You might not feel the recession if the following precaution is adhered to.
In the middle of recession is like the middle of no where or should i say like a “T” junction where you don’t know where to turn to when you in the need of anything. when you have so much but can only get you so little,that’s pathetic.
But trust me, you can still win in this battle ‘cos I am winning already, if you can adhere to the following precaution you will.
See you in the END ..
Talk it over.
Sit down with every member of your household and go over your finances. How you resolve and differences in your approach to money will have a profound effect on your relationship’s chances of succeeding.
Now is the perfect time to set an example for your children and show them how a family can pull together during tough times and everyone can chip in.
Reduce expenses. There are many ways to cut expenses during a recession. In many cases, you can maintain your same quality of life while focusing on living lean and cutting out extravagant and unnecessary expenses.
Cut discretionary spending. Buy nothing if you don’t need it to live. Resist sales pitches. Don’t even think about using that new credit card offer in the mail, even if it does have a low APR and no payments for two years, you should evaluate it carefully.
Transportation: Carpool as much as you can or living without a car. Consider public transport, example: Blue buses. But if that’s not practical, look for ways to save money on gas.
Housing: Get a roommate or consider relocating to an area with a lower cost of living. Maybe you can move in with family members until the economic downturn blows over. Keeping the peace in a multi-generation household isn’t always easy, but it has its own reward
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Food: Stop going out to eat; instead, try to cook at home from scratch more often. Consider the benefit of the slow food movement. If you don’t have enough time to cook, try doing it just once a month. Find good dealt at a local farmer’s markets.
Keep the money flowing in. If you have a job, be an amazing employee. Now is not the time to slack. Show up early, stay late, and volunteer for projects. Pick up the slack for other workers; it’s what will happen when people get laid off, anyway, so now is the time to prove yourself. Look for ways to save your employer money, especially if you see your employer doing little things to that effect, like encouraging employees to turn of their computers. Try to quantify your efforts in terms of how you’ve raised profits and cut costs. Start networking so that in case you still get laid off, you have a safety net of contacts who might be able to help.
If you don’t have a job, find other ways to make money fast. Focus on cutting your expenses, as described in the previous step, and consider volunteering; if you’ve got the spare time, there are organizations that will need your help, and you could establish good karma in your community.
Keep saving. If you can, fit saving into your budget, even during a recession. You should make every effort to continue contributing to retirement accounts and college funds, if you have them. If you don’t have the money to contribute, consider cutting out other expenses to make it work. When you come out of the recession, you’ll be glad you kept up with saving and your accounts will reflect the interest you’ve earned during that time.
In addition, putting money into the stock market during a recession can be a wise move. If you buy stock in reputable companies when prices are low, you stand to gain a lot of money when they come back up out the recession.
Enjoy life. In order to avoid recession depression, don’t let fear control you. An intense feeling of paranoia can make you an inflexible employee and also strain your relationships. Be thankful for what you have, and make sure to have fun. Instead of not taking a family vacation, for example, Get a cheaper movie tickets for the family . Invite your family to think of creative ways to save money without skimping on happiness. Accept difficult times as a challenge for your fortitude and adaptability.