Tuesday, March 3, 2009
5 Ways to bullet-proof your Finances during Recession
Recession survival is not too tough or too easy. It actually has got a secret to it, and the secret is finding the right opportunity. During recession time economy takes such a form that we fail to recognize and believe that there is always opportunity open for them who pursue it. In good times, we try to capitalize on things that are normally there with us. But in bad times, we need to abandon old stuffs and start finding new and fresh options. Recession itself is a opportunity, but yes it depends on us how we take it. So my dear readers, like always am giving you few ways to secure your finances in this recession time. One thing to note is that when recession is only not certain then why should we fear about the ugly prospects always. Read the article and fight against the downturn.
1) Delay big purchase- unless you know you can pay for it comfortably, do not go for big and expensive purchase right at that moment. This will help you avoid adding more to your debts.
2) Build an emergency fund- we all should be well prepared before the axe actually falls on us. It might not be always possible to get a second job or arrange for immediate fund during this tough time. So a tight fund to support that lean time will be a very good sign of financial sense.
3) Live a calculative lifestyle- think of managing your expense with 20% less income or even worse than it. This will actually help you out in prioritizing and spending in proper places as well saving some, which would definitely going to be a good financial focus.
4) Get rid of debt burden- try to get out of debt as fast as possible. This will certainly take a new dimension altogether but try doing exactly the same by not adding to any more debt and paying it off as quick as possible.
5) Go for extra income- boost up your energy of working more and try out all the options possible to earn extra dollar. You might not be aware of all the good options of earning extra, so try out all possibilities by talking to friends, neighbors, relatives and even the colleagues.
Recession fear continues to shake people till date in every possible ways. So, to survive a recession we all have to be very articulate. So, follow those five points for financial recovery. Good news always remains in stock. According to a survey done by the National Association of Business Economy, situation might worsen in the first half of 2009 but things will start looking up by end of 2009 and must have a solid recovery by 2010.