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.
You need to have foresight in order to struggle well when bad economy happens. During the period of good economy, better save some percentage of your income for emergency funds. You can also avail insurance and/or invest on riskier investments. When bad economy happens, than you have the emergency funds and investments that can serve as your buffer and wait for the bad economy to end.
During the bad economy, you need to flexible and humble. You need to accept that the market is currently in a downward trend and some skills are easily replaceable than the others. Hence, you need to upskill and learn more skills that are still in-demand even though the market is suffering. Do not worry because bad economy will pass but you just need to be humble to take any legal job that you can get to earn something to survive until the shift to good economy.