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After last week’s bloodbath in the stock market, the recession buzz is gaining momentum across social media platforms, with budget-saving tips, fewer-ingredient recipes and at-home gardening advice. It appears that the soon-to-be song of late spring will be one of tightening up, scaling back and making do with what you have as we plunge into 2025.
Many creators are sharing their knowledge of budget-saving tips from the perspective of “Hey, don’t be afraid if you have not been poor before; I got you.” I’m sure the vibes are much appreciated by the many folks who, in the past few weeks, have found themselves unemployed, laid off or in a tight situation because their local economy has fewer support systems to help them.
Agents are also feeling the pinch, but to be fair, many have been struggling since 2022 on a slow collision with high interest rates, low inventory and consumers who are uncertain or unable to find what they want.
Real talk: We cannot deny that it’s time to pull back and put some savings away. Here are seven ways to save a few dollars if you are willing to go minimal and live a more humble lifestyle.
Ditch the high car payment
If you are currently driving a luxury vehicle with a high payment, as rates drop, it may be time to see if you can potentially trade it out for a more practical car that is better on gas and maintenance with a lower payment.
During a recession, it’s essential to read the room. If your clients are struggling right along with you, showing up in a sports car may not be the best way to build rapport.
In other words, your vehicle shouldn’t be look-at-me; it should be clean, reliable and easy to maintain in an emergency. Vehicle expenses can break the bank in a recession, which may be problematic with expensive parts.
Be smart, and get ahead of the issues if you can. If you cannot downsize your car, maintain it to the best of your ability to ensure longevity and keep repairs at bay. Call your bank and insurance providers and ask for lower rates, if available.
Put a hold on expensive travel
When I tell agents not to schedule multiple vacations, they get all kinds of uncomfortable, but in a down economy, it’s one place where you can save.
Again, reading the room, if your clients always see you on vacation while they are struggling, they are likely not to send you business because they will think you have plenty.
In other words, those boat pictures, beach pictures, pictures of your sixth trip to Disney World, and golf pictures may not be in the best taste this summer on Instagram. Post with care.
Go hiking and camping, create the ultimate staycation guide for your community, and create content about it. This is an opportunity to challenge yourself to find ways to relax and restore while saving money.
Downsize your wardrobe budget
It’s no secret that America has a bad reputation and relationship with fast fashion. Since the pandemic, Amazon has coached us just to add one more dopamine hit to the cart.
We are at crisis levels when it comes to waste and the environmental impact of always chasing trends and luxury brands while looking professional.
In the U.S., Earth.org estimates that the average consumer throws away 81.5 lbs of clothes a year.
That means about 11.3 million tons of textile waste — equivalent to 85 percent of all textiles — end up in landfills yearly, and the number continues to rise.
In other words, don’t chase fast fashion. Buy secondhand when you can, and if you do buy, invest in quality classic pieces that will last. Do clothing swaps with friends and family.
I work with luxury clients, but my heart and favorite wardrobe are closer to Ms. Frizzle. When I was in my 20s and selling real estate, I struggled with trying to figure out an appropriate style.
As I’ve gotten older, I have figured out how to tone it down, keep it comfortable and make it affordable. It’s kind of like wearing a costume or a uniform.
Use Pinterest to get ideas, and make a list of what you’re looking for, and if you can, note what brand sizes you are looking for (since you likely wear a different size in most brands). Thrifting takes time; you may need to have some things tailored. Grab some friends, and make it a fun weekend activity.
Essentially, dress pants, dark (not distressed) jeans, a collared shirt, and a blazer or nice jacket work for anyone and can be comfortable to wear with the right materials and weight of clothing for the season. Take into consideration your market and location. Work a beach vibe in if you are coastal.
- Capsule wardrobe of classic pieces in solid colors (light blue, tan, white, cream, black, brown, pink, light and dark green). Try to shop second-hand as much as you can here.
- Collared button-up shirts always look professional. I try to find wrinkle-free clothing, so I don’t have to iron or dry clean.
- Blazers, cardigans or a collared quarter-zip to match and layer.
- Brown, black and cream shoes, attractive and comfortable tennis shoes, and belts to match. (This typically needs to be a new purchase, so invest in items that will last.) I belt almost every outfit — it pulls it together.
- Wear a waterproof seasonal outdoor jacket for inspections and outdoor showings. Ensure you have a nice pair of rain boots or outdoor boots for rural property. Invest in a large outdoor umbrella for you and your clients.
