How to survive an economic crisis, bad recession, financial crisis, or economic depression.

How to survive an economic crisis such as a bad recession, steep financial crisis, or an economic depression.

Do you wish to survive a severe economic crisis and emerge from it as resilient as possible?

The following should not be considered financial advice. It is merely what I reflect on when the economy is not progressing favorably.

Here are the steps I applied during the last downturn and continue to practice now. For you or your business:

Here’s an economic collapse readiness checklist you can adhere to:

Essential spending:
Essential spending encompasses all the payments you must make to satisfy basic needs. A roof over your head. Food on the table. Everything necessary for survival.

Food is the only essential item that you really cannot stop consuming. Everything else is discretionary.

Shelter may seem like an absolute necessity. Some individuals manage without a fixed place to live. However, even they have a roof over their heads, whether it is an abandoned building or a vehicle.

A phone with internet access. If you want to engage in modern society, then you must utilize online services such as banking. Life becomes incredibly difficult when you lack internet access.

Budgeting tool
Obtain a budgeting tool to monitor your expenditures. Or even better, review the past two months of your bank statements and identify items you can eliminate.

To survive an economic downturn, trim your expenses drastically.

Develop a straightforward spending plan and keep track of your income and expenditures.

Streaming services, music, mobile, internet. Eliminate all that you can. However, some communications and entertainment services are still necessary.

Retain some services but downgrade them to a more affordable tier.

Dining out? Taking delivery?

Not anymore!

Purchase all necessary food items from the grocery store and prepare your own meals. If you go to the office, pack the leftovers in a container, which will serve as your lunch.

Car leasing and commuting
Can you manage without a vehicle? Can you rely mainly on public transportation and Uber for urgent travel?

The critical figure is the total cost of owning your vehicle. Monthly payments, fuel, parking, insurance, and maintenance add up significantly.

If you believe you can manage without a car, return it to the bank or leasing firm. The issue with leasing or financing a vehicle is that when you are unable to pay, you will incur penalties and interest on top of your actual debt.

When considering your expenses without a vehicle, total up public transportation, taxis, and Ubers. You must also consider the time lost while using public transit. Suppose you earn 30 dollars per hour. Wasting an hour each day commuting amounts to at least 500 dollars monthly.

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