Bernard Hickey delivers 6 Great Tips to survive the Great Recession in 60 seconds. Every week until the recession ends we'll give a fresh batch of 6 Great Tips in 60 seconds.
1. Chop up your credit cards and use Visa/Mastercard debit cards instead if you need to buy online.
2. If you have both a mortgage and a savings account, use the savings to pay off the mortgage as quick as possible.
3. Never buy a new car and never spend more than NZ$10,000 on a used car. Always use TradeMe for cheap deals.
4. Cancel your Sky subscription and watch the rugby at the pub with your mates. Drink iced tap water.
5. Always holiday in New Zealand. Use holidayhouses.co.nz to find a cheap rental bach at the beach.
6. Never buy more more than 1 espresso coffee a week. Not buying 4 espresso coffees a week would save you NZ$13,840 over 10 years if you used the saved money to pay back a mortgage charging 8%.
We welcome your suggestions for saving money or earning money to survive during the Great Recession. Comments please below. We'll pick the best and use them next week. We'll be doing this every week until the Great Recession ends. That may not be until the end of 2009 at this rate.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.