It is no news that countries especially those that generate the majority of their revenue from the sale of crude, are currently leaking their wounds, no thanks to the continuous and astronomical decline in the price of crude oil in the world market. The different effects of the economic recession have been experienced in many of these countries as not only are the citizens angry, but suicide cases have also been reported to increase drastically since the economic downturn.
While living during a recession in the economy is obviously difficult, surviving this economic downturn is not impossible. The key to surviving recession is to identify where we are hit the hardest and device ways of reducing the damage. This will include earning more, saving more and preparing for the worst-case scenario. Below is a general overview of how you can survive these harsh times of economic recession.
Making Money in Recession
For every economic situation, there is always a way of making the best out of it and if you seem not to be making enough money to take care of the bills especially in the recession, it is important to look for other sources of income, even as you stick to your current business or 9 to 5 job.
- Explore online money-making options. Thanks to the internet, people can harness other sources of income even from the comfort of their homes. Freelancing, being an online tutor or even being a writer, are some of the options available to make money online.
- For those that already lost their jobs due to the economic climate, starting up a home-based business would be the best option possible. You could start up a home consultancy business in your area of expertise or better still, run a meal delivery outfit from your kitchen.
Saving Money and Resolving Debts
Making more money during a recession is not the only answer to a downturn in itself as wealth management or financial management is also an integral part of surviving recession. You have to manage your debt profile and avoid getting into debts as much as you can. Cost reduction is also important here, and you should know how to find cheap but quality services and products as opposed to the exorbitant ones.
Financial and Personal Security in Recession
Savings, investment, your job, and even your retirement funds should be jealously guarded during the recession as every penny counts. You, therefore, want to stand out at your workplace, find safer investment portfolios, and if possible, recession-proof retirement fund.
Prepare for the Worst Case Scenario
Plans do not always go our way; it is therefore always good to prepare for the worst that could happen. This will ensure that you do not take extreme solutions like committing suicide if the worst happens.
Your Health during the Recession
Health, they say is wealth. It is, therefore, imperative that even as you go looking for ways of making yourself better financially, you want to also take care of your health by embracing a healthy attitude which includes eating healthy and living healthy.
Recessions are not the best of times, but the overview provided above will not only help you survive the harsh economic time, but it will also help your finances after the downturn.