7 Tips to Surviving a Recession
Surviving a recession means cutting back, planning ahead and making some tough decisions. Here are a few tips you should know about to help you survive.
1. Get out of debt as quickly as possible. Debt, except for maybe your house is not a good thing in good times, let alone bad. Any little bit of money you can get from selling something or an extra job will help.
2. Look for ways to cut down on expenses such as phone, cable, gas and any other little amenities you may have. People are always looking for a deal and a recession economy is a good time to find them. Companies want and need your business and may be more flexible in hard times.
3. Cut down on your daily spending budget. $5 for one coffee isn’t in the budget. Make your own. That bottled water (tap water) should not be there either. Look at what you really need as opposed to what you simply want.
4. Start clipping coupons. Coupons are a great way to save money on your grocery bill. Sure you may not get your favorite brand but hard times call for hard measures.
5. If you usually go out to lunch at work, stop it. Bring your own lunch, maybe start with a couple of days a week. Unless you order from the dollar menu you will come out way ahead.
6, Depending on your job, you may be able to telecommute at least a day or two a week. This can save you both gas money and wear and tear on your vehicle, potentially cutting down on maintenance costs.
7. Look for ways to cut down on energy cost such as replacing your light bulbs to CFLs. Adjusting your homes temperature up or down according to the season can save you more than you might think. Inspect your home for drafts, cold or hot spots to pinpoint areas of heating/cooling lose.
Surviving a recession can be difficult. The little things you do to cut back on expenses may seem fruitless in the beginning. Persistence is the key. Pennies add up to dollars. You can survive without some of the things you’ve become accustom to and you can survive a recession.
