As soon as Elon Musk took control of Twitter, he fired over half of the company’s local and international employees. Subsequently, other prominent companies such as Meta and Amazon followed suit. Now that there are unofficial indications of an imminent recession and job layoffs, one must be prepared for the possibility that it is staring us in the face. We must be ready for every contingency, just in case! So, we will provide you with some financial planning and strategy advice. The objective is not to frighten you but to prepare you so that you are not left wanting.
So here we go,
MONTHLY BUDGET
Even at typical times, we plan monthly budgets. However, a separate budget is being discussed. Here, one must be frugal. Only spend money on items that are desired and necessary. Avoid spending your money on unnecessary things.
SPENDING ON UNNECESSARY STUFF
It’s a continuation of the prior section, and we’ll explain it a bit here. You are not required to maintain your usual outings and excursions. Unless needed, avoid online and offline purchases of outside food. Movies, theater, stage performances, etc., can be enjoyed after the situation improves.
SHOPPING
Identical here. Shop for only the bare necessities and make do with what you currently have. The products displayed on teleshopping networks can wait. Keep your urges in check, and do the same for your family, especially your children. Do not give in to temper tantrums and emotional atyachar.
BIG PRODUCTS
Private plane, space trip, yeah, just kidding. By large products, we refer to televisions, telephones, automobiles, bicycles, refrigerators, microwaves, and anything with a high price tag. If you can arrange things within the budget, they are acceptable. Try to restrain your horses until the time is right to release them.
EMERGENCY FUND
It requires no explanation. Use the emergency fund just for emergencies, such as, god forbid, a severe illness or injury. The optimal period could range from six to twelve months. However, it is always preferable to focus on the long run. Use your intellect and surroundings.
PERSONAL LOANS, CREDIT CARDS
If you are planning either, abandon the plan. You may receive enough money to last a few days, but you must pay it back with interest, which will further tighten your finances. Likewise, with credit card usage. The bottom line is to spend no additional money on loans and interest.
These are a few general considerations. Moreover, you are the ideal person to prepare for based on your needs and financial circumstances. You can learn valuable information about money management from your friends, co-workers, and acquaintances.
