Two Tips On How To Survive The Bad Economy

If you havent noticed America is in a recession

. It will likely take time but America will pull through and survive this bad economy. More importantly, the question you need to ask yourself is can you survive this recession especially if it lingers on for the long term.

It is no wonder Americans are nervous. Because of the bad economy many companies have gone out of business and this includes some really big companies that most people thought would never go out of business. There are also many big companies that are just hanging on by a thread and very well could also go out of business. It is very disconcerting knowing all these companies are in trouble when unemployment is already so high. The stock market and real estate markets are also going lower which is also causing financial woes to many individuals. On top of all of that, the price of basic commodities like gas and food are rising. Basically people are making less money and they have to spend more just to survive. Considering all of these factors even individuals with nerves of steel are feeling jittery.

If you want to survive this economy you are going to have to make some hard choices but if you start planning on how you will get through these troubling times, you will survive them. It will likely be difficult and will require some work but it will pay off when the economy turns around because you will be better positioned to thrive in the upcoming good economy. To help in your survival, here are some tips:

1. Save

This may be very difficult considering that your bills may be piling up. However it is very important that you start saving some money to ensure you have some cash available in case you need it in an emergency. So take a look at where you are spending money and find some ways to cut your spending. If you really do not need to buy something to survive, then this is probably not the best time to purchase it. For example you really want to upgrade your TV to a big screen. You are better waiting on this purchase until the economy starts getting better. You should also only eat out only when you have to. Eating out is very expensive and can really add up very quickly so cook at home and leave the dining out for better times. Then start a separate savings account that will be your emergency fund and start putting money into it even if it is only $10 per week.

2. Work Extra Hard

You may find yourself short on cash or maybe you are just having difficulty saving some money. If this is the case then you need to make some extra cash. In most cases this means that you are going to have to work harder so be prepared to do this. If your schedule allows you should look for some odd jobs you can do or some part time work. You should also evaluate your skills to see if there are any services that you may be able to provide to others for some extra money. For example if you are good at fixing cars, your neighbors may need your help and pay you instead of paying high repair prices at the dealers. All you need to do is just spread the word to your family, friends and neighbors that you can provide them with this service. You may also be able to get some overtime hours at your current place of business. They have likely cut employees so they may not have enough coverage and may be willing to pay some overtime. Working more and being helpful at your current job may also shed additional favorable light on you from your boss. Who knows maybe it will lead to a promotion and potentially more pay.

So remember with some planning , difficult choices and hard work you can get through this terrible economy.

by: Brian J Martin

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