Six Helpful Tips To Help You Survive and Thrive During a Recession
(Exercising Your Mind) By Camille Johnson
Recessions can lead to layoffs and hurt you financially. Thankfully, it’s possible to survive and thrive during a recession. Read on for helpful tips on how to make it through challenging times.
1. Live Within Your Means
You’re less likely to go into debt if you make it a habit to live within your means. Set a workable budget and track your spending to have enough money for expenses and needs. As a rule of thumb, save first before spending, and pay with cash as much as possible. Avoid impulse buying by planning your purchases, especially groceries.
2. Invest in Yourself
Now’s the time to read a book, try a new hobby, or take an online class. Start a new fitness routine to improve your physical and mental health. Focus on investing in yourself to help boost your confidence and open up new career opportunities.
3. Earn Additional Income
Make extra money by getting paid for your creative skills. If you’re good with design or writing, don’t be afraid to get freelance work and earn additional income. Better yet, consider starting a business — you can try affiliate marketing or drop-shipping to get started. Teaching English, taking surveys, and offering your services are some other options.
4. Pay Off High-interest Debt
Compound interest can hurt borrowers, especially those trying to make ends meet. Don’t just make minimum payments, or you’ll likely end up in a never-ending cycle of debt. You can save money on interest with the avalanche method, which involves paying off debts with the highest interest rates first.
To do this, make a list of all your current debts, including interest rates. Order them from highest to lowest interest rate, and choose to pay off the first one on the list. After savings, use the extra money to pay off the next-biggest debt and make minimum payments for the rest.
5. Move to a Less Expensive City
To help you save money, consider moving to a less expensive city. With a lower cost of living, you spend less and can invest more of your income. Less expensive cities may also have lower taxes, which can help you save more money.
If you’re planning to move to Pasadena, connect with local movers for a stress-free move. Evaluate each moving company first by reading customer reviews online before meeting with them and getting a written quotation to discuss your needs. When you’re strapped for cash, look for companies offering deals or credits.
6. Consider Refinancing Your Home
Replacing an old mortgage with a new one can be an effective way to lower your monthly mortgage payments. It lets you access your home equity and possibly get lower interest rates. Other benefits of refinancing your home include eliminating PMI, switching to a fixed-rate loan, and reducing the length of your loan.
It’s All in Your Hands
You can’t control what happens during a recession, but you have the ability to control what happens to you. Moving to a less expensive city, refinancing your home, and implementing the rest of the tips above can help you prepare for and better manage a recession. Find tips for attracting wealth at Wealth Attraction Research.
Wealth Attraction Research offers free information on vocational and avocational motivation, as well as self-improvement through hypnosis, yoga, capoeira, and much more! If you have any questions, please email HAK@UniquilibriuM.com.
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