How to Survive in a Recession

More obviously now than ever, the U.S. economy is in a down-spiraling recession. Here are some ways you can stay in the green during these difficult financial times.

Difficulty: Moderately Challenging

Instructions

1. Pay off debt. This is one of the easiest ways to stay out of the red. Debt, if left untended, can very easily have a snowball effect and be very difficult to escape from. Getting rid of your debt is a great step toward putting more money in your pocket and less in the CC company's.

2. Buy with cash when possible. It's harder to spend hard cash than it is to swipe a card, because you physically see the money leaving your wallet/purse. This technique helps you keep a mental note of where you are at financially.

3. Make yourself indispensable at your job. During times of financial turmoil, companies tend to cut back on workforce, eliminating those who aren't necessary for the well-being of the company. If you are constantly working hard and staying busy, your boss will notice and more than likely keep you around through thick and thin.

4. Hold onto your investments. Selling stocks, bonds, or cashing in IRAs and mutual funds is a terrible idea at this point. You've ridden the financial roller-coaster up to this point, so there is no reason you shouldn't see it through until the economy picks up again. Your money will actually go farther because investment options are cheaper.

[evbaw2]

on 3/18/2009 Great article on how to survive in a recession. 5* and recommendation.

[cadence]

on 11/27/2008 Great tips. Making yourself needed at work helps to make sure that you can keep your job.

[duncan411]

on 11/10/2008 Another great article. Until this point I don't think I would survived a recession...but now...now it's a different story....Thank you ;)