Monday, August 8, 2011

Common Man's Dos and Don'ts in Recession

We have seen the 2007 to 2009 period when economy was in recession.We saw people struggled to save their jobs in that market scenario. The service companies were not getting projects. The products company were not able to sell the products. The money generation factor for an individual was either bare minimal or going down at a constant pace. Now the air has started again. How Can a common man survive this recession? What should be their DOs and Donts??

Recession or not, one should be very much optimistic and never give up hope. However, here are some ideas to cope up with recession.

1. Save money. Do not do over expenditure. Do not go on shopping spree. Do not waste money in having exotic luncheons and dinners. Save money by using less power and waste less water. Wasting resources such as power and water have many adverse effects. One of it is your bill. Try to spend money in a control manner. Plan out your budget and stick to it. Until some unforeseen situation occurs.

2. One should always buy a health insurance policy. Even if you already have a policy, confirm that it is updated and you have paid the premium due.

3. Postpone your heavy expenditures. If you are planning to buy a car or that dream house, wait for a while. There might be chances that these things will go cheap in future as there will shortage of demand.    

4. Be optimistic. Do not lose heart if you are not getting a raise or even if your salary is cut down. Be optimistic that things will change and things WILL surely change over time.  

5. Learn more. One of the major effects of recession is that it has increased the competition. Now for one job several people are contesting. You might lose job because you are not keeping with time. Be ahead in knowledge. Try to read and learn. Give extra effort at office. try to get recognized in office. Whenever you get time. Read read read and read.

Just know that Change is the only permanent thing. Everything else is volatile.


Deepak Srivastava said...

Good post.


Naseem said...

I second that.

Great ideas.