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Recession: How to survive in Financial crisis

March 10, 2009 5 comments

Global recession and its consequences, financial crisis, job cuts, are the hot topic of nowdays. Current global recession that seems the greatest ever. We do not know how long, critical or painful it will be. We can not imagine how worst it will be, so be prepared for everything and anything worst. And start preparation of surviving in difficult financial crisis.

How to survive in Global recession and its threatening consequences.

Take care of following things:

1) Cut in expenses – Save Money:

Expend your money only on basic needed things. Avoid expenses on Things those comes under comfort, lavish life style.

Avoid Hoteling: Avoid hotels for food; preparing food at home is always economical and hygienic. If you can not avoid hoteling then find out hotels those are cheap and hygienic.

Avoid Vacations, Traveling: If you have kept aside some money for vacations or you are in planning of outing for vacation then drop the idea. Save the money for coming months.

Avoid Movies in multiplexes: Money we expend on movie tickets and costly snacks in multiplexes has never been worth, at least not in such financial crunch.

Avoid Parties: Try to avoid any kind of grand parties like birthday, marriage etc parties.

Avoid Shopping: avoid unnecessary purchasing. Avoid purchasing at Malls, and in branded showrooms.

2) Save your jobs:

Try to save your job in any condition; don’t even think about job switching.

If you are facing salary cut, or salary late issues or work pressure, or work load or extra working hour then go for it, accept it by keeping one thing in mind that conditions outside are worst than ever. Even you get job outside you will be the first when this company will think about layoffs.

Do your work with loyalty; trust on yourself and on your company.

Stay yourself away from any kind politics and rumors.

Keep yourself positive and try to keep your teammates also.

Keep eye on market news, what going in other companies, market condition and decide your plans according .

Show willingness to be flexible:If you think you can do or take up other responsibilities with the current once start taking them proactively. Employers today are looking for multi talented resources and if you are a match to a extent you are secured.

3) Be ready for Layoffs:

Be ready for layoffs, and keep checking the possible sectors, fields where you can get job.

Check whether you can start small business or alternative that can fulfill your basic bread and butter requirement.

Keep some money with you or in your account so you can survive at least 3 to 6 months in case you loose job.

Keep your money in nationalize, trustworthy and well reputed bank so your money will be secure.

4) Make your succession plan:

Keeping the worst case scenario in mind, look for ideas, alternatives, and options to supplement your current salary. If you are working somewhere and have some fixed income you are a bit more stable and can think of some side business rather then starts thinking of the same after you get laid off/lock out etc etc…

This other income though it might not be a huge amount would be helpful as in worst case scenario you can increase/expand this as a full time carrier option. (and if this idea/business works and starts giving you equal returns as your salary nothing like it as being self employed is always better then the otherwise)

5) Stay Connected:

This will always keep you informed about the latest news, updates incase of adversity their might be people who can help you out. So stay in touch with all your old, new friends and relatives (you never know who can help you when in need).

All the Best.

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