Recession Looming? Get Your Financial House in Order

Recession Looming? Get Your Financial House in Order | JobSearchTV.com

By Jeff Altman, The Big Game Hunter

There are some simple and smart things you can do to buy time if you lose your job.

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A recession is when your neighbor is out of work; a depression is when you’re out of work. As I record this in 2022, it looks like our recession is due imminently, a few months down the road, we don’t know yet. But certainly it’s complicated times for the country and for many people. Let’s look at the assumption that a recession is coming and you want to anticipate it and be financially prepared, not just professionally, but financially prepared. Because the fact of the matter is, if a recession comes and you lose your job, or if you’re in a role, where you’re paid hourly, and your hours are cut back on, that’s going to affect you a lot in terms of your ability to job hunt with a clear head, manage your finances, which is going to cause stress if you don’t anticipate this. There’s just a lot that you need to do.

So let me give you a couple of suggestions of simple things that will have huge benefit because one of the things you want to do is have financial staying power. If the amount of time that you’re out of work lasts longer than you’re prepared or are prepared for mentally, prepared for financially, it will hurt you. So here are a few things you can start doing now and you should be doing even when times are good, because it just helps you boost your savings.

Now, where you put your savings I’m less concerned about is that that you save. So the first thing is start looking at conserving money. Capital conservation becomes important because it buys you time. So where you start thinking of spending less. . . .For example, many of us have TV subscriptions. We hardly ever look at some of these channels, but we have them. Cut them off. Are there places where you’re going out because you’re bored. And maybe you should be watching one of those subscriptions. I’m just using those as a couple of simple suggestions of where we spend money unnecessarily.

There used to be the story about people spending money on lattes at Starbucks, and that hurting them financially. Look at places where you can save money. And here’s the tough question– If you were out of work for four months, and you needed to make changes, think like that woman or man. What changes would you make in your spending in order to save your home, save your apartment, do things that benefits your family.

Another thing is trying to eliminate credit card debt. I live debt free. I’m careful with money, I charge because I like the idea that we have points that we get, and my wife travels from time to time for her meditation practice. And we use the airline points for her for her airfare. Figure out how to eliminate credit card debt for yourself. Because I’m someone who lives with zero debt. Try that for yourself.

At the same time, you might try and look at it lining up a Home Equity Line of Credit. It doesn’t mean you have to use it, but you might need it at a particular point. And again, it buys you time.

Also stay in touch with your friends in case you need to go fund me at some point to support you. I have a friend who’s taken ill. His wife also is ill. And I love the man dearly and he has many friends around the world. And when he became ill, and needed chemo and hospitalization, his friends set up a GoFundMe and has been able to raise almost $25,000 in just a short period of time. Maybe that’s something you’ll need. So just stay in touch with your friends.

Another thing to do is can you get a part time job or sell your knowledge in some way that allows you to make some extra money and then save that money. Don’t spend it. Put it in an account where you don’t touch it because it gives you the staying power.

And in terms of your residence, especially if you’re younger, looking at roommates. Even if you’re older, you can take a border like I remember when I was growing up. My parents lived in Manhattan and they took in a border that lived in the apartment. They interviewed this person; he paid rent, it helped them make ends meet. You can do much the same thing. Some people do Airbnb for rooms. Think in terms of, especially when you’re younger, think in terms of roommates.

And if you’re a parent with a younger individual, see if you can encourage them to live under your roof for a while and save money so that this way, they can go out having money, having the ability to buy a home, perhaps not be as worried about their quality of life, if they lose their jobs.

So a couple of ideas. You don’t have to take all of them take one or more as you see fit, but just try to save some money so that this way, you buy more time in case you lose your job.

From Paycheck to Purpose

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ABOUT JEFF ALTMAN, THE BIG GAME HUNTER
Jeff Altman, The Big Game Hunter is a coach who worked as a recruiter for what seems like one hundred years. His work involves career coaching, as well as executive job search coaching, job coaching, and interview coaching. He is the host of “No BS Job Search Advice Radio,” the #1 podcast in iTunes for job search with over 2400 episodes.

Are you interested in 1:1 coaching, interview coaching, advice about networking more effectively, how to negotiate your offer or leadership coaching? People hire me to provide No BS career advice whether that is about a job search, hiring better, leadership, management or support with a workplace issue. Schedule a discovery call at my website, <a href=”http://
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