Fearing a Recession? 5 Ways to Cope

If you’re concerned about warning signs indicating a possible recession, it’s time to start preparing your household for shaky economic times. With the right approach, you can ensure that your family makes it through a recession without taking major hits to your quality of life. For instance, to improve your job prospects, you can complete valuable certifications through IBQMI®! Here’s how to get ready for a recession, from shopping for the right products to lowering your energy bills.

Shop Wisely

Even if you want to cut back on your spending in the coming months, there will be times when you’ll need to purchase products for your family and pets. That’s why deeply researching each new purchase is key - you’ll avoid wasting money on products that just aren’t worth the price. Before buying anything new for your pets or household, check out unbiased product reviews and ratings.

 

Decrease Your Spending

Take a look at your monthly budget. Note any areas where you’re definitely spending too much, then come up with strategies to cut back. For instance, if you’ve been ordering takeout frequently, you can cook at home more often. If you’ve been buying new clothes, try thrift shopping instead. Rather than going out to a bar with friends, invite them to your house.

You can also decrease your spending on essential costs like utilities. Layering your clothing and getting cozy with lots of blankets will let you delay turning your heat on for the winter. Furthermore, you can stay warm by the fireplace instead of using your HVAC system. You’ll want to stock up on hardwood varieties like elm, maple, beech, or birch, as these burn more easily than softwood. When you’re finding firewood sales near you, remember that the costs of wood delivery will vary based on your location, season, the type of wood, and the specific cut you want.

 

Earn Professional Certifications

You might be wondering how to hold on to your job if companies start laying off workers in the coming months. Making yourself a more valuable employee will show your boss that you’re irreplaceable. By earning new certifications and expanding your professional skill set, you can also make yourself more marketable in case you need to find a new job. Look up in-demand certifications for your industry so that you can maximize your compensation.

 

Choose Low-Cost Activities

With the threat of a recession looming, you’re probably feeling quite stressed. Finding a few relaxing activities that also happen to be budget-friendly can help you forget about your worries for a while and have fun. For instance, you might want to try working out at home or doing yoga in your backyard. Curling up with a good book is also a great way to escape reality for a bit. And if you have kids, WiseBread recommends going to local parks and playgrounds, drawing sidewalk art with chalk, enjoying a beach day, or planting a garden in your yard.

 

Learn New Skills

Mastering some essential life skills will help you maintain a high quality of life while spending very little. But which skills should you master in order to support yourself during a recession? Six Dollar Family recommends learning how to change a tire and your vehicle’s oil, wash your car, sew and patch up clothes, change furnace filters, handle other DIY home repairs, and preserve food.

Going through a recession isn’t easy. But a recession doesn’t have to put a stop to your career or stop your family from making great memories. With these tips, you’ll be able to spend less on heating, earn more money, and buy items that will last through the good times and bad.

Want to earn new certifications to boost your earning potential? Turn to IBQMI® to advance in your career. Visit our website today to sign up for a certification course.

Guest article from Ethel Lair