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Step 1
Cash and therefore a job is king. As long as you or your family are earning the same amount of money as you normally do then the effects of the recession should be negligible to you personally. The key is in finding the job with stability that will not be affected by the downturn in the economy.
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Step 2
The more at risk you feel you job is in, then the more you need to start preparing. Start saving cash and reducing debt. Go into ‘lockdown’ as far as unnecessary luxuries, eat in at home instead of going out for food. The more expenditure you can reduce while you are working and so save away will mean the longer you can last when not working.
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Step 3
Your goal should be to save at least 6 full months of living expenses, these can be used if you do find yourself out of work and having to pay bills while looking for a new income.
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Step 4
Don’t make any needless big ticket item purchases, things like new cars or big vacations. Save the money instead and treat yourself once things look like they are recovering.
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Step 5
Reach out for help sooner rather then later. If you have lost your job and are having problems with bills or payments then talk to all your creditors, the sooner and earlier you contact will mean more options are available to you. Also try looking for work in different fields than you are normally used too, a switch in industry or position may find it easier to find work, you may not find the same salary, but it may just have to be temporary an you can switch back once the economy picks up.
