Becoming a bookkeeper has several benefits, such as low startup costs, high profit, and the ability to work remotely.

If you’re eager to learn more about becoming a bookkeeper, check out this free training that will show you the quickest and easiest way to start and run a successful virtual bookkeeping business.

Freelance writing

Are you a writer who has trouble finding paid work or a stay at home mom who wants to turn her writing skills into a career?

Freelance writing is a great option for fully remote work that can either be part-time work or a full-time gig.

My friend Ariel is a full-time freelancer and even teaches others how to work from home making up to $5,000 a month.

Learn how to make money from home as a freelance writer with the course Big Money Writer.

This is a 40 day program that teaches you a step-by-step process on exactly what you need to know to be successful at this.

This works even if you have no college degree, no writing experience or have never even earned online income before.

Professional Proofreader

Transform your passion for words and reading by becoming a professional proofreader, and help people like me who are terrible at proofreading. I hire a proofreader for special projects which has been a must in my business.

Proofreaders are a must for books, magazines, websites, and tons of other projects, so they’re always in demand.

Proofreaders can earn between $17-$30 per hour and offers competitive pay and flexible hours while working from home.

Here is a free training that will show you if proofreading is right for you.

Teach English online with VIPKID

With over 600,000 students, VIPKID is the leading platform for teaching English online.Teaching English online is a great way to make income at home, while on your schedule.

VIPKID pays up to $25 per hour, and the entire curriculum is provided for you. Forbes even recognized VIPKID as one of the best places to work online.

To meet VIPKID application requirements, you need to have a bachelor’s degree in any field, eligibility to work in the U.S. or Canada, and at least 1 year of teaching experience (includes tutoring, homeschooling, coaching, mentoring, and other life experiences).

Apply to become an online VIPKID English teacher here.

Final Note:

There are so many ways to save money during a recession.

It’s important to create a budget that accounts for the lowest amount of spending possible and following that as closely as you can.

There are always ways to lower overall expenses.

Here are 2 articles I recommend reading next:

• 8-Step Guide To Building A Budget
• 5-Step Guide To Creating An Emergency Fund

Another great idea during this time would be to check out the In Case of An Emergency Binder. If your family ever has an emergency, you’ll be prepared and organized.This is printable and fillable via PDF on your computer that comes with:

• 90+ pages of simple, printable worksheets to organize your entire life.
• 15 subsections to make organization easy for emergencies and important family life info

Best side hustles (making $1,000+/month)

• Sell printables on Etsy – Selling printables is the #1 side hustle to make money. This can be done on your own schedule and turn into passive income! You can earn over $10,000 a year selling printables.
• Sell dog treats – Make $1,000+ selling dog treats from the comfort of your home. Be your own boss and make your own schedule.
• Proofreading – Earn $20+ an hour proofreading from home. Great for people who enjoy editing and working from a computer.