Recessions are crazy times. People are racing to stock up on consumables, the media is frenzied about inflation, and markets can end up crashing massively. This can be very concerning for the average individual and can lead to feelings of stress, worry, and panic. But don’t worry quite yet – there are some ways you can survive and thrive during these challenging times. Want to learn more? MR Herrera Financial Ministry shares the details below.
1. Manage Your Health
Taking care of your health during this time will be critical because those medical expenses can add up. Prevention is the best medicine to achieve this, and you can easily do so by working with an online doctor. This makes it easier to stick with appointments and can even be a more affordable option since you aren’t spending money on gas, parking, or lab work. To find the right doctor, look for a reputable telehealth platform that takes your insurance for relatively low copays. After you find your doctor online, be sure to take your medications, have regular checkups, and discuss any health issues as soon as something arises.
If you have pets, you’ll want to help manage their health, too. You have likely been hit hard by an unexpected vet bill in the past, so do what you can to manage that risk. Take your dog on walks each day, and research pet food options to find one that is healthy, but reasonably priced. You may also want to look online for pet insurance options. Although it will increase your monthly bills slightly, it can help offset any major expenses if your pet gets into an accident or gets sick.
2. Consider Getting a Second Job
The recession has hit many Americans hard, with job losses and pay cuts widespread. If you’re worried about making ends meet, you may be considering getting a second job. While it’s not ideal, having a second stream of income can help to cushion the blow during tough economic times. In addition to bringing in extra money, a second job can also provide important benefits like health insurance and retirement savings. And if you lose your primary source of income, having a second job can help you make ends meet until you find another job. So, if you’re looking for ways to recession-proof your life, getting a second job is worth considering.
3. Invest in a Home Warranty
According to the Globe and Mail, maintaining a home is one of the highest expenses. From repairs to general touch-ups to construction and renovation plans, it’s best to always be prepared for costly repairs to your home. You may want a home warranty, especially if you want coverage in case home systems or appliances break down. Before deciding whether this is the way for you, check the home inspection report for any red flags or pre-existing warranties on devices and their coverage.
You can also look for ways to save on your utilities. A simple DIY project that can save you a lot of money is caulking your windows and checking that your doors all seal tightly. You can also swap out light bulbs to more energy efficient LED bulbs. If you have a fireplace, try using that instead of your heater during the colder months. There is probably firewood near you for sale and the cost will be substantially less than using your HVAC to remove the chill off your living areas on cold days. Search around for prices to find the best deal.
4. Live Within Your Means
NPR reports that 65% of Americans don’t live within their means. When you go over your means, you will have less money for essentials like food or gas. The best way to have enough money for daily living is to manage your household budget better. Take stock of all your expenses, including mortgage payments and outstanding debt. Then, come up with a ballpark figure on how much you need to be spending on daily living and how much you’ll have leftover for saving. While prices will be relatively higher during a recession, it is still critical that you prioritize saving so that you have wiggle room for more challenging times down the line. If you can start building an emergency fund to fall back on, that will be an excellent place to start. Another strategy for a two-income household is to try living off of only one spouse’s income. You’ll be surprised at how much you manage to save up this way!
While it can be intensely confusing and daunting to navigate a financial crisis, the best thing you can do is to stay agile and keep pivoting. Constantly work on different strategies to come out of this period better and don’t give up. Every recession has to end, so life will return to normal before you know it.
If you are a spiritual person looking to take control of their budget, visit MR Herrera Financial Ministry. We offer helpful resources and devotionals to inspire you and help you to keep your finances on track.