How To Survive A Recession

November 5, 2022

Written by Dorcas Obenewaa Owusu

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The recession is coming. Are you prepared?
 
Oh wait, it’s already here. So the real question is, what are you doing to weather it? If you have no plans yet then take note of these tips:
 
First things first, save money: That’s it. That’s the golden rule. We’re currently living in tough times, but  save the little you have as frequently as you can. Buy food items and toiletries in bulk to cut costs. Reduce unnecessary spending and impulse buying. Invest in your emergency fund. You’d need to fall back on it in case you’re laid off or run out of money.
 
Upskill: Speaking of lay-offs, many companies have already begun slashing their workforce. Thus, it’s important to give your best at work by upskilling and learning marketable skills. There are lots of free courses online you can start with.
 
In any case, you have to be prepared for anything. So update your CV and resume and start networking. Be on the lookout for potential jobs or gigs and build a strong foundation of contacts. Who knows? You might get a higher paying job
 
Stay out of debt: Guard your peace of mind and avoid racking up debts you can’t repay immediately.  Also, pay off old debts if you can afford to. A debt-free life is an uncomplicated life — especially in a recession
 
Get side hustles: Side hustles are a profitable source of extra income. Sell something, become a freelancer, MC at events, or become an Uber driver. You can also check your personal interests and hobbies and see if you can make money money from them
 
Take care of yourself: Stay fit, drink water, and eat well. There’s a reason why they say health is wealth. You need both now more than ever
 
At some point, the recession will end. Right now, you need to manage your finances, keep your spending low, and wait until the phase is over

About Mesika

Hey there, my name is Isaac Sesi. I built Mesika to provide free personal finance resources online to help young Ghanaians become smarter about their money.

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