Saturday, October 18, 2008

Riding out the economic recession

Tough times are ahead as we are facing the economy recession. How has the financial crisis affecting your lifestyle with inflations and rising cost of living. Share prices, foreign exchange rates and property prices are dropping. Pay cuts and the prospect of job losses maybe on the cards. We need to brace ourselves for tough times. Guess one need to be prudent and be prepared. It is time to tighten our belts.

Below are some ways to tighten our belts in view of the economy recession :
1) Take the bus and trains. Travel less on cab, unless necessary.
2) Eat at foodcourt and hawker centre. Dine less at expensive restaurants. If possible cook up a storm at home.
3) Cash is king and offers a sense of security. So save as much as possible. Every cents count.
4) Differentiate between needs and wants. Spend on needs and cut down spending on the wants.
5) Cut down on impulsive spending and luxury goods. Think three times before splurging.
6) Always spend within your means.
7) Never incurred outstanding debts and ended up paying the banks more interests. Always pay your debts in full by the due date as stated in statement of account
8) Switch to buy House brands products when shopping at the supermarkets.
9) Look out for discounts, offers items and cut out any discount coupon from newspaper.
10) Use the fans. Switch on the air con only if the weather is extremely hot. Switch off all the main electricity switch instead of putting it on standby mode. This will cut down your electricity bills and at the same time save the earth.
11) Take shorter holidays or budget tour.

The above are just my 2 cents worth of suggestions. Feel free to contribute more on the comments boxes if you have any to contribute.

All is not gloom and doom. As long as you do your part to cut cost. Stay optimistic and we'll ride through the recession and ride out the economic downturn.


Eva said...

I already bought air ticket to Tokyo, not budget tour... Tough for me to save.

Classiclicious said...

Enjoy your Tokyo Tour :)