Recession survival guide
#1: Build Up On Emergency Funds
Make sure you have emergency funds that would cover three to six months' worth of living expenses. That way you'll be well-prepared for a sudden case of unemployment or other financial catastrophe!
#2: Cut Credit Card Spending
Can you? Try not to over spend using the plastic cards.
#3: Build (And Live Within) a Budget
It can help you SAVE more — for your retirement, kid's college funds, etc.
"KIAM" - so what!?
#4: Revise Your Investments
It's time to go for safer alternatives such as fixed deposits, short-term bonds and bond funds and Protected Investment-Linked funds.
#5: "Work" to Ensure Job Security
If you currently work in an industry that's on its way down - or if you're concerned about future job security for ANY reason - consider a career change.
Look at industries that will thrive for years to come, such as health and technology. At the same time, steer clear of problem industries.
And don't forget to network, network, network. One day, those contacts will come in handy!
#6: Save More at the Hypermarket
When money is tight, even the most basic of necessities can take a huge bite out of your income. Case in point: FOOD. Sure, we can't live without it, but we sure can live without its ever-rising prices!
Look for ways to save even more on high food costs. Buy in bulk ... but only buy non-perishables so you never have to waste food because you can't eat it fast enough. If you want to save on perishables like produce, look for locally-grown fruits and vegetables.
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