The economy always has and always will have its ups
and downs. Recession is very hard time that no one wants in his or her own
lifetime but they have to force themselves to live in and find out how to service.
It is very important for surviving in recession. So we have to know how to set
the financial goal, cut cost and keep money flowing in, and enjoy our life
happily.
Financial goals is the first thing that all of the
people living in the recession have to concern. To set the financial goal,
firstly, we have to sit down with every member of our household and go over our
finances, focusing on paying off debt and saving an emergency fund. If we do
not already have we an adequate emergency fund set aside, specify a goal for
how much money we want to add to it every month, and put an equal amount
towards paying off our highest interest debt. For example, financial goal is
recommended that a two-income couple keep three months' worth of expenses in an
emergency fund, during a downturn the recommended time is six months instead,
especially if we are in an industry that
gets hit hard by a recession (construction, financial services, food) and if we
are a one-income family. If we are self-employed, we should set aside up to a
year's worth of expenses.
Cutting cost and keep the money flowing in are also
second importance. The cost is what we cannot omitted but we can cut it down by
cutting discretionary spending like buying nothing, resisting sales
pitches, and we do not even think about using that new credit card offer in the
mail. We can cut off the cost of transportation, food, house renting and other
things that are not necessary. Moreover, we should know how to save the money
we earn. If we own a business, develop a risk management plan if we have not
already then improve Service Quality at our Business so that budget-strapped
customers will want to use our products or services through tough times.
If we think we already try our best in surviving in
recession, please enjoy what we already have. Enjoying our life is last thing
we do in order to avoid
recession depression, and do not let fear control you; an intense feeling of
paranoia can make we an inflexible employee and also strain our relationships.
Be thankful for what we have, and make sure to have fun. Instead of not taking
a family vacation, for example, take a Staycation or Exchange our Home for Free
Vacation Accommodation instead; invite our family to think of creative ways to
save money without skimping on happiness. Accept difficult times as a challenge
for our fortitude and adaptability.
In conclusion, surviving in recession is the action
of setting the financial goal, saving cost of expense, and keeping money we
earned for necessary use, and the last thing is enjoying our life happily with
everything we have.
