Finance Planning in a Recession
Surviving economic downturns such a recession is always a tricky experience. These downturns many times occur as a natural part of a capitalistic society, and sometimes they can be brought on by greed and questionable practices in the economic market. Whichever is the cause, navigating a recession takes some planning, strategizing and conservative approaches to make sure you come out on the other side none-the-worse for wear.
Take Advantage of what is Free or Reduced Cost
The old adage goes “nothing in life is free,” but that is not always the case. With the Internet, coming into nearly every home and business looking to increase customer bases, many times you can get something for nothing. Credit cards are a good place to start. Call them and see what it is they will do to keep your business. Free airline miles and other free rewards can often be negotiated.
Couponing
Once couponing was thought of as just a way to save a few cents off some product that you might be running out of the house to grab. Magazines, newspapers and ad booklets were the primary sources for coupons. Now, couponing has turned into a real art form. Families are saving in some cases more than 50 percent of their grocery budget.
Reevaluate your Tax Status
Taxes are something that we tend not to pay too much attention to until the time of the year that rolls around that mandates we pay attention to it. This is a mistake. Lives change and with it, circumstances change. Start with your W-4 and make sure you are claiming all you are allowed to claim. Start saving receipts of things you buys that you might be able to claim on your tax return. If you are working at home, see what you can deduct.
Always be Prepared
Recession proof jobs are not very common and unfortunately, most people find this out during a recession when layoff notices are being handed out. Keep your resume’ up to date and viable. Every year the resume’ world changes. Words that were buzz-worthy last year will be outdated this year. Keep up with the latest trends concerning what gets a resume looked at should you have to send yours out.