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6 Tips for Surviving the Depression of a Recession

February 05, 2009 | | Comments 0

Scary isn’t it. Markets in free-fall and banks with no money. Who the hell’s in charge? Breathe… that’s it and again. Much better, now read these tips to staying positive in the depression of a recession.

Feeling the stress of the recession?

Feeling the stress of the recession?

1.      Don’t panic – We’re all in this together! Sure there will always be those who are so rich that nothing can touch them and those who are so poor that things can’t get any worse. For the rest of us we’re all, more or less, in the same boat. So don’t imagine you’re the only one getting screwed. If you don’t have to sell your house or cash in your stock market linked investments…then don’t. When this crisis ends and things improve you don’t want to be kicking yourself that you sold up at the bottom of the market.

 

2.      Pull together – Because we’re all in the same boat there’s a real opportunity to come together and unite. In difficult times of war or depression people look out for one another. That makes a nice change doesn’t it? It doesn’t cost much more to make pasta for six than in does for two so now that you can’t afford to go out to restaurants all the time why not invite your friends round for dinner. It’s much better to share what you have with one another than to pay someone else for the, overpriced, privilege (unless you run a restaurant of course).

3.      Get a grip on your finances – Smokers are tired of hearing how much money they would have saved if they didn’t smoke. I reckon it’s about time the rest of us examined how much we could save if we never went to Starbucks again. There are some great sites that give advice on how to live more frugally (beingfrugal.net). You can go the whole hog and learn to live on barely anything at all but who needs that. Better to just take this opportunity to deal with some of your more glaring financial wastes. Some of our spending habits are obscene and if we take a moment to examine what we spend in an average week it shouldn’t be too hard to save money. Just because we already give to charity doesn’t justify excessive waste. Once you get into some good habits and the economic gloom lifts you’ll be able to donate to another good cause or three (or buy that dress you’ve had your eye on).

4.      Turn off the news – You only need to check any number of news sources a maximum of twice a day to stay up on current events. How much do the media contribute to the worsening of an economic downturn? I’ll leave that for others to discuss. For sure they’re not helping the situation. Rolling news IMHO is the devils work and should be avoided. If you wake up every day and tell yourself that all is well in your world, and there is nothing to fear but fear itself, then the chances are that you will create a positive habit that will stand you in good stead. If you watch rolling news throughout the day with the same nonstop negative images and thoughts endlessly hammering into your brain what do you think the result will be? Don’t do it. Find a news source you trust (as far as is possible) and consult it once in the morning and once in the evening. The world will not end in between.

5.      Cheer Up – If you’ve followed the first four steps you should be feeling much better already. If you haven’t then try forcing a smile you miserable bastard (I mean that in a loving way). Everywhere you look there are gloomy forecasts and fear mongering, don’t add to it. Look out the window. Is the neighborhood ablaze, are people killing one another in the street? Chances are the answer is no. In some parts of the world this is not the case. You are very fortunate, be grateful. Go about your day spreading that gratitude, people will thank you for it.

6.      Be patient – This crisis will end. Unless you believe that this is the prelude to Armageddon (it isn’t) then rest assured that this crisis, like all those before it, will end and you will come out the other side. You can choose to be paralyzed by fear or to embrace these challenging times. It’s all part of the adventure. Buckle up.

Filed Under: International News

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