Surviving a Recession - 10 Useful and Practical Tips


The world has been having recessions every so many years without any regular pattern in the past. This one now confronting us may be a bit different in this globalized world which has become smaller in terms of the very fast communications now available, and the growing and much bigger global trade between countries. You can do well in looking at these few tips to help you survive the present one:

1. Solve your debt problems as early as you can and if you need expert financial advice try to get a consultant right away to help you.

2. You may have to change the companies providing you electricity, gas, mobile phone, television, broadband package, and insurance with others who are offering cheaper rates to have lower monthly bills.

3. Your daily spending must be lowered too. Buy only the very necessary groceries that you need and go for the cheaper brands this time. Take advantage also of any items in promos which may even be better than the ones you have been buying before.

4. Take the free samples a grocery store offers - these can save you some dollars for other items you may need. The vouchers they give you could also be a big help.

5. Stop your lunch dates with office friends - live with a simple pack lunch which can mean substantial savings for you. Provide your kids too with lunch bags so they can help you in your savings program during these critical times.

6. You could possibly request your employer to allow you to do your work at home especially now that office work is done with computers and it makes no difference where you type out office records with the facility of the Internet. This way you can save on gas expenses and your employer too saves on power expenses in the office. Another way is by joining car pools so all your fellow employees too save on transportation expenses.

7. Change that SUV you are using with a smaller car that consumes less gas. Maybe foregoing the use of your own vehicle now and then will also help. Just take what public transportation is available.

8. Changing to the economical compact fluorescent bulbs will also save you much on electric bills. Using the other appliances like the heater can also be adjusted so electrical energy used is economized.

9. Other survival techniques in a recession could include selling some stuff that you don't really need and you may also consider getting a new career by going back to school when you are fired from your current job. Improve your educational qualifications, so you will have a higher paying job later.

10. If you are among those with extra savings it might be good to go into cheaper priced stocks and bonds at this time in anticipation of profits when the economy turns around.

There may be a recession now, but this one will not be forever. You can always survive this. You did that in the last one that we had.