BUSINESS CENTS
13. Look to barter and alternative markets
As a way of cutting expenses, look to community platforms like Bunz or Craigslist for lower cost, or in some cases, free, used goods. For home renovation projects, can you salvage from a work site or salvage yard? Can you trade goods or services with someone for something that you or your family need? There's a mindset that kicks in when you try to avoid spending money – try to enjoy the creativity that goes along with that.
other aspects of preserving your finances may not be so straightforward. The stock market is a volatile creature and, during a recession, you might notice your earnings diminish at an alarming rate. The stock market can fall 40 percent during a recession, but that doesn't mean it won't pick up again. Be prepared to lose money when times are tough and know when to purchase new stocks as prices fall. If you decide to unload all of your cheap stock at the height of a recession, you could end up losing more than you realize. Don't make any rash decisions that could jeopardize your nest egg.
12. Identify support systems
Not just personal or family support, but what community programs are available to help during need. These can range from emergency funds for shortfalls to sector-specific programs or associations that support a professional membership. If you're an entrepreneur or freelancer, recessions can be especially difficult. How willing is your bank to help you out with cash flow? Find out what you are going to need and see if there is an institution, organization, or individual who can provide it, if only temporarily.
"Can you trade
goods or services
with someone for something that you
or your family need?"