Every recession is a challenging period for individuals, families ,businesses and governments. Many individuals and families let the fear of uncertainty take hold of them because they don’t know the following secrets of surviving during a recession.
REVIEW YOUR BUDGET
Prioritize and cut your spending on things/activities that are not necessary. You may need to stop some activities that incur costs but do not add much value. Do not buy things you don’t need.
It is important to bring your spending on luxuries to the barest minimum.
RAISE YOUR SKILL LEVEL
Learn new skills and improve on the ones you have. This will make you more relevant at your current job and create more opportunities in case of job loss.
INCREASE YOUR STREAMS OF INCOME
You need to increase your streams of income for you to be recession proof. It is not a time to be lazing around watching a lot of TV or socializing. Effectively utilize your spare time to build multiple streams of income.
People who have the habit of saving at least 10 percent of their income have a better buffer against recession. However, it is important to maintain the saving habit to enable have sufficient emergency fund and also more money to invest.
In other words, keep savings as part of your budget.
HAVE A CONTINGENCY PLAN
Be proactive by having a contingency plan for the worse scenario. For example: What will I do if I am laid off or if my business goes down. This gives you a better chance of survival in case of such eventuality.
Never leave your life to chance.
It is very important you remain positive during the time of recession. Do not let fear of the unknown take charge of your life.
You need to be very creative during a recession and only a positive mind can be creative.
Finally, people should take full responsibility of their finances , by setting financial goals , putting strategies in place to meet set goals and by taking action . People want to be rich, people want to be out of financial mess but most people do not take time to read about personal finance. You need knowledge to be able to excel in your finances.
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