Put a Lid on Your Spending
The economic downturn has been having a devastating impact on all of us. Our coping skills are being put to the test. How well we get through this trying period is dependent to a large extent on our resourceful-ness and our ability/willingness to adjust our lifestyles.
Lower your consumption. By lowering your expenditure, you will ensure a lower living expense and that should be your ultimate goal. Eating out, shopping, going to the movies and other forms of entertainment should be cut down to a level with which you can live comfortably
Try to shop smart and take up bargain hunting. You can better cope with a recession when you are spending less and saving more money.
Build an emergency fund - The most essential weapon in your armoury against hard times. Start saving. Placing a small amount of money each month into a savings account will mount up surprisingly quickly. Arrange with the accountant at your workplace to have the funds deducted straight from your pay each month and sent to your ac-count. This requires less discipline and hopefully you will not notice the missing funds too much.