Top 5 Ways to Survive the Recession
Admit it or not, the world is in the worst recession it is affecting the richest of nations, biggest of companies, right down to individuals but there are ways to survive the recession. Here are the top five.
5. Get a more secure job.
This is actually more difficult to do than it sounds but if you are one of those lucky ones who have a job now, and have the skills and opportunity to shift to a better career, then you might as well consider making the move. Right now, there are recession proof industries like education, health care, social housing, video games, accounting, auditing, insurance, energy, and IT. If you can find a good job opportunity in these industries, then it may be good to transfer.
4. Keep yourself informed.
You cannot pretend that the recession is not happening or will be gone tomorrow. Keep abreast with the current news about the economy, your city, your finances, and your money. Not only will this give you a complete picture of your own situation, it will also give you some pointers on what to expect and how to deal with the things before they hit you in the face.
3. Work out a budget and stick with it.
Most people hate budgeting because they usually find that they cannot stick with it. Do not even try to go cold turkey on the things you love. If you and your family have been accustomed to driving out to have ice cream every Sunday, you can still have that, but try walking to a nearer outlet and have ice cream every other Sunday. This kind of budgeting will not make you feel deprived and still have enough money left for household essentials.
Another tip with regards to budgeting is to first set aside ten to twenty percent for your savings and then work with whatever is left. After assigning certain amounts to the items on your budget, check to see if you can save up on some items. Ask yourself if you really need to spend $200 on a new pair of gloves, or if your family really needs $250 worth of groceries every month.
2. Pay your priority debts first, but pay all your debts on time.
It does not make sense to miss out on paying your debts. In fact, we do recommend fast forwarding your payments on the debts with higher interest rates. Eliminating high interest debts could help you tremendously in freeing up money that goes to unnecessary interest payments but could be used somewhere else.
1. Cut the plastic.
Yup, no matter how much you love your Visa, cut it up, or hide it underneath your bed, preferably somewhere you would not see it or reach it. Credit cards are one of the reasons why people get in financial trouble. Most people just swipe it time and again. To them, as long as they have not reached their credit limits, they still have money to burn but they are wrong, and they will soon find that out when it is time to pay their credit card bills. If you think you are saving money by paying the minimum amount and avoiding the finance charges? Think again.
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i am hoping that the global economy would recover from this economic recession. life has been very hard with these massive job cuts.
Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. “
My favorite trap sheet. Thank you.