In tough times, Identify and prioritize crucial expenses like housing, food, and health care.
Create a realistic budget to manage your spending and cut unnecessary expenses.
Save money for unexpected expenses to provide a financial safety net during difficult times.
Explore additional income streams, such as freelancing or part-time work, to boost financial stability.
Enhance your skill set to stay competitive in the job market or explore new opportunities.
Connect with friends, colleagues, and professionals to discover potential job openings and gain valuable insights.
Adapting these strategies can help you navigate challenges and maintain financial resilience during economic downturns.
All of those measures make sense, but very often people only apply them for a very short amount of time and then they go back to their previous habits.
If anyone really wants to improve their financial situation, even when the economy of the country in which they are living is not in a good shape, they need to do this for decades, this way once you reach your retirement age, you will have way more money at your disposal than your peers that earned the same amount of money you did.