Most don’t foresee the reality that they will need a larger income than they currently have to both repay the money (plus interest) that they borrowed during the rough patch.Tough times always last longer than you would think, so debts from these times are always greater than anticipated. Rob Berger. Taking precautionary measures to protect your finances can make a world of difference, so before the next financial downturn hits, make sure you take some – or all – of these steps to Whether your hours have been cut back, you’ve lost your job, your business isn’t making any money, or you made some poor financial decisions, emergency savings will give you a safety net to fall back on so you can ride the wave and emerge from the recession back on your feet.If it’s possible, try to save about 3 to 6 months’ worth of your wages, so when the economy is down and money is tight, you won’t have to turn to credit. Depressions hit hard. Or, if having two cars is necessary, consider selling one of the cars for a more fuel efficient sub-compact vehicle to save on the cost of gas. "Immense truth. So, they have to either increase their income or significantly downsize their lifestyle to afford repaying the debt at their current income level.If you haven’t already started saving, here are some Carrying a debt burden is exactly that: a burden. Learning how to get by with less is the key to Having multiple streams of income can really help. Whether you work in a field that’s more (or less) recession-proof, it’s smart to hone certain skills that will be valuable no matter the state of the economy, our career experts say. If your family has two vehicles, consider reducing it to one and making use of public transit. It depends. 2021 could be a good one. Rob Berger | Modified date: November 6, 2017. "It's quite educational. It's difficult to know what we have to do to keep safe Diversifying your income doesn’t necessarily entail getting a second job – in fact if your spouse is working in a different industry than you, you have some income diversity right there. Benjamin Packard is a Financial Advisor and Founder of Lula Financial based in Oakland, California. If you aren’t tackling your debt as aggressively as you could – or worse, adding to your debt – having a budget will help you identify spending areas you can cut back on so more of your money can go towards paying down your debt. Recessions end, but good investment choices continue to reward over the long term.
Surviving a Recession 1. Track your finances daily -- and start today. Here are some Downsizing and learning how to live frugally can be a great strategy, because if you can learn to make do with less, you’ll increase your savings and you won’t find yourself struggling to adapt to a new lifestyle when a recession hits.Living frugally isn’t as difficult as it sounds, and contrary to popular opinion, a frugal lifestyle isn’t about pinching pennies and depriving yourself of things that bring you joy. Written by. The fact that an economy may be in recession should not greatly affect one's investment decisions. Start networking so you’ll find out about new job opportunities, and keep your resume up to date. We know ads can be annoying, but they’re what allow us to make all of wikiHow available for free. Please help us continue to provide you with our trusted how-to guides and videos for free by whitelisting wikiHow on your ad blocker. However, be prepared to find a new job at any time. How to Survive (and Thrive) in a Recession.
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