The Great Recession

The Great Recession. We have probably all heard of if not lived through a recession. If a recession occurred today, what would you do to sustain your lifestyle? What changes would you make?

I’ve lived through a recession or two, each one, people will tell you, was the worst they’ve seen.  We get complacent when things are good.  We have this innate ability to believe we’ve turned the corner and there isn’t another bump in the road along the way.  That’s probably a good thing, after-all, we can’t or shouldn’t live in dread of the next big thing.  But, we should be prepared.  By prepared, I mean prepared to make changes that will quickly and easily help us through these recessions.

1. Sit down with your family and talk over finances.  If everyone understands its critical now to button up, it’ll make it easier on everyone.
2. Reduce expenses where you can.  Maybe you have to do without cable for a while.  There are other options.  Maybe you can figure out a way to reduce the grocery bill by growing a garden or canning.
3. Keep money coming in.  If you have a job, do everything you can to keep it.  
4. Keep saving money where you can.  Putting a little bit of money away each week/month, will help you continue to grow but will also give you an enormous sense of satisfaction that you are protecting yourself from the next recession. 
5. Enjoy your life.  Can’t afford that big vacation?  Take the family camping.  Can’t afford to go camping?  Camp out in your backyard.  Make a big deal of it.  Spending time is so much more important than spending money.  

Get your kids and whole family involved, you’ll be amazed at the things they will come up with to help you save and how proud they’ll be that they’re helping.  It’s also a fabulous family lesson about hitting the hard times and coming out on the other side stronger.

What have you done to weather a recession.