How to face an economic crisis

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Writing in times of trouble can be hard.  As my country is going through an economic crisis, I thought I should be writing about ways to face it. I hope none of you would ever go through this. However if you do, here are some tips I found useful.

  • Create a budget plan: it can be weekly, monthly or yearly, concerning your spending decisions on important and necessary stuff. It is crucial to track your expenses to see how much and where you spend your money.
  • Set your priorities and spend accordingly.
  • Change your way of living: eat less outside because we all know it can be pricey; shop less on unnecessary stuff and stick on needs and not on desires. In other words, switch on the survival mode.
  • Maximize your liquid savings and don’t invest in high-risk investments.
  • Pay your debts. 
  • Keep up with routine maintenance: whether it is a medical routine or a mechanical one, keeping your components on good conditions will help you save money. Dealing with the problem when it is small is way better then facing a major disruption.

These are some few helpful tips among many others. I am no financial expert but one can learn a lot from their own experience. If you have other tips, I would love to read these in the comment box below.

Until then, be creative and legendary!

 

6 thoughts on “How to face an economic crisis”

  1. In my lovely country, we get used to becoming poor… which is good because in the end, we help each other more. We meet at home and no longer too much in restaurants, we celebrate at each other’s homes, we find conviviality.

    Liked by 5 people

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