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Economic recessions create a lot of difficulty but with some preparation, it’s possible to survive and thrive during a downturn. Read on for some ideas from AltonMo.com about how to get ahead – and stay ahead – of tough times.
Your Health Matters
First, invest in yourself. Be sure to get enough exercise, eat nutritious food, and maintain an ideal body weight to help increase energy and overall well-being.
Life can be stressful, and financial issues can lead to increased anxiety. AdultMentalHealth.org notes that there are many ways to manage stress, including medication. Natural methods include finding something to do to take your mind off things, giving up sugar, getting more exercise, or using breathing techniques.
Creating a household budget will help you take control of your finances during a recession. Review housing costs, utilities, food, medical bills, clothing, automobile/transportation, and miscellaneous expenses. In addition, putting at least 10% of your savings into an account to use for unexpected expenses is important.
Bankrate points out that another way to take control of personal finances is by looking at current debt. First, make a list of all debts and interest rates. Begin paying off higher interest rate debts first. This will save you money on long-term interest. Then, monitor your investments in the months leading up to and during a recession. One smart choice during an economic downturn may be to diversify your investments. For example, a change in your stocks to bonds ratio can protect your assets.
There are several ways to control spending. Paying in cash will help you realize the value of money, thus reducing spending. Purchasing items on sale and setting a budget can help save money. In addition, remember to pay yourself first by adding to your savings account.
Make a shopping list, and don’t deviate from that list unless it’s for an essential item. Read product reviews and ratings before purchasing to ensure you get quality items that will last.
Consider a Career Change
To increase your income, consider a career change. Before beginning your job search, you’ll want to update your resume, which is why you may want to try a resume builder. Check out free online resume templates, where you’ll find a database of professional designs that will allow you to add personal touches like photos, colors, images, and text.
More people are working from home than ever, and there’s no shortage of remote part-time jobs listed on the internet. The extra money may help recession-proof your life. When prices are on the rise, you’ll have the extra income to purchase the items you need.
When considering opening a business during a recession, it’s essential to study the market and determine what’s always needed: during economic downturns, people are more likely to spend money on needs versus wants. Some good options are repair and accounting services and childcare.
Interest rates are generally lower during a recession, so take advantage of them by taking out a business loan to get your business up and running. Save some of that loan so you can pay yourself until your business income is stable.
Survive and Thrive
There are lots of ways to thrive during a recession, like finding new income streams like a new job, budgeting, or a recession-proof business. Follow these tips and you’ll be living a recession-proof life for the short and long term!