How to Deal with Recession

How to Deal with Recession is something we should all know. Why I said that is because throughout our lifetime, we would definitely experience at least a few recession. I myself have experienced 3 or at least can feel their impact, the 1997 Asian Financial Crisis, the 2000 Internet Bubble and also the recent Sub-prime Crisis.

Here are a few tips on how to save some money.

1) Cash is King

It would be better to go back to your budget planning and see if you have allow yourself to spend on unnecessary things. Why I said that is because as we all know, recessions follows booms. And during booms, because we feel rich, we would tend to pamper ourselves (nothing wrong with that of course, since we work hard). But because of recession, we would need more cash in the hand and how to get that is to revisit our budget.

2) Go for the second best

It is a matter of needs and wants, usually if the second best can give us similar satisfaction and at a lower costs than the very best, it would make sense to purchase the second best since again, cash is king.

3) Go for housebrands

Provisions is a place where we can save quite a bit since it forms a great part of our expenses. At times like this, maybe we do not need to pay so much for the brand thus I would recommend going for housebrands since they are usually cheaper.

Here are some tips at the moment, will post more tips on dealing with recession as and when I come across. We are survivor, we outplay, outwit and outlast the Recession Demon.

For more information on budget planning, please click here.

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