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Surviving our Way through the Financial Crisis

The economic recession, crisis, or you may call it whatever you wish, has been carving its way through the entirety of the world nations, and we all saw it coming, but for some unexplained reason, none was the least ready for to face it, let alone believe its flames could fire-up outside the mighty economy of the United States of America. 

Now we’re faced with the daunting reality. And although Americans were the first to bear the brunt of such crisis, they were the most practical in dealing with it, enacting workable measures to lessen its negative impact on whichever social standards and all sorts of economies, of course with varying levels of efficiency, at a time other nations remained in denial in the hope that the crisis could get contained before it arrives in, but Alas.

The flames have indeed spread, swallowing many of the world nations, and as expected, developing nations, even though they weren’t the trigger of the crisis, were the worst hit, given their already fragile economy.

But the shortcomings of reacting passively to such recession show everywhere. Multi nationals shutting down, mega stores, international banks- closures and downsizing is reported across the globe, and individuals are facing increasing troubles dealing with the situation and adapting to it, in a way that would sustain their lives, even bank loans are proving inefficient.

But that’s not all.

Layoffs are making the situation more nightmarish, and you cannot blame business entities, after all they are not making money to pay the salaries.

No liquidity… leaving everybody, business entities and individuals, like a drowning victim searching, in vain, for a seashore as a last hope for life.

Then what’s the way out?

I shall be staging here a few survival tips that would help individuals in general, and my nation in particular, face this economic battle with the least bruises possible.

Don’t expect howver that you’d be reading an economist view of the situation or professional analysis of teh recession and ways to deal with it.  These are just personal views of a normal citizen, that is my humble self, who has sort of a vision how to handle this situation.

1. Start up a small family project that would keep a steady, even if limited, flow of economy.

2. Avoid bank loans, they can prove to be your worst enemies at such an unpredictable economic phase, you’d be committing yourself to paybacks you might not be ready for later on.

3. Try to allocate secondary sources of income that would help flex your monthly budget, like a second job, may be part-time or freelancing.

4. Share whatever obstacles you face in meeting your financial obligations with your family and whoever who happen to be financially dependent on you

5. Cut your monthly expenses either by one or several ways of those I shall be listing below.

6. Return all your debts as soon as you can, it will elevate your financial burdens in the future as well as help those you owe them who must be also facing financial setbacks like you even if with varying levels.

7. Try to locate new stores that sell quality products, whether clothes, gadgets, food, or whatever, in relatively cheaper prices and stick to them. It will help you cut down your expenses, as well as encourage store owners discount their prices.

8. Watch your use of electricity, water, and Gas.

9. Try to apply car pooling among your friends. It saves time, money and effort among you as it strengthens ties as well.

10. Also try to group errands that happen to be in the same area and do them one day, instead of revisiting the same area several times to do different things.

11. And if you don’t have a car, try to check with the people you’re going to meet up with if any are coming from the same destination so that you can share one cab and split the fees- I shall leave this to your intelligence, knowing that this doesn’t necessarily work with all people in whatever situation.

12. Get rid of one or all of your credit cards, they’re a sneaky tool encouraging expenditure that you do not feel its drawbacks until the results fire back in your face.

13. Rest your financial priorities, getting rid or at least delay expenses that wouldn’t affect the basic sustenance of your life and your family’s. You may as well set inexpensive alternatives for what you think are unimportant expenses. For example you may organize movie nights among your friends wherein you can watch nice downloadable or DVD movies, going to the Cinema less regularly if you’re a big movie fan. As for music, I won’t encourage piracy, but instead I would suggest exchanging CD among your friends, which will enable both of you enjoy a variety of music without having to buy all musical albums. Also you may join a book club, exchanging books instead of buying lots of them. Buying used books, in most cases they’re in very good conditions and are offered for a fraction of their original prices.

14. Join or launch an online forum discussing all matters related to the financial crisis. You may also develop a support group where you and other members would meet up weekly to have sort of lectures of discussion sessions sharing economic and financial insights. You may also brainstorm ideas to earn more money and boost your monthly incomes. You can easily make it as enjoyable as a weekend outing with friends.

15. Giving comfort to your family and those who happen to be financially dependent upon you, assuring them you’d continue leading a controllable life with some changes will give you confidence.

16. Try to accept the limits of your monthly income and make the best out of it. Loans and debts are not what you need at such circumstances; we have no clue how long this recession shall last.

17. Make positive use of this recession period to strengthen family ties and friendship- arranging house visits and dish parties will definitely cost less than going out, while bringing you closer to your loved ones and relatives in warm gatherings that you can have as regular as you want.

18. Another positive impact the recession may prove to have is fighting your unnecessary shopaholic cravings.

19. However don’t make your financial difficulties affect your relations and the way you show people care. Do not stop surprising people with nice gifts and BD presents. However, going simple may be a good alternative. Buying them thoughtful but simple presents will do. And trying hand-made crafts will make them even happier.

20. Make sure you don’t get overwhelmed with the sad experiences others may have faced because of the recession; you might not be so badly hit if you were smart and wise enough to handle the situation in accordance with your budget and income limits. Seeing others collapsing doesn’t mean the same will happen to you.

Maha Youssuf

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One thought on “Surviving our Way through the Financial Crisis

  1. Swine of Britain, Gordon Brown, has done next to nothing to help the Reccesion in Britain and has chosen to ignore all useful advice from friendly and rival MP’s. Brits cant afford another year of Brown and the labour party.

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