News of a potential economic recession often causes additional anxiety and worry about how you will cope with its effects. However, it’s possible to survive a recession and even thrive in one. The secret to success is making your finances and health the best before a recession occurs. Here are the five steps to prepare you to navigate a recession successfully.
Commit to a Healthy Lifestyle
Your health is just as important as your wealth. Following a healthy lifestyle offers you many benefits, including:
- Boosts natural energy
- Improves mental health
- Helps prevent chronic health issues and diseases
- Reduces excess weight
- Strengthens bones
- Tones and builds muscle
- Saves money on doctor bills
An excellent place to start is cooking your meals with a focus on eating lean proteins, fruit, vegetables, whole grains, beans, legumes, and low-fat dairy. Then, commit to at least 30 minutes of daily exercise doing a heart-pumping activity.
Finding a way to relieve stress in your life is also essential. Starting a yoga practice is an excellent way to quiet your racing mind and calm your tense muscles through physical movements and breathing exercises.
Pay Off Your Credit Card Debt
You’re not alone if you have a lot of credit card debt. The U.S. Federal Reserve bank reports Americans have a combined total of $841 billion in card debt with an average household balance of over $5,000. Take steps to eliminate your credit card balances by budgeting extra money towards paying off your highest-interest rate card first. Then, take advantage of no-interest balance transfer offers from other cards, or take out a personal loan to combine all your debts into one.
Spend Your Money Wisely
Spend your money wisely by creating a household budget and sticking to it. Make it a goal to spend less money than you bring in each month.
Whenever you purchase an item, compare ratings and product reviews to ensure you get the most out of the money you spend. This enables you to buy products that will last and be worth the cost.
Reduce Your Household Expenses
Look for ways to reduce your household expenses. One quick way to do this is to sell items you no longer use in your home. You can also cook more meals at home and buy your groceries and household products in bulk.
Reduce your home energy use to save money on utility bills. For example, use your fireplace to warm your home in the cold months instead of constantly running your heating system. There is probably firewood near you for sale, so check out the cost of having wood delivered to your home. Prices vary depending on the season, location, and the type of wood and cut you’re interested in purchasing. Be mindful that the hardwoods of birch, maple, beech, and elm are better firewood sources than softwoods.
Find a New Job
Finding a new, higher-paying job boosts your earnings. Before applying for any positions, create a stellar professional resume through a free online resume template. A library of professionally designed templates is available to choose from and customize with your images, colors, and text.
Finding a new job, reducing your household expenses, spending money wisely, paying off your credit card debt, and living a healthy lifestyle will help you thrive, even in a recession. So why not get started today?
Amy Walton is a certified life, stress, and grief coach; yoga teacher; speaker; and writer living in coastal Virginia. Her desire is for women to live their best lives rooted in the love of God. Connect with her at email@example.com.
This article was written in collaboration with Leslie Campos. Connect with Leslie at firstname.lastname@example.org.