How Families are Dealing with the Recession

Post by Sophie a UK Writer

Many in the United States do not have to worry about austerity (yet) but I feel like that the average family in the UK is changing and adapting to survive with the austerity measures that seem to be taking hold around Europe? The first unofficial change that seems to be taking place is that the idea that “cash is king” is just more applicable and taken to heart.

Families in the UK want cash because there are no guarantees that plastic is going to be available.  A recent report by the Consumer Credit Counselling Service has found that over 1.2 million people are using loans as a way to deal with the financial crunch that is squeezing many people tight at the moment (Editor’s Note: No link/reference was supplied) and as such it has to be assumed that Short term loans have opened up new possibilities for young families in the UK.

Besides hoarding cash there are a few other ways that families are dealing with austere times. These include:

  • Buying food in bulk: It may seem like a tough precaution, however, buying long life food in bulk that is healthy is an excellent way for families to take care of their children despite the recession. buy food that is value for money without breaking the bank.
  • Asking for discounts: Looking for discounts when you are going shopping is a way to use that family saving ethic when you are trying to keep more money in your pocket as opposed to money leaving your pocket. Many families use voucher codes and discounts as their top way to save cash especially during the recession. When you ask for discounts whether you are buying items for your children or for the family home at large, it is crucial to negotiate to the price that you want to get.

While  Payday loans help families they should be used wisely and with care.  UK Families are becoming smarter when it comes to saving extra cash and this shows in how they are dealing with the recession.

6 Responses to How Families are Dealing with the Recession

  1. Jenna says:

    I think families are taking a look at their finances more often and thus have a better understanding of where their money is going.

  2. I agree that the recessions have made people more aware of their money situations. Hopefully most people can avoid payday loans because of their high interest rates.

  3. Em says:

    I’m a huge fan of asking for discounts! Negotiating is fun and very easy if you take some time to learn how to do it properly

  4. Hmmm interesting about the hoarding cash, I have not heard of that before. Buying food in bulk is smart if you are going to use it. There’s a reason people love Sam’s Club.

  5. Samantha says:

    Yes buying food in bulk is a great tactic to save money. Aside from convenience, it allows us to measure and budget our everyday meals. It is just amazing to learn about the various discounts being offered. Every family should start learning to live smart.

  6. William says:

    It all depends. If you didn’t prepare in the good times, then yes, you’re reduced to extreme measures when the recession rolls around.

    But… recessions are not random disasters like earthquakes. They are a regular part of our economic landscape, and they are inevitable. They happen every 7-10 years.

    It’s not recession all the time, then. There are good times in between, and the good times cover more years than the lean times.

    So, it’s important to exploit the good years to build up a healthy reserve. Then, when recession comes, you don’t just have enough to get by, you have enough where you can capitalize on the bargains that inevitably come along with every recession. That’s when you really get ahead.

    But the key to that is preparation in the good times. Bad things happen to those who wait and don’t prepare…

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