Can we survive a recession?
This is a question many of us are pondering these days. With many families losing jobs, homes, and most importantly HOPE, you began to wonder!
There are many things that you can do to survive the recession. I think we need to focus more on how to be recession proof in the future!
One of the best things I think you can do, would be to diversify your income.
We all know to do this with investments, why not with our income as well. It is best not to depend on one source, or company for your sole income. When that sole income is gone, what do you have to depend on??? NOTHING! You should always have additional even part-time income from another avenue. This will help you stay afloat until you are able to get additional income again!
Cut back on unnecessary items is another great thing to do. If you haven't been to the gym in months, then you obviously can save that monthly expense. For the first time in years, people should spend less than they make and think harder before they spend period! This is a habit everyone should continue, in order to prepare themselves for any future financial distress!
The most critical thing to do to be recession proof is to pump up a savings account. We all have heard Dave Ramsay say this over and over and thought...are you kidding we are already living paycheck to paycheck! Well go back and read what I just said......we have got to stop spending more than we make! You should start saving, until you have a minimum of six months of bills in a savings account. This will allow you to survive at least six months while you search for other employment etc.
Proverbs 13:11 "He who gathers money little by little makes it grow."
If you have not already started reducing monthly expenses, I strongly encourage you to do this! I also encourage you please do anything and everything to keep existing employment. Work harder and smarter like I have mentioned before! Tenure and loyalty with a company accounts for very little these days! You must exceed in your job to succeed!