How to Survive a Recession

Published Categorized as Personal Finance
How to Survive a Recession
How to Survive a Recession

How to Survive a Recession

Covid 19 has wreck havoc on the world economy, and as a result, nations all over the globe are bracing for the inevitable recession. So with this in mind, Yaad Finance has decided to share How to Survive a Recession. These are three main things I would recommend; Reduce Expense/Save, Start a Small farm, and Start stocking up on non-perishable food. 

Reduce Expense/Save

The first thing that happens during a recession is a decrease in the money supply. This decrease in circulation affects every part of our economy from banking, manufacturing, farming to small businesses. This means that the risk of losing your job grows exponentially. Therefore, it is wise to save and reduce expenses. With reducing expenses and more savings if you do lose your job you at least want to have enough money at hand to keep you for a while. So it’s important to start cooking at home instead of going to restaurants, reduce electricity and water usage to lower utility bills, etc… 

Start scanning your daily expenses to see what can be removed to free up money for your savings. This is the first step to ensure you survive a recession.

Start a Small Garden/Farm

Starting a small garden or farm is essential on the journey to reducing your food bill. This is even more true for those who are vegetarians. Plus, growing one’s food provides more benefits beyond just financial such as health benefits. You can start small growing everyday ingredients like pepper, bell pepper(sweet pepper), cucumbers, melons, onion, green onion, garlic, etc… The good thing about planting what I list is that they are what is consider quick crops, most grow to full maturity in 3 months with very little effort outside of just planting and watering. Another good thing about the items I list is that most require very little land space. Even if you don’t have a back yard you can still plant them in small pots within your apartments.

So start reducing your food bill by growing plants that you use in your daily cooking. This will transform not just your expenses but also your health and mindset. As someone who has a small garden, I can say it’s been one of the most therapeutic things I have done in a while. Just waking up to see the progress of my plants makes me happy and content.

Start stocking up on non-perishable food and Other Essentials

One of the best things you can do to survive through a recession is to be proactive. We are already aware of the pending Global Recession. Therefore it is important that while you are still employed or have expendable cash, start stocking up one non-perishable food and other essentials. This gives you breathing room to navigate when the recession fully takes effect. You can focus on more important expenses such as rent and utilities. 

If you should lose your job during a recession you at least don’t have to worry about food, which is probably the most important thing to human survival.

Final Thoughts 

During this pandemic, I am aware that many people have unfortunately lost their lives and jobs. A lot of breadwinners lost their life to Covid 19 this is especially bad for their family during such uncertain economic times. 

My suggestions might not be applicable to everyone, I know there are people how are living in abject poverty. However, I pray those who can implement what I wrote about here will do so. I hope that people don’t find themself in a completely hopeless situation due to this pandemic and coming recession. 

Source:(Investopedia, Yaad Finance)

By Yaad Finance

Yaad Finance is here to educate and expose as much Jamaicans Yaad and a broad, about financial literacy, investment, real estate and much more.

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