10 tips on how to survive the crisis period
The financial crisis inevitably changes the habitual way of life. And even if someone feels more or less calm today, tomorrow can be taken out of their comfort zone by rapidly changing conditions. The depreciation of the national currency, inflation, reduction in income – concern everyone. Not to mention bankruptcy and job cuts, etc., which also affect a large part of the population. Consider 10 tips that will help you survive the crisis period with minimal losses.
How to survive the financial crisis
1 Assess your current financial condition
In order to understand with what we meet a new crisis, you need to calculate your income. It can be earnings from the main job, as well as additional income. You also need to calculate mandatory expenses: utility bills, mortgage, food, and others. Comparing all the numbers, you can see how much money remains from earnings minus all expenses.
2 Cut costs
Going through difficult times will be easier if you take control of your spending. It is necessary to identify where large amounts of money are spent, and try to reduce these costs. For example, you can refinance existing loans, thereby reducing the monthly payment.
3 Strengthen your position
Many employers during the crisis period begin to minimize costs by cutting jobs or forcing layoffs. This leads to layoffs of employees, who in turn lose their source of income. In order not to get laid off, you need to be a competitive employee that the employer does not want to part with. You need to constantly improve your professional skills, productivity and quality of work.
4 Keep Calm
It’s easy to panic in hard times, especially when the media, social media, and the people around you create a buzz with disturbing news. Any crisis is always perceived as the end of the world. Having succumbed to panic, people begin to make mistakes, including monetary ones, which they later regret.
Do not blindly trust all the news and rumors. It is necessary to listen only to official sources and confirmed data.
5 Don’t take loans
Loans impose monetary obligations on the one who takes them. In a crisis, when it is not known how further events will develop, it will be reckless to take on an extra financial burden. If you need money urgently, it is better to borrow it. So at least it will not be necessary to pay interest to creditors.
6 Don’t accumulate debt
In an unstable financial situation, first of all, you need to pay mandatory payments: loans, mortgages, taxes, etc. Often such expenses eat up a significant part of the family budget. However, non-payment or late payments can lead to unpleasant consequences, such as penalties or forfeits.
7 Strengthen connections
Everyone must have heard the saying: “There is no warrior alone in the field." To achieve any results faster and easier, it is better to act together. So in a crisis, being in a difficult situation, it is easier to cope if someone comes to the rescue. It can be relatives, friends or good acquaintances. But we should not forget that help should be mutual.
8 Take care of your health
Our main resource is health. Being sick is not only not pleasant, but also financially unprofitable. First, a lot of money is spent on treatment. Secondly, even temporary disability can have a bad effect on income. Therefore, it is better to prevent the disease by all available means than to allow the disease.
9 Have stocks
You need to be prepared for the hard times ahead. At a minimum, have a supply of long-term storage products: cereals, sugar, canned food, etc. The best option would be if there is a money box for 3-6 months. Such measures will help to calmly survive the crisis.
10 Don’t take risks
Often during a crisis, people begin to buy up more expensive currency or food. This behavior is due to general unrest, fear of further price increases or shortages. As a rule, when the crisis subsides, everything returns to its place: there is no shortage, and food prices do not differ much from pre-crisis levels. The exception is a currency whose market value depreciates slowly and reluctantly. And yet, on the wave of excitement, you should not buy everything in a row, since these expenses are not always justified.