By now, unless you’re living on another planet, you’ve realized that we’re in a recession. A global recession that, luckily, is showing signs of turning around. But then again, recovery from recession can take years, if not decades.
The trick to surviving recession, and thriving, is to take action as soon as possible. Don’t wait for disaster to strike. Don’t pretend that it can’t affect you – it can. Now that we’ve got that out of the way, let’s look at key, easy ways that you can overcome the recession.
1. Trim the Fat
Whether at home, or in your business, there ARE ways you can cut back. Do you really need two family cars, or do you need a car that is quite so heavy on fuel? Are you shopping smart, buying cheaper house brands on anything from groceries to stationary? Have you cut back on expensive outings, and chosen to entertain at home instead? There’s always a way to reduce your costs. So look at your budget (you do have one, right?) and see where you can save!
2. Shop Around
Yes, most of us shop around for big purchases, which is great, but there are other ways you can make this work for you. Shop at cheaper supermarkets, for a small way to save. Then look at bigger expenses, like your mortgage, cell phone bill, insurance costs and so on. There’s always a better deal out there, especially now, when these companies are scrambling to keep their clients! Make some calls, find a better deal, and if you have to, switch. Although sometimes, presented with the choice, your regular provider may match your new deal.
3. Get a Second Income
Why wait until your job has vanished into thin air, before you start looking for alternative income streams? There are thousands of ways to make extra money – whether you turn a hobby, like fixing cars, or baking birthday cakes, into a business, or look for opportunities online, or even deliver pizzas on weekends for extra cash. Start multi tasking now, and not only will you have spare cash, but you’ll also be ready if disaster does strike, and you get laid off!
4. Pay Yourself
Often, we decide that everyone else is more important than our savings. We pump money into entertaining, getting our kids the latest shoes or video games, and all kinds of other things. Start taking a little of that, and putting it into a “personal slush fund” that’s there for emergencies. If you find it hard to save, arrange for a debit order to go off your salary, straight into a fixed deposit account. That way, you won’t miss it, and can’t access it too easily.
5. Keep the Goal in Mind
Yes, times are hard. Then again, big companies, like Proctor and Gamble, were founded in a recession. Why did they succeed? Because they stayed positive, knew their goals, and kept moving forward. So can you.