Survivng Economic Hardship

Survival often Depends on Thoughtful Decisions

Mar 10, 2009 R.L. Coffield

There are alternatives available for the financially strapped, but surviving economic crisis takes planning and thoughtful decisions.

There is a saying that “Those who do not remember the past, are condemned to repeat it.” Unfortunately, it appears that history may not have been well remembered by many. Despite the frantic furor of today’s plunging economy, lessons abounded from past recessions/depressions which have largely been ignored.

For those caught in the throes of the current economic downturn, however, there are many things one can do to bolster oneself.

Don’t Forget Personal Health

At this time of economic crisis, it is imperative that one maintain good health by continuing to eat healthfully and to exercise regularly. These two items are often the first to be abandoned when one faces job loss, foreclosure or eviction, but it is essential that one be healthy. Without good health, the future truly becomes dark. Unfortunately, personal health insurance is often one of the first "luxuries" to go when one loses one's job, so it is more important than ever to eat well, exercise regularly, sleep adequately and try to keep a positive outlook.

Housing Alternatives

Besides job loss, foreclosure and eviction are by far the most painful financial traumas most people face. Most individuals know well in advance, however, that this action is forthcoming, so one has plenty of time to make alternative arrangements. It is inexcusable to ignore this looming threat. Pre-planning can help with the pain of leaving one’s home. Having a plan in place well before this threat becomes reality makes this horrible process proceed easier for the entire family.

• Is it possible to live in a camper/motorhome?
• Can you temporarily live with relatives or friends?
• What about relocating to an area of the country where there are job opportunities and warm weather? (Living in a camper in the cold is too uncomfortable.)
• Can you house sit for someone?
• Are you able to rent an apartment or house?
• If you own a boat, can you live aboard?

Job Options

Odds are you may be faced with the need for a serious career change and/or cut in pay in this time of economic downturn. Whatever your stated profession, remember that someone is always hiring, although it may not be in your chosen field.

• There will still be government jobs. In fact, as the government expands, there may well be more.
• Nurses and teachers are often able to relocate for jobs.
• Seasonal or part-time work may have to suffice for the time.

Ironically, some individuals find that a time of being "laid off" or "downsized" provides the impetus they've needed to become self-employed.

Life Changes

If a pay cut is in the works, there are numerous items most Americans can ax from their household budgets to help compensate for the loss of revenue. By cutting all nonessentials, one can often save hundreds of dollars a month.

It may, unfortunately, be years before the current economy fully recovers. Prepare to scale back for the long haul. Perhaps the best lesