How to Beat a Recession01.02.12
Living through an economic downturn – especially a decline that is lengthy – can be challenging at best. However, there are a few strategies you can employ to take advantage of a fiscal slump rather than simply suffering through. Consider this time as a unique opportunity for serious self-reflection and opportunity to strengthen your self-reliance. Cotton Candy contributor and stock market analyst Erin Swenlin-Heim provides five strategies you can use to beat the dragging economy – and maybe even find some financial benefits.
No. 1 Do a Job Evaluation.
Take this time to decide if you are in the career that suits your skills, talents, abilities and offers you ample opportunities. If not, this is may be a good time do an appraisal of your career and then make a change. For those searching for work, an assessment is also a productive step. Evaluate where you would like to direct your career by going to the library, talking to career counselors at the local community college, delving deep and discovering what you need to do to get into an uncharted field. Be willing to consider entry-level jobs, internships or part-time positions in that new field while you search for your dream position.
No. 2 Undergo Job Training.
If you are working in your chosen career field, learn ways to expand your experience through seminars, mentors or classes. Make yourself indispensible to your employer. If you are setting out to begin a new career, do your research and learn about the education and experience required for your change of field.
No. 3 Budget.
A recent survey conducted by America’s Research Group shows that twice as many Americans are saving more money today than they did before the recession. Certainly economic downturns can be sobering, prompting many of us to begin stringent budgets, not often considered during good times. No matter the economic climate, set a budget and stick to it. Determine your needs and separate them from your wants. Then establish exactly where you are spending your money and how to spend less to get more.
No. 4 Bargain Hunt.
Retailers and contractors are also hurting during this economic downturn – which means deals are everywhere for shoppers. Take the time find those steals and deals . This could be the time to get that home improvement project started, since contractors need the work and their labor costs are often much lower.
No. 5 Shop Locally.
The economy consists of consumers and producers. Support local and small businesses which will have a cyclical and direct effect on the economy around you. The purchasing decisions you make in your city will affect the businesses and employees in your town. Spend smart.
Erin is a stock market analyst and blogger with DecisionPoint.com. She has a Bachelor’s degree in mathematics from the University of Southern California and an MS in Information Resource Management from the Air Force Institute of Technology.