An economic slowdown can happen at any time so you should be prepared for it. Here a few tips so you don’t get caught with your pants down until things get better.
1. If you are in debt, get out as quickly as possible. If you need help, see if you can consult with a financial adviser who can help set your budget for you.
2. You should also switch your bills to cheaper services. This includes electricity, gas, mobile phone, television broadband packages, insurance and maybe even your bank account.
3. There should also be cuts in daily spending. If you buy a lot in the grocery, see to it that you finish whatever there is first before you decide to replenish it. If there are items in promo, buy them instead of what you buy usually because they could be just as good or even better than what you are used to getting.
4. See if you can get free samples. This may sound silly but you are sure to find a few every time you visit the grocery. You can also cut out some vouchers in magazines and then redeem it on your next visit.
5. For those who go to work, instead of going out and having lunch, make it at home then bring it with you to the office. This includes coffee which you can put in a flask if there isn’t any being offered.
6. You should also conserve on energy by lowering your electricity bills and fuel costs. Perhaps you can ask your boss if you can work at home two or three times a week. If this is not possible, see if you can carpool with someone from the office.
7. If you own a large vehicle, perhaps it is time to sell it or trade it in for a smaller one because of better mileage.