9 Ways to handle recession in your Family
Adenike Akindude
The recession is a period when the economy seems to be down and money is not flowing as usual. In this state, prices of commodities become high and may not be affordable for an average income earner. There are ways to survive in this kind of economy; here are 9 ways to handle recession in your family:
1. Make budgets: budgets are plans that show how you want to spend your income for a period of time. For your family to survive the recession period, you need to make budgets on how much you have and how much you want to spend.
2. Cut down your expenses: some things are not really necessary in the home during the period of recession. These are expenses that can be avoided instead of wasting money on them. If those things are not necessary, cut them off. Buy only what you need.
3. Use the same car: if it is possible, husbands and wives can make use of the same car to avoid the expenses you spend on different cars like buying fuel, car repairs and so on.
4. Stay off debts: try to avoid debts in every way because paying back loans during the period of recession can be very costly. The income is not enough, now taking out of it to repay the loan will affect your family greatly.
5. Save: no matter how little, try to save some amount of money. As you cut down unnecessary expenses, what you have been spending on those things can be kept aside to help in time of emergencies that are not foreseen.
6. Eat home-made meals: try to avoid spending money on fast foods, instead prepare meals from your home that you will eat as this will cost you less than buying foods.
7. Get extra means of income: one source of income might not satisfy the needs of your family so you need to look for another means of income so that there will be ease and money will be enough.
8. Avoid holiday trips: going on holiday trips can be fun but it may be quite expensive, to save yourself these extra expenses, you can try to reduce the trips now or stop it until your family has enough to spend and an extra to embark on the trips. Enjoy your holidays at home doing things that are interesting with your family.
9. Talk to your children about it: your children may be demanding some things they are used to before the period of recession, you should not react negatively towards them but know that it’s because they don’t understand. Tell them about the economic change and that the family may need to make some adjustments.
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