The recession has gotten to level of what I call "the Survival of the fittest." In situations like this, You can
1. Pay your debts: Trying to pay off a debt could be a burden but it’s even worse if one waits till the recession hits. Debt repayment becomes extra stressful and can bring a lot of financial strain. During a recession, there is an increase in interest rate and banks will have constricted credit limits. So, in order to avoid the stress, make an outline of your payment obligations and make a plan to pay up your debts as quickly as possible
2. Identify your monthly expenses: In a recession, there’s usually tight cash flow. People tend to watch their spending and avoid taking risks with money. Categorise and track your monthly expenditures by outlining the amount of money you spend on eating out, recharge cards, extra-curricular activities and luxury items. If you spend a large chunk of money on eating out, maybe consider making your meals at home. Prepare to stick to basic and essential items only during this period.


3. Plan a budget and save: Now Is the time to have a strict saving and budgeting routine. Although there is the universal 50/20/30 rule, which means you should allocate 50 percent of your income for essentials (like housing and food), 20 percent as savings and the remaining 30 percent goes into your life style choices. Therefore, a more appropriate approach to surviving an economic downturn would be to divide your monthly income using the 50/30/20 rule, where you save 30 percent of your income. That way you can have enough to fall back on in the case of an emergency.

4. Boost your income Aside from your regular 8-to-5: It is time to take on a part-time jobs in order to boost your income. You can decide to monetize your hobby (some of which may be tax-free) by working harder on it during your down time or on weekends, that way, you can earn some extra cash.

5. Live within your means: It is time to cut out wastage and extras. Avoid purchasing what you don't need. Try to cut costs in every possible way. These should help you help you during the rainy days.
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Source: Naij.com

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