Recession Survival Tips

I think the experts have been debating the recession for several months now, and they finally blew the whistle and decided to admit that hard times are here. While the talking heads have been, well, talking, we have been browsing through top recession survival tips for ourselves and decided to share our picks here.

• Be conservative with your money! Nobody can tell us if this will be an inflationary or deflationary cycle. First we heard fears of hyper-inflation, and now that some consumer prices have dropped, we hear talk of deflation. Either way, this is a good time to have cash on hand and not gambled in some risky investments. If you just have to take advantage of a stock that’s plunged and has to be a good deal, please don’t bet the whole farm. In my experience, the advice you read on message boards is not reliable, and sometimes those financial posters have ulterior motives.
• Avoid consumerism please! Do you really need that giant big screen tv when your 19″ has served you well for so long? It really is time to buy things you can pay cash for, and to leave that credit card balance for emergencies like a run to the dentist or auto mechanic! You need your teeth and transportation. A big screen TV? No so much! Also, look at tips to survive the holidays without more debt.
• You are your biggest asset anyway, so invest in yourself. Maybe its time to take that money you were going to buy a risky stock or big screen TV with and use it to make yourself more marketable. If you cannot afford college, check out a free scholarship guide online. You’d be surprised how much education money is given away, and how it is given for a variety of reasons.
• Downsize if you can. A smaller home can save you a lot of money down the road. Everything from utilities to taxes will be cheaper when your home is smaller. You don’t like keeping that big house neat and clean anyway! If you cannot downsize your home, think about downsizing your clutter. You may have some great stuff that can be sold online, or in a traditional garage sale. I have neighbors that made hundreds, or even thousands of dollars, by cleaning out their closets.

Look for these, and may more frugal lifestyle tips at frugalpigs.com too.