8 Things to Help Yourself Survive the Economic Downturn

Economists are predicting that the country is headed toward a severe economic depression. Robert J. Gordon, an economist with the National Bureau of Economic Research, has stated that the recession period will most likely start toward the end of this year. We can already see that the cost of gas is steadily soaring, and its effects are felt on everything from food prices to mass transit fares. Unfortunately, a lot of Americans tend to live well beyond their means; they have grown completely accustomed to this lifestyle, so they will be totally unprepared to deal with the upcoming economic crisis. Sadly, it seems that some people aren't even paying attention to the grim predictions about the near financial future, so it will be a complete surprise to them once it hits.

One of the many saving graces that have been bestowed upon me is the fact that I am poor, and have always been poor. Normally, that fact wouldn't exactly count as a "saving grace", but in the hard times ahead, it will be an asset to me. I'm also currently a full-time student, so I have mastered the process of stretching money in quarterly periods. Because of my financial situation, I already know how to survive. I'd like to share with you some of the tips that I've learned along the way. These tips will enable you to squeeze the absolute most out of every single dollar:

1) Forget about Cutting Coupons - I'm sure that clipping coupons seems like a logical thing to do when trying to live on a budget. Here's the problem: It has been my experience that coupons are usually issued for products that already have a somewhat elevated price. Instead of trying to save 35¢ off of an already high priced item...just purchase the generic brand instead.

2) Read the Sales Flyers Religiously - This is different from cutting coupons because sales flyers will often advertise specials on store brand items. Since store brands are already discounted, it would be to your advantage to take part in any further discounts on those items.

3) Buy Less Expensive Cuts of Meat - Go ahead and buy that ever-popular three-pack of arm steak and doctor them up. Make sure to tenderize, marinate, and top with grilled onions & mushrooms. No, it will never taste as good as a t-bone or a rib eye, but it'll still taste good if you know what you're doing. Learn how to braise and smother all kinds of meats, and invest in a slow cooker because they work wonders on cheaper cuts.

4) Buy Whole Foods - Purchase whole chicken, whole vegetables, and whole fruits instead of pre-cut, pre-washed varieties. The next time you're in the grocery store, pay attention to the difference in cost between a whole chicken and chicken parts; the same goes for fruit and vegetables. You will find that you're paying extra money for the convenience of not having to do the work. If you want to save money, do the work.

5) Never go to the Grocery Store When You're Hungry - This one is a no-brainer. If you go grocery shopping when you're hungry, you'll put yourself at high risk for spending too much money on unnecessary products. In most cases, the bulk of these products will only appeal to you because you feel like you're starving. Making a trip to the grocery store while you're hungry is a recipe for impulse purchasing.

6)Get Reacquainted with those Brown Bags - Start a regimen of taking your lunch to work or school and you'll save more money than you think. Most or us don't realize how much money we waste on eating out every day. If you spend $4 on lunch everyday for five days, you will have spent $80 a month, and almost $1,000 a year. Couldn't you think of some better use for that money? Get into the habit of packing your lunch at home. If you don't like brown bags, go online and buy yourself one of those good old Wonder Woman or Superman tin lunch boxes.

7) Cut Down on Trips to the Salon- Shampoo and condition your own hair instead of paying to go to the salon - only make that trip when you need a trim or any kind of chemical process & make sure not to use the cheapest products on the market because they tend to strip your hair. This is contrary to what I would normally say, but it will be better in the long run if you take care of your hair instead of trying to repair damage later.

8) Kill the Gym Membership - Do you really need to work out at a gym to get the maximum results of your weight loss or health regimen? For some people the answer to this question will be yes, but not for most of us. I go to the gym daily because it's free to me as a student (well, sort of...the cost is hidden somewhere in those student fees), but if I had to make a yearly commitment and a monthly payment I wouldn't do it. Instead, I would make a one-time investment in a set of free weights, and I'd learn to take advantage of the 100% free walking track... better known as the great outdoors. Also, there are many apartment communities and office complexes that have an exercise facility available for use by their tenants and guests at no cost. Likewise, some homeowner's associations include management of a community's recreational amenities, and they will usually include a well appointed gym for the use of neighborhood homeowners and their guests. Check to see what may be available to you.

There are a lot of other adjustments that you can make to ensure that you and your family will come through this financial predicament in a relatively unscathed manner. The way that I make it through tough times is to go into "survival mode". I pin down all of the things that I absolutely need in order to exist on a daily basis. Then, I try to think of creative and free or less costly ways to include some form of entertainment: picnics in the park, trips to the beach (I grew up very near the beach), dollar theaters, etc.

Hopefully, some of these tips will be useful as we face the upcoming economic crisis.