Frugal living is not a bad idea at all, as it makes us understand the true value of things that we use and also helps us to be more cautious in our spending. However, living in economic recession has its own challenges. When there is a general slowdown in all major economic activities, then normal living can take a bumpy ride and can influence our living in many ways. This includes prices of common goods going up beyond the normal limit.
Recently, almost all regions have seen a spike in all the basic commodities including groceries. We cannot predict when the economy would recover, but what we can do is plan ahead for food security and other necessities without which we cannot live. This could actually be a challenging task because we cannot hold very large amount of stocks in our house predicting the economy would worsen further. At the same time, high price raise and unavailability of stock are the two major challenges that we need to keep in mind during recession.
Living elegantly during recession certainly requires considerable amount of planning. Without planning, we cannot look forward to manage the economic crisis well. For instance, the price of wheat has not only risen but is highly fluctuating in the commodity market. In such a scenario, we need to plan well to continue living in a healthy way irrespective of the recession. So how can we plan about elegant frugal living? Elegant frugality is all about planning and cutting down on unwanted expenses that we can live without. The first important point to note down is to find out the essential things. Once we allocate budget for our essential and basic needs, we can then go about planning our immediate next needs. This is purely a personal preference. For instance, if you are hooked to take away from McDonald, then learning to make homemade bread in a bread machine can not only give you tasty food but also a very high quality food option. This kind of approach helps us to save money that we would otherwise spend on costly brands.
Replacing the luxuries with alternative cost-effective option can save money and give us much more satisfaction. For every ready-made item we buy, there is a cost effective alternative way to prepare the same at home. This approach can save money and make us more self-sustainable. Be it making homemade bread, jam, or having your own home garden. Before you start to make cuts on your spending, it is essential to chart out and analyze the expense that you are already making. Then the next step is to find out an alternative cost effective way to get the same result. You cannot achieve this overnight, as it requires continuous planning and has to go over many cycles before we reach a stabilized plan that can work out effectively.
Moreover, as our dependence on society increases, the economic crisis affects us more. Anyway, we can reduce our dependency to an extent by following prudent savings options including the kind of investments we make. For instance, if you decide to invest more amount of money on volatile markets like stocks or commodity market, then you are creating more dependency on crucial economic factors that is driving the market. Whereas if you go for treasury bonds then the risk is comparatively lesser, however, the recent events have proved that too as an insecure option. The value of Treasury bond changes with the rating agencies. If the rating agencies downgrade bond’s value, then it certainly affects the bond holder in many ways.
Therefore, it is essential to make a prudent judgment based on the market condition to enable us to live elegantly in the recession times. The market would remain fluctuating forever. The more we make ourselves self-sustainable the better we are.
About the author: Alia Haley is an avid writer and blogger who only believes in natural skin care. Her beauty guide only includes organic products and she is fond of looking out for new upcoming beauty trends like half moon manicures etc. Being a versatile writer these days she is busy in writing on green energy and Environment Issues.