You cannot control the weather. The sun rises when it does and sets when it does. You can’t catch the wind. You can’t stop the rain. A recession is like the weather. There is nothing you can do to stop it. All you can do is keep yourself ready when it strikes.
Remember: Recession is when your neighbor loses his job. Depression is when you lose yours.
You need to keep at least 3 to 6 months worth of living expenses, in an emergency fund. This is money set aside for you to spend in the recession. You cannot go looking for money in a recession. You need to collect money when you and the economy are doing well. Always save for a rainy day.
Keep a small sum of money aside, which you can use in times of a recession.
In this time and age, you cannot depend on your salary alone. You need an additional source of income. If you are good at your banking job, look to do some consulting work, on the sides. If you are good at teaching, you can always give tuitions.
Having a secure job is great, but an additional source of money is always welcome. This money can help you in a recession.
In times of recession, live within your means. Postpone all those unnecessary purchases. Buy only what you really need. Never borrow to spend on whims and fancies in a recession. Postpone that foreign holiday. That lovely purse and good pair of shoes, can wait for better times.
Remember: If you buy things you don’t need, Soon you will have to sell things you need.
There is nothing which can make you recession proof, as knowledge. Learn a skill which can give you money, in times of recession.You don’t know what can come to your aid in a recession. That Computer course you did 6 months back. That course on finance and investments, you did 3 months ago.
Remember: Skill and reskill yourself to take advantage of a recession.
SEE ALSO: Aadhaar Card Check Online
To survive a recession you need to talk to your family. Make sure that the financial goals of your family align. What is the use of you saving in a recession, if your family blows it all away? The family car is never at home. Your son rides across the city, spending money on petrol. Your daughter leaves the fans and lights on, all the time. Your wife buys what she sees.
Have a talk with your family and teach them the need to save in a recession.
Recession causes depression. The uncertainty of a recession, causes you to be fearful and panicky. You are always doom and gloom. This spoils your relationship with your family members and colleagues. You need to enjoy a little, in these times. A family vacation, the odd movie, even a trip to the park and a family outing, can help you in times of recession.
So keep these points in mind and watch the recession fly away.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.