10 tips to recession-proof your life

Oct 22, 2008

1. Use Excel Budget Templates – Now is a time more than ever to write up a budget for the household. Excel has some great easy to use templates to get you started. Simply type “budget” in the Help menu.
2. Don’t change jobs – when things get tough for a business it is usually the last person in that is the first person out. Gen Y are now officially on notice.
3. Save for a rainy day – make no mistake there are some dark clouds in the air, so a few extra dollars saved today may become valuable tomorrow
4. Pay extra off the home loan – with the RBA providing relief on interest rates, now is a good time to maintain the same repayment levels and reduce your debt to get ahead
5. Invest in yourself – by doing some extra studies at TAFE or uni, you are gaining more skills and turning a job into a career and increasing your income-producing opportunities
6. Live within your means – don’t worry what the Jones’ have next door. Going beyond your means may spell trouble down the track if things get harder.
7. Make yourself invaluable at work – what business owner would be silly enough to get rid of an integral part of their team when they are trimming the “fat” from their own business?
8. Keep your life insurances – it may seem easy to stop your insurance cover to help with your savings plan, but people generally getting sicker during stressful times
9. Cut out the excesses – think back to when your parents were your age and what they didn’t have. Do you really need all the trimmings associated with modern day life?
10. Enter into running a marathon – sounds strange but my period of greatest savings is when I have trained for a marathon. Easiest way to stop alcohol and fatty food costs. Plus you can fit into “that dress” again!

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