How to Survive Economic Recession

How to Survive Economic Crisis
Many countries are going through economic recession. With the fall in oil price, many nations are earning less than what they are earning and for sure will affect their expenses. Some countries had already devalued their currency. The simple truth is that it’s not easy to live in a country with economic crisis.
What you buy yesterday make be double tomorrow due to disvalued currency and inflation. During economic crisis, food will become expensive, many will lost their job. Sometimes, they may be serious unrest in some countries which always come with looting and sometimes, even loss of lives and property.

When such problems occur, the rich pays very little for it. Who pay the big price? It is the poor one. The simple truth is that you can’t control your government policies but you can certainly control what you do, how you spend your money. Here are few things you can do to survive during economic crisis. Once again, how can you survive economic crisis?

Pay off All Your Debt: Do you own someone some money or you need to pay some outstanding bills, the first thing to do is to pay them. If you are owing some money in dollars. They best thing is to pay off those debt before your currency gets devalued.

Surrender Your Fixed Deposit Account: Do you have a fixed deposit in your local currency, the best things to do is to terminate it, collects all your money and change the money into a more stable currency like Us dollar, Pound, or Euro.

Change Your Kids School: In some countries, many parents enroll their kids in private school which are very expensive. Some private schools are affordable while some are only for the rich. During economic crisis. Please do not be ashamed to exchange your children to cheaper schools yet a school

Prepare Your Food: One of the best ways to save money is to prepare your own food. It’s cheaper and healthier than buying food at restaurants.

Work Online: During economic crisis, it’s possible for you to lose your job. When that happens, try to get a job online. Often time, employer pays better and you can get foreign change from that.

Drink Water: Most of us spend lots of buying buying wines, soda, juice and beer. During economic crisis or when you are broke, its best to stop buying those drinks or you reduce buying them. The best drink to turn to is water. It’s cheaper and healthier than beer and other drink. Try this and you will be surprise how much money you will save for yourself.

Buy Fairly Used Cloths: Instead of always buying new cloths. You can buy used cloth. They are always affordable and you can save lots of money for yourself and your family by buying them. Some people felt its look odd buying fairly used cloth. The truth is that no one will know if your cloth is new or used except you let the know.

Sell what You Don’t Need: It’s wise to check your house and see things that are of value that you don’t use that your can sell of and save some money for yourself. Do you have two fridges, while not sell one and keep one. What if you have two televisions, you can sell one. In some countries, It is not unusual for people to have up to four cars in their garage. While keep four cares at home. All you need is one. You can sell off the rest and have enough money to survive economic crisis.

Think Before You Buy: Often times, we focus on what we want, not what we need. If you live in a country where there is economic crisis or you just lost your job, the best thing is to buy only the few things you really need. Our goal should be to focus on three import needs in our life. Food, clothing and shelter. That is the most important thing. All other things are secondary.

Impress no One: We live in a society where people love to show off. People buy things they don’t need just to prove they are humans to their work mates, friends and family. But in reality, we don’t need to prove to people we are rich. We don’t need to impress any one. If you can live your own life and only buy the few things you need, you will have enough money to do other things.

Change Where You Live: If you live in a region for the rich where living condition is very expensive and you have to pay huge amount of money for your accommodation. It’s better to move to a cheaper region where you can afford the living expenses.

Have Time For Your Family: It’s not easy coping with economic crisis or a lost of job. Often time, most people tends to spend more time looking for more money. They spend more time at word and as a result have little or no time for their family.
The truth is that you can survive an economic crisis if you learn to live a simple life.

By E.M. Adiatu
You can also read this post and other on my blog: http://www.nigerianpidgin.com/how-to-survive-economic-crisis/

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