by Susan Klatz Beal

Created on: December 16, 2009   Last Updated: July 10, 2010

We are witnessing the worst recession that most of us have ever seen during our lifetimes. For those of us who aren't old enough to have experienced the great depression, let alone remember it, the recession of 2009 is probably the most frightening thing we've ever witnessed in the financial world during our lifetimes. It is also probably the one thing that has awaken us to the reality that our comfortable living situation could change for the worse at a moment's notice.

If anything good is to come out of this global recession, it will be the fact that it has clearly forced people to analyze the way by which they spend money and to re-evaluate the things we regard as necessary versus what is really essential. For those who have lost their jobs, figuring out how to reduce expenses is a matter of pure survival.

There are ways by which we can plan ahead and make sure that we are prepared for anything, and the best way to do that is by reducing expenses however we can. Here is a look at some practical ways by which to reduce expenses -

*Look at your regular daily or weekly purchases -

If you are used to stopping for specialty coffee drinks on your way to work every day, think about how much that drink is costing you. A $5 flavored latte will cost you anywhere from $25 to $35 a week. Over the course of a month, that's $100 to $140 that you are spending rather frivolously.

If you go out for lunch at work rather than bringing it, that could cost you anywhere from $5 to $10 a day. Over the course of a month, you're spending another $100 to $200. If you brought your lunch, you'd be paying a fraction of that, and you could probably be eating a healthier lunch in the process.

*Cancel the gym membership -

If you belong to a gym, chances are, you're paying a minimum of about $35 to $40 a month just to use the place. You've had to pay about $50 to join and then you pay extra if you take any type of class. For a lot less, you could get a family membership at the YMCA, or you could join a community recreation center. You wouldn't have to pay to join, you wouldn't necessarily be locked into a contract, and you could use the facilities you want to use.

Consider getting a bunch of friends together and start your own work outs. You can go walking together, work out to a video or do stuff with hand weights together. Walking won't cost you anything more than the price of a pair of decent walking shoes, and you can do it at your convenience.

*Take public transportation -

A very easy

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