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How To Survive the Recession

How to survive a recessionEvery time you turn on the news, it’s nothing but negativity but in fact, if you look back to when the days were good, the news was still negative.  You can already probably see where I’m going with this.  The news plays a big role on today’s America.  They can twist good news and make it sound bad and the public believes it.  Sometimes it seems as if things are awful when they really aren’t.

Yes, the country is in a recession right now and life goes on no matter what you do.  If you’re afraid of it, you shouldn’t be but there are some things that you can do to make yourself feel better.

Limit watching the news

If you’re a fan of watching the news or keeping up with current events, stop that now.  Instead, limit yourself to maybe a 1/2 hour a day if not anything.  Instead, go outside, read a book or do things that you enjoy.  If you’re not  thinking about the recession, it’s not going to affect you as much.  As I already stated above, the news is a huge factor when it comes to thinking about negative things.

Start watching your money

If you’re on the brink of losing your job or you don’t know if your job is going to be here tomorrow, you may want to start limiting your spending.  Start cutting coupons, watch for deals and cut back on some of the expensive hobbies you may do like golf and eating at expensive restaurants.  Once the economy picks back up and your job feels a little more secure, you can look over your finances again.

Improve your skills

If you’ve lost your job or you’re thinking you’re going to lose it, this is the time to refresh your brain and learn some new skills.  You have to realize that you’re not going to make money in this world if you don’t have a talent.  Working on an assembly line is a thing of the past and those $50/hr jobs putting a tire on the car are long gone.  Remember, even if the unemployment rate is 8%, 92% of us all have work.  If you have a great skill, you’ll always have a job.

Monitor your investments

If you’re finding that your stocks, mutual funds and 401k’s are hitting all time lows, don’t worry, you’re not alone.  Some say that’s its time to invest more while others say to pull out.  Depending on your age group will depend on what you should do with your investments.  If you already have a investment advisor, I would speak with him/her but if you look at the past, the stock market works in cycles and you shouldn’t have a problem getting your money back even if it means a few years down the line.

A recession effects us all, no matter who you are because when one person loses a job, it’s a trickle down effect but the good news is that when the economy picks up again, it works in the opposite ways as well.   One place starts to hire and continues down the line.   A recession isn’t forever but if you know how to duke one out, it’s only better for your financial future.

Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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