- Carry a functional workbag that can take some abuse and keep you organized.
If you keep your wardrobe minimal and in good repair, you will always be able to get out the door quickly because you will only have a few items to choose from.
Downsize your ‘beauty’ expenses
I lose most folks here, primarily because our industry is fueled by selling what you look like first and talent second. I’ve written extensively about this.
This is where minimalism comes in. Reduce products and services, and find drugstore alternatives that work. Brands do not pay you back unless you are an influencer, which I’m guessing many are not.
Botox, fillers, hair extensions, difficult-to-maintain color and highlight combos, nail services, laser this and that, fake tans, tuck and tighten here and there — these are all luxury and privileged services.
You are perfect just as you are; you don’t need all that jazz. If you are serious about taking care of your skin, using sunscreen, stopping alcohol, and prioritizing rest, good skin care will save you money and your sanity.
If you love this stuff and it fits your budget, rock on, but I’m telling you this is one place where you can save a ton of cash and pop it into a high-yield savings account or a self-employed IRA that will take care of your future self.
Here are some of my favorite affordable products that work and make you look “not tired,” which, in my opinion, is always the goal. I have tested a ton because I have super sensitive skin and more allergies than a golden doodle dog.
- 5-minute skin care routine: Sunscreen, moisturizer, lotion, Vaseline, vitamin-C, anti-aging serum, face tape, soap (face and body). This works for men, too, FYI.
- Hair care: Shampoo, conditioner, leave-in, heat protectant, hair spray and color gloss to blend gray (I stopped coloring to save money), eyebrow tint.
- Dental care: Toothpaste, mouthwash, teeth whitening.
- 5-minute makeup routine: Concealer, all-in-one face palette (this one lasts a long time), lip/blush (I use for both, even though it’s an eye product), mascara, setting spray, brushes, nail kit.
We have food at home
This is the favorite saying of moms everywhere because, let’s face it, eating out is ridiculous at this point and should indeed be a treat or a hangry emergency. Invest in a good car cooler to store snacks, drinks and your lunch; use meal-planning prep on the weekends; and, if you have room, get a freezer, and stock up on easy-to-prepare meals.
I pack my lunch and snacks almost every day for work. It helps me meet my dietary needs and maintain a predictable schedule for a break because I don’t have to search for food to be prepared. I also ensure that I get things that I like and don’t make compromises.
Dark chocolate, teas and little treats make it easier to be excited about “food at home” than going out to eat.
Everyone in the household needs to be on board with this. Have them find videos or ideas of what they would like to eat, and then have them help you shop and prepare it.
Cheap, free and effective tech and apps
I recommend some tricks in your kit for saving money on your basic business needs when you need to get things done. Also, figure out the benefits and tools you are already paying for. These tools are the things I would absolutely recommend as bare essentials to succeed.
- Canva: Graphic design, flyers and QR codes. Try to go paperless and use QR codes as much as possible.
- ChatGPT: Use caution, check your work and remember that your ethics are not the same as AI’s.
- Grammarly: Stay smart; grammar saves lives.
- Inshot: Video editing
- Lensa: Photo editing
- Vista Print: If you need to print, Vista Print is hard to beat. It is reliable and fast. Plus, it’s always running special discounts.
- 4-Imprint: Swag or branded items. Its customer service is fantastic, and its pricing is reasonable for small batches.
- Docusign: Read receipts, cloud storage, encryption and digital signatures.
- RPR– How are you not using this yet?
- Smart Charts: If MLS offers this, access there, but if not, the subscription is a gold mine for information and content.
- Google Business Profile: Free SEO
With NAR and your local and state associations, you may have many tools or subscriptions you need for your business included in your membership, and you might not be using them because you have never read the instructions. So be sure to check on what’s included in your memberships.
Hot tip: You do not have to use the franchise or brokerage print shops. They are usually marking things up like crazy and making money off you. Get the file, and print it yourself. This includes your branded shirts.
Recession progression, not suppression
This will not last forever, but it will likely return. These practices require self-discipline and are part of the learn-and-grow game you will face throughout your entire career. The word of the year 2025 isn’t uncertainty; in my book, it’s pivot.
As Friends taught us, you can either struggle with the couch and let it break you or pivot and get the job done.
Spend less, set up that additional income stream, remember to rest and find joy when you can, and, above all else, resist the urge to throw in the towel. You got this. Pivot!
Rachael Hite is a seasoned housing counselor and thought leader in the real estate industry. Connect with her on Instagram and LinkedIn.
