How to save yourself from recession

By Jagz

We all know that the world economy is not moving in a good way for quite some time now. Many of us are getting laid off and losing our jobs. We have to face this. It is a fact that we are diving into recession and need to find ways to save ourselves.

Stephen Gandel, Money Magazine senior writer discussed his view point almost 10 months back. He is quite optimistic in his post that the recession would not last long and the economy, especially US economy will bounce back but says “Keep yourself safe should the hard times stick around”.

Here are the few steps you can take to save yourself from recession. These are just short and snappy points but following these will surely save many of us.

1. Be brave: It is true that the things are in quite bad shape now and almost all of the economic gurus are saying that this recession is going to be bad. Many of us will find our friends losing their jobs or getting some nasty salary cuts. This is bound to happen and is law of economy. Recession is part of cycle and no one can stop it. Since it is a cycle, the things will become better again. All you have to do is to be tough and brave and this time will also be past.

2. Hold your job tight: You were one of those heroes who always had a strong grip on their job equation? You had the power to draw your own graph? Those good old days are over, at least for now. You are no more boss of your boss but now he has his powers back. Make sure you do not get into the issues which makes him unhappy. Try to give out your best and do not think what you are getting, just focus your mind on what you are giving The better is your output, more chances you will remain on your seat. Remember that there are many waiting outside your office for a vacancy.

3. Save Save Save: The time is over when you used to max out credit limits and never gave a second thought before making an expensive purchase. Save whatever possible. Minimum 10% of your pay should be saved in all conditions. You have always been told to save for the rainy days. Now it is raining heavily and it is going to rain for some time. Make a check list of your monthly expenses. There is no way you are going to eat less but you can always save on the big expenses you make. Cut on your apartment rent by downsizing on it. Even car can be downsized. Postpone your expensive dinners and your favourite addictions.

4. Take advantage of the good side: In recession the bank interests will go down. Try to pay as much debit as you can in this period. It is easy to say than done, but the smart ones will convert this down time into an opportunity. The share prices of companies are all time low. Make some good and wise investments. If you keep yourself strong, you will be at the top at the end of the day. You will have a better position in your company, better bank balance and lesser competition alive.