Now how do we do that? Well the best thing to do is tighten your belt because the credit market is frozen so you won’t be able to get a loan for personal or for business purposes.
Recessions happen and you can see it and take the appropriate steps before it is too late. Here are a few tips you should know about to help you survive.
= If you happen to be in debt, get out as quickly as possible by finding ways to pay for it. If ever you need help, hire a financial consultant who can help you with your budget.
= We have to pay the bills. Instead of just paying for them, perhaps you should see if you can switch to another company that offers cheaper rates. Take a look at your electricity, gas, mobile phone, television broadband package, insurance and even your bank account then make the necessary changes.
= You should also make cuts on daily spending. When you go to the grocery, buy only what is necessary or switch to a cheaper brand. If there are items in promo, get it because they could be just as good or even better to what you are used to buying.
= One thing that every grocery always is people offering free samples. Since you are there, get some as this will surely save you a few dollars for other more important items. If the grocery you frequent gives out vouchers, make use of it as well.
= Do you always have to go out for lunch when you are at the office? Of course not. You can prepare the food at home and then take it to work. Your kids should also have a lunch bag instead of getting their weekly allowance so even at a young age, they understand the current situation.
= If possible, ask your employer if you can do some of the work at home. This will help you save gas since you don’t have to drive to work. Just be sure you are as productive at home like you are in the office.
= Owning a large vehicle may sound cool but since it is a gas guzzler, perhaps it is time to trade this in with a smaller one. The advantage of a smaller car is that you don’t burn that much gas so you don’t have to spend that much when it is time to refuel the tank.
= You can cut down your electricity expenses by replacing the bulbs to those that use lower wattage. You may also want to put the heater down by one degree, reinsulated the ceiling and stop drafts coming from the windows and doors.
= Cutting down expenses is just one way to survive a recession. You can make money from it by selling some old stuff or renting a spare room.
= If your work is not stable, perhaps you should consider switching to a career that will ensure better job security for the long term. One way is to go back to school.
= For those who have money to spare, invest in long term investments such as stocks or bonds. Their value will go up once the recession is over.
= The next best thing to do will be take an extra job. Just make sure that the time you spend here does not affect your primary job otherwise, you could lose it.
= Apart from going back to school and getting a second job, perhaps you can use your skills and then offer this as a service to others. If you like to cook, make some pastries and then sell these to potential stores. If you are good with your hands, maybe you can help repair leaks should your neighbor have a problem with their plumbing.
= If you want to reach out other customers, create a website so you can offer your products or services to other towns, states or even countries.
A recession lasts for months so you have to know what to do when it happens. For you to survive, you have to tighten your belt. If you don’t know how to do this or want to learn more, it is best to hire a financial adviser who can come up with a plan so you can just follow it.
There are other ways to survive a recession apart from those mentioned. By following these tips and getting advice from a financial planner, you are sure to wither out this storm. Until that day comes, you shouldn’t live in fear but rather make the most of it because this isn’t the first time that you will face a recession and it surely won’t be the last.
Copyright © Anne-Marie Ronsen
You have permission to publish this article electronically, in print, in your ebook or on your web site, free of charge, as long as the author bylines are included.
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