When financial problems plague a person, you have to make efforts to augment your income with an outside job and possibly learn some entrepreneurial skills. The secret to maintaining financial health during a slowdown is to avoid panicky, frantic moves that can see you making some rash financial decisions that you regret later on.
Don’t splurge now
A time of economic downturn isn’t the best time to take drastic financial risks. During the slowdown, you’d be wise to wait a bit to buy a new car and hold onto the one you have.
A slowing economy makes you more vulnerable to losing your job, having your hours cut and not receiving a bonus. Nobody can be sure when the recession will end, maybe never, but it can be wise to wait a while to see if the economy is going to improve.
Yes, many people go ahead and buy new homes and new cars, but if you are concerned about your finances, hold on to what you have and don’t make new debt.
If the mortgage starts bothering you, it is better to sell your house for instant cash on an as-is basis. It would be better to move to another location where rent is cheaper but the quality of life is better. According to Offer House, a Kansas-city-based real estate solutions firm, in recession, cash is king, so it is better to have cash in hand rather than sinking under pressure created by delayed mortgages and other loan repayments.
Prepare yourself mentally and physically
The weather’s good and the holiday season is almost here. If you’ve canceled your getaway, there’s no need to mope as there are still lots of ways to have fun.
Work out a realistic budget for the remainder of the year and maybe look at a money-spending tracking app which alerts you to overspending. If you’re staying at home, why not make some money with a reward club where you can earn some worthwhile bucks by watching and reading and earning some cash?
You can find ways to improve your life and become mentally and physically healthier in the process knowing that you have to rebound and get your life back on track.
Watch your health
If you are fortunate to have health insurance, hold onto it. It may be tempting to give it up during hard economic times. An accident, injury or sudden severe illness such as a stroke can set you back thousands of dollars if you surrender your health insurance and have to pay out of your own pocket.
If you don’t have health insurance, instead of spending your money on pastries and sodas, buy a good supplement to preserve your health during slowdown and exercise more. Health is everything and you can lose it in an instant.
So during the slowdown, keep your health insurance and keep your health as rising healthcare costs can set you back so that you never ever recover again.
Guard your job
Protecting your financial well-being during slowdown means guarding the job you still have. Have you got a plan in place if the year ends with you being retrenched? You can’t assume that your job is safe – layoffs can be expected.
Show that you’re indispensable to your employer. One of the best ways to prepare for whatever the future brings is to make yourself as marketable as you can. If you’re looking to explore other ways of making money, there are quite a few ways to make some money online and from your home.
It is more important than ever to prepare for uncertainties. Your job may be uncertain, your income uncertain and even your investments uncertain so one of your top priorities should be while you are still holding onto a job is to make sure that you are continually preparing for emergencies.
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