Top 5 Tips for smooth sailing through the recession

Save Money

Open a  new savings account in your bank. Every extra money saved should be put into this account so that you automatically go into a “money saving mode” .

Carry your meal and water whenever you are leaving home this would stop you from spending in expensive restaurants.

Carpooling can also save hell lot of money spent on fuel and car maintenance.

Saving money on electricity and other utilities  is the biggest chunk of cost one can ever save. Try and use as much less electricity as possible.  You can switch off appliances when not in use.  Use of energy efficient lighting and electrical appliances can also bring down electricity cost drastically.  If possible  choose  greener  options such as solar panels  which are an one time investment.

Sharpen your axe

A persons are his skills he posses so try and  sharpen your skills by educating yourself  by gaining higher education or acquiring new skills. If you have lost your job don’t sit back and relax coz this is the time when you could do what you always wanted to do ,which you couldn’t do while you were working. You may never know it could lead to something really big and could make a good and big difference to your life.

Smart investments

Try and invest in real estates. The big bubble in real estate is bursting and foreclosure rates are on a high so try and invest in real estate since the housing rates are decreased by 20-25%  of the actual value.

Also invest in a good medical insurance policy that can cover up all your medical costs.

Start some part time business

Start some business which would give you that extra income you need during these rough times   It need not be something big but something that you could easily do in your spare time e.g  part time consultancy, web based  marketing etc.

Don’t get panicky

Don’t panic in these tough times. The ones who panic lose the most. Be brave enough to face this tough situation and deal with your entire strength and surely there will be good times ahead.