Winter is no longer coming, winter has arrived (no we’re not talking about the recent rains) and is here to stay like strange relatives from your extended family who end up overstaying their welcome. It packs into your home without due notice, spreads like an uncontrollable virus into every area of your life and seeks to leave confusion and despair in its wake. Some people were lucky enough to prepare for times like this while others didn’t have the opportunity to prepare for it. Like a thief in the dead of the night, it crept up on the economy and screamed SURPRISE! the next morning when everyone awoke. You however do not have to suffer the effects of economic recession now that it’s here to stay for an unknown timeframe.
Here’s how you survive this winter like a boss:
- Make budget cuts on your budget cuts. Wait, let me explain. The prices of food items have spiked, incomes stay the same and you’ve been living frugally. Well, you need to cut down on those things you don’t need or can afford to do without. “There’s always a cheaper alternative or price” is my rule. So, make shopping lists, go through that list and make cuts, then buckle up and go hunting for where you can get those items at the cheapest prices or look for similar alternatives to what you want.
- Make Your Job Safer and more Secure: Recession brings a lot of unemployment in its wake. People are laid off due to budget cuts as companies are no longer making profit and can’t keep on having a lot of expenses. Start hunting for other jobs (side jobs or full time jobs), beef up your résumé, take a course or two which will add to your skills and network yourself and services you can render. Even if no budget cuts are being made in your place of work, it won’t hurt to have a back up plan or another source of income incase things go south. The more your experience and wide range of skills, the more attractive you’ll be to other employers and your current employer.
- Save: I don’t have to tell you that unexpected times are coming and you need to save all you can, now that you can. Put more money into your emergency funds, pay off any debts owed as this is the season creditors will come calling and you don’t want to be caught unawares, prioritize your needs and save some more. While you’re at it, ensure your insurance is up to date to save you from unexpected disasters. Brace yourself, winter is here.