Let’s admit it, the economy is like a roller coaster ride going downhill again. Some analysts are even saying that soon enough, we might start using the “R” word again. So before anything becomes official, it’s about time to learn about some practical money saving tips that will help us during the rainy days.

1. Cut back on groceries - One of the greatest expenses we can have is on food. We just don’t realize it but food and groceries can cause a big dent on our budget. Cutting back on groceries doesn’t necessarily mean starving. It’s just looking for practical food alternatives that still taste good but are on the cheap. For example, choose to get a cheaper type of pasta or rice (you’ll hardly notice it!), buy in bulk on non perishable goods, and avoid the deli or confectionery area.

2. Learn to reuse your stuff – Of course, it’s the age old remedy of recycling. Not only does it keep the world green but it also saves on a few (if not a lot) of dollars. Creative ideas include making an old and rusty wooden door into a vintage outdoor table by simply adding some legs and a glass panel on top. It’s all about getting creative and taking old stuff to the next level.

3. Familiarize yourself with Craigslist – Craigslist as we all know, is a place to buy and sell stuff on the cheap. You could earn a few dollars by posting some things you don’t need online, and you can find secondhand goodies on the site as well. Remember, one man’s trash is another man’s treasure.

4. Buy Classic Clothing – Recession time doesn’t mean having to look shabby. It’s about buying classic pieces that could go with almost anything. For women, a chic high-waisted neutral colored skirt could go with just about any top for an executive look. And for men, sleek black pants could spell dashing any time of the day. Even scrounging around in a vintage thrift shop could land you some good pieces for a lot less.

5. Save on Regular Household Expenses – Switch off the lights when they’re not in use, turn off the computer when you’re watching TV. All these little habits could lessen electricity bills for you.

6. Let go of what you don’t need - If you’re not too much of a television fan, it’s time to let go of cable TV. That doesn’t mean cutting you off from civilization, it’s just a sign for you to keep abreast of free resources. For example, if you have an Internet connection, you could subscribe to certain channels you love. The world is getting more modern, and yes, Internet has TV.

7. Travel on a Budget – Vacations are certainly something that can dig a hole in your budget. After all, who doesn’t love to travel? However, when planning that next vacation, try to think of places closer to home. Travel expenses are much cheaper and you can still enjoy yourself. For Westerners, Asia is a good destination to go because of currency differences. You’ll be amazed to find what your dollar can buy in third world countries.

8. Discover working at home - The Internet is all the rage at this day and age. Right now, it’s easy to earn a few extra bucks by working online. You can even choose to build an online business. This strategy isn’t about saving money, but it’s also about earning more in a practical sense.

Recessions aren’t things to joke about. It’s when the prices get higher, employees get laid off, and the world in general gets tougher. But if you’re smart in your money moves and save in all the practical places, you’ll find yourself getting through the tough times and coming out as a winner.

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