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 are correct but what if we are gonna prepare for this economic downturns or crisis before it will happen? The possibility of surviving if we prepare for it could be very high chance compared to that of taking action right on the spot. Making disciplined spending and having multiple source of income should be done long before things gets worst or else we're caught off-guard. But if we are right on the spot of that situation we should have this critical thinking for us to be able to find the best way our family will survive. Pandemic is one example average people caught off-guard but for the middle and above class they don't have to worry about basic needs and that is an advantage in this kind of situation.