How to Survive the Recession

[racheldarcy]

I thought that it might be useful if we shared tips on what we are doing to prepare for the approaching recession. Do you have a plan to help you get through it, or are you just hoping everything will be okay?

[NaturallyCheap]

More millions are listed when there is a recession than a growth period!

E.g Silver and gold will continue to grow as long as the dollar devalues

[lucille]

Were cutting our spending and trying to negotiate down any existing debt we have to pay it off faster or right now. With everyone being tight some banks and other extenders of credit are more open to the idea. I think some are possibly just glad to be getting something with people running tight on cash.
We have also cut our bills considerably by looking for cheaper options or downgrading services. We have been doing more things ourselves or with low tech solutions, doing our own car repairs, line drying clothes etc.

[gtwise]

Considering that both me and my wife got 8% raises this year and we both work in the energy sector I'm not too concerned about anything.

We've started to buckle down last year in anticipation of our new baby on the way. Now that the new baby is becoming a reality in May we just have to be even more prepared. $1k a month extra just for the additional daycare expense is not something to sneeze at. But that freight train is coming recession or not.

[rstlne]

I wasn't spending that much to begin with. This year though, inspired by the economic downturn, I found even more expenses that I could cut without missing much. I also asked for and received a discount from Sprint.

[Finally_Frugal]

8% raise! Wow! I'm hoping for a salary increase that at least meets the increased cost of living in my city. And currently my union and my employer are in a deadlock over that very issue.

Since my income won't be increasing substantially any time soon (at my day job, anyway), I'm trying to:

1. pay down credit card debt (I'll be CC debt free in September, at last!!!)
2. increase emergency savings (currently at $1,000, hoping for $2,000 by end of year)
3. thinking about ways to increase income from second job (online research)

[MSMomsmoney]

Increasing my emergency fund.

[Seb]

We've drastically cut down on our "entertainment fund". At this point, we only go out to eat a few times a month, and rarely go to movies. We used to do dinner and a movie every Friday, but now we eat in and rent a movie from Netflix.

The money we save goes straight to our savings. In the event someone gets laid off, we'll have plenty of money to fall back on.

[VaranusK]

Providing we can keep our jobs, and I hope so, I do not foresee any special problem. We usually do not spend everything we earn, and will be doing the same. So no action here.