Recession Effects - How to Survive and Surpass?
Tuesday, February 17, 2009
Recession, Financial Crunch, Layoffs, Bankruptcy are the buzzwords in 2008 and its effect has been passing onto 2009. As per the Economic specialists’ view, it will continue through 3rd quarter of 2009 and will see the recovery only by the end of 2009. Maybe, we all get relieved by the time we start celebrating Christmas.
But, here the question is although it all started early 2008, are we prepared to survive this Recession effects? What precautions we took in our daily life to face this crisis? Are we simply blaming our economic leaders and sit on without taking any actions in our Life style? What differential thought we brought to survive in these turbulent times? Remember, this is a cyclic effect which happens once in every 10 – 25 years around the World. It is our responsibility to take actions rather than passing onto others.
I believe, People those have the habit of saving at least 10% of their Paychecks can easily get rid of this crisis. The only challenge for them is how they are going to stick their jobs to meet the daily expenses. These are the People who have no Mortgage / Car / Personal loans, Liability in Credit cards etc. Just they need to live on with their sliced out income due to recession effect. But for others, this is really a difficult time. I have given few tips; I hope this will help to pass through this crisis time.
1. Stick on to your current job. This depends on how you are making yourself more valuable in your office. Share more workloads and create an impression that you can be employable in one or other ways. Simply, you need to market yourself in such a way that you are the last one to wipe out from your office at the extreme difficult times.
2. Even though you have a job, look for a Part-time job. This will help you to pay back your debt in fast track and it will help you as a prime source of income if you loose your main job. Learn new skills especially any Technical / Language skills. Remember, this is the one makes you always employable.
3. Speak to your partner and make her / him to find a suitable job if they currently don’t. This will ease your burden at difficult times. As a thumb rule, both of you don’t loose the jobs at the same time unless otherwise you are both employed in the same office and it gone for bankruptcy. Both should work, but at the same time learn to live with one’s income.
4. Spend Less, Save More – This is the key word to have better and consistent Life style all the times. Plan your finance and find ways to cut down the cost. Learn to invest and reap the benefits at right time. I wish you to read my article Financial Freedom for Life; this will be very useful if you plan early in your life.
5. Find out discount stores in your area and try to buy everything at discounted price. You can get the items at cheaper rate if you buy bulk in these stores. Start using prize coupons wherever possible. Don’t shy away going to crowded malls to buy the items at cheaper price.
6. Track down your spending. This is the simple way to cut down your unnecessary bills. Avoid using Credit cards, new loans etc.
7. Clean-up your home and list out the items you never used in the last one year. Bring them into your living room and take the stocks. You will get amazed, how much things you bought without any use. Sell them immediately and pay-off your debts. Yes, if you didn’t used for the last one year then you never going to use it in future.
8. Cultivate the habits of reading / listening news everyday. This will help you out to know what’s happening around the World and you can take timely action. Get involved in Group gatherings in your area and start building good networks. Learn to use Internet for Networking. Who knows, the help you need might come from anyone.
Most importantly, don’t get panic, under stressed. Have confidence in yourself. If you plan ahead and execute well, I’m sure you will survive and surpass this crisis.
But, here the question is although it all started early 2008, are we prepared to survive this Recession effects? What precautions we took in our daily life to face this crisis? Are we simply blaming our economic leaders and sit on without taking any actions in our Life style? What differential thought we brought to survive in these turbulent times? Remember, this is a cyclic effect which happens once in every 10 – 25 years around the World. It is our responsibility to take actions rather than passing onto others.
I believe, People those have the habit of saving at least 10% of their Paychecks can easily get rid of this crisis. The only challenge for them is how they are going to stick their jobs to meet the daily expenses. These are the People who have no Mortgage / Car / Personal loans, Liability in Credit cards etc. Just they need to live on with their sliced out income due to recession effect. But for others, this is really a difficult time. I have given few tips; I hope this will help to pass through this crisis time.
1. Stick on to your current job. This depends on how you are making yourself more valuable in your office. Share more workloads and create an impression that you can be employable in one or other ways. Simply, you need to market yourself in such a way that you are the last one to wipe out from your office at the extreme difficult times.
2. Even though you have a job, look for a Part-time job. This will help you to pay back your debt in fast track and it will help you as a prime source of income if you loose your main job. Learn new skills especially any Technical / Language skills. Remember, this is the one makes you always employable.
3. Speak to your partner and make her / him to find a suitable job if they currently don’t. This will ease your burden at difficult times. As a thumb rule, both of you don’t loose the jobs at the same time unless otherwise you are both employed in the same office and it gone for bankruptcy. Both should work, but at the same time learn to live with one’s income.
4. Spend Less, Save More – This is the key word to have better and consistent Life style all the times. Plan your finance and find ways to cut down the cost. Learn to invest and reap the benefits at right time. I wish you to read my article Financial Freedom for Life; this will be very useful if you plan early in your life.
5. Find out discount stores in your area and try to buy everything at discounted price. You can get the items at cheaper rate if you buy bulk in these stores. Start using prize coupons wherever possible. Don’t shy away going to crowded malls to buy the items at cheaper price.
6. Track down your spending. This is the simple way to cut down your unnecessary bills. Avoid using Credit cards, new loans etc.
7. Clean-up your home and list out the items you never used in the last one year. Bring them into your living room and take the stocks. You will get amazed, how much things you bought without any use. Sell them immediately and pay-off your debts. Yes, if you didn’t used for the last one year then you never going to use it in future.
8. Cultivate the habits of reading / listening news everyday. This will help you out to know what’s happening around the World and you can take timely action. Get involved in Group gatherings in your area and start building good networks. Learn to use Internet for Networking. Who knows, the help you need might come from anyone.
Most importantly, don’t get panic, under stressed. Have confidence in yourself. If you plan ahead and execute well, I’m sure you will survive and surpass this crisis.
.
6 comments:
A lot can be said and you said a lot about the times we live in. I think the post is excellent.
Thanks for visiting and commenting on My Birds Blog.
Abraham Lincoln
Brookville Daily Photo
Jarlin @ Abe: Thanks for your comment, Abe. Its really motivating me to write more...
good advice.
Hi Jarlin, these are some excellent tips! Good compilation of them. :)
Great advice. Getting rid of what we don't need also helps others get what they do need at a good price! It's all good.
I agree with Sandy and I like your advises... Very well said, but some people find it really hard to manage their finaces because they spend too much..
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