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12 Tips To Survive A Recession

8 Min Read

 

Recession’s come and go and it is not a matter of if there will be another recession it is a matter of when.

Here is a handy guide by Valencia Higuera which would help you combat the recession:

A recession is like a rainstorm: You can take steps to limit its impact once the rain starts pouring down, but the best way to withstand a storm is to fix your roof before the storm starts.

Track your expenditure

Just because things are going well and there always seems to be money left over at the end of the month no matter how much you spend. Then you need to start tracking your spending.

If you start tracking your spending today, you’ll at least know where your money is going. If you don’t like tracking your own spending, it’s getting even easier to let an app track your budget for you.

Slide 2 of 16: <p>You might be feeling financially invincible when things are going well — no matter how much you spend, there always seems to be enough left over at the end of the month to make sure all the bills are paid. But, you really aren't sure where all of the money goes.</p><p>If you start tracking your spending today, you'll at least know where your money is going. If you don't like tracking your own spending, it's getting even easier to let an <a href="https://www.gobankingrates.com/saving-money/20-apps-make-money/">app track your budget for you</a>.</p>

Minimise your debt whenever possible

Having a great job that pays you a nice salary and bonus, it might seem affordable to take three vacations a year. However, it is far more advisable to try and cut back on your spending, for example, reduce that number to two vacations this will mean you don’t have to cut back as much when a recession hits.

 

Slide 3 of 16: <p>When you're employed in a great job that pays you a nice salary and bonus, it can be reasonable to make all your monthly debt payments and still take three vacations a year.</p><p>However, cutting back to two vacations during the good economic times and paying down debt can mean you don't have to cut back as much when a recession hits. So, <a href="https://www.gobankingrates.com/net-worth/ways-dig-yourself-out-debt/">find ways to reduce your debt now</a>.</p>

 

Maximise your value to your employer

During the Great Recession, unemployment peaked at 10 percent in October 2009, according to the Bureau of Labor Statistics. As high as that sounds, that means the nine in 10 people still were employed.

To increase your chances of surviving the recession without losing your job, try and find ways to increase your value to your employer. Take the initiative improve your communication skills, take on new tasks to increase your versatility as an employee. That way, if your employer has to make cuts during a recession he wouldn’t consider you.

.Slide 4 of 16: <p>During the Great Recession, unemployment peaked at 10 percent in October 2009, according to the Bureau of Labor Statistics. As high as that sounds, that means the nine in 10 people still were employed.</p><p>To increase your chances of weathering the recession without losing your job, focus on what you can do today to increase your value to your employer, such as improving your communication skills and taking on new tasks to increase your versatility as an employee. That way, if your employer has to make cuts during the next recession, your head won't be on the chopping block.</p>

Build an emergency fund

You should have savings you are building before the recession in order to access to cash in the event you need help making ends meet.

This emergency fund is money you put set aside for miscellaneous. Whether you take a salary cut or you have to transition between jobs.

“A cash reserve should be six to nine months of living expenses,” said Megan Gorman, founder and managing partner of Chequers Financial Management in San Francisco. “So, it isn’t a small sum. But in the event there is a recession, it can give both peace of mind — and opportunity.”

Slide 16 of 16: <p>No list of how to survive a recession would be complete without mentioning cutting your expenses.</p><p>"You need to break your living expenses into two categories: necessary living expenses and luxury expenses," said Gorman. "The necessary ones often can't get cut — groceries, electricity and so on. But the luxury ones — vacations, dinners out — you need to review and see if they are necessary."</p><p><strong>Up Next: <a href="https://www.gobankingrates.com/making-money/most-least-recession-proof-states/">Most and Least Recession-Proof States</a></strong></p>

 

 

 

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