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How to Act During a Recession

Setting up a crisis saving fund will be very helpful, especially when  there is a recession. This will help you to survive several months  without worrying if you still have money to purchase things, particularly when there is an economic, down turn.

Setting up a crisis saving fund will be very helpful, especially when  there is a recession. This will help you to survive several months  without worrying if you still have money to purchase things,  particularly when there is a down turn.

But when it effects you, cleaning up your balance sheet is just one  way to survive the financial crisis. To help you along, here are a  few other ideas which you may find handy.

In 2008, the unemployment rate increased by 6.1%, its highest level  in 5 years. The last time it hit this mark was in 2003 as the economy  was still recovering from the 2000-2001 recession. Job cuts happened  in the airline, travel, retail and service industries, just to  mention a few. If you happen to work in one of these industries, you  should maybe contemplate a career move, to an occupation that is more  secure, even if it means getting re-educated.

Going to school is not an option if you are rearing a family. The  next best thing to do will be to take on some extra work. Just make  sure that the extra work, does not affect your primary job,  otherwise, you could lose it.

Most Americans have invested in the stock market and if you are one  of them, don’t worry and think about selling it, just because times  are hard. You have to keep in mind, that a recession is recurrent so  your portfolio will recover in the future. You just have to be  patient, because it is going to take many months, before everything  is back to normal.

But if you do have the extra funds, now is the best time to buy  stocks and bonds. Why? Because these are reasonably cheaper and you  can make a profit, when the economy is back on track.

Besides going back to school and getting a second job, maybe you can  use your expertise's and offer them as a service to others. If you  enjoy cooking, make some pastries and then sell these to potential  stores. If you are good with your hands, maybe you can help fix  leaks, should your neighbor have a problem with their plumbing, or  other household maintenance.

If you own an SUV, trade it in for a small vehicle because you use  less fuel, with a smaller car. If you have the money, see if you can  get one that is a hybrid because besides from using less fuel, you  get tax breaks for investing in alternative forms of energy.

When you go to the supermarket, only buy the essentials. Resist the  temptation, to buy items that your children want. If you can’t say  no, try to get a similar brand that is the same, but cheaper, as what  they want.

Finally, we all have expenses to pay monthly. If possible, change to  better and more affordable services, because each penny counts during  these bad times.

There are other ways to survive a recession apart from those listed  above. By following these tips and getting help from a financial  expert, you are certain to wither out this storm. Until that day  arrives, you shouldn’t live in fear, but rather make the most of it ,  because this isn’t the first time that you will face a recession and  it definitely won’t be the last.

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