Five New Year’s Resolution to Help You Sustain Through the Towering Recession

It’s that time of the year, when you make decisions about reforming yourself and plan for a better year ahead. The year 2008 that’s gone by has started something that will continue to haunt us uncertainly for the time to come. Yes I’m talking about a common fear ‘Recession’.
The dual combo of Inflation and Recession are gradually eating into our hard earned savings, thus leaving us in a catch 22 situation. If we do not plan and take requisite measures in time, it will be too late to mend and we’ll find ourselves in messy financial situations.
The beginning of the year 2009 seems to be a perfect time to plan and start implementing certain simple and useful measures that can take us a long way through this tough and trying time. The financial meltdown has certainly altered peoples’ lifestyles globally. The dark and dull cloud of Recession is spreading and engulfing economies the world over. Almost everyone has been put to a test and it all depends on how one plans and manages their expenses.
And this is exactly what this article is all about. To help you do just that. All you need to do is to adopt these 5 mantras as your New Year resolutions and that will help you wade through the towering storm.

1. Hang On To Your Current Secure Jobs

If you have been at a reputed organization since a considerable period of time or just landed there, it is a wise idea to stay put. Changing your job in the current scenario is not the wisest thing to do now. Most companies who feel the recessional crunch will look to cut costs and will perhaps go the LIFO way. LIFO simply means last in (recruited) Last out (fired). Thus if you already have a secure job hang on to it and if you don’t scout for a good one or one which will at least help you take care of day to day expenses.

2. Delay Any Investments You have Planned

Inflation seems to eating into most of your earnings and savings. Owing to this and on uncertainty of how long will this situation persist, one needs to have a considerable amount of liquidity to sustain this tough period. This is the time to make only the required and wise investments and push back plans of lavish holidays or investing in home loan etc. to a later date when things start looking up a bit.

3. Save Whenever & Wherever You Can

This is one of the most important and principal factors that might be the only savior in this crisis. Thus try and save wherever you can. Every little sacrifice you make now will take you a long way and ensure that you do not succumb to the Dual shock (Inflation & Recession)

4. Quit The Spendthrift Ways

Now is the time to actually think twice before you spend. Always analyze whether what your spending for is really required or absolutely essential. Be very basic on the lifestyle quotient. Keep away from brands and look for options that rightfully take care of your needs.

5. Beat Inflation

Inflation is nothing but a rise in prices of commodities as a result of increase in their demand. So the strategy needed here is clear and loud. If the demand decreases, prices will also decrease.
Thus what better way to decrease demand, than by buying only the right amount of things you require. Offers and discounts offered by various retail chains are nothing but well planned gimmicks to lure the customers into spending more and buying more than they need. This fact is well illustrated by the recent advertisements that doing the rounds on almost all channels these days. The ad is promoting the use to of not one but two deodorants to acquire a unique fragrance that promises to drive people of the opposite sex crazy.
Thus amidst all these well planned and smartly chalked out marketing strategies, the one thing that you as a customer need to keep in mind is to buy only basics even if you have to forgo the buy 2 get 1 free kind of irresistible offers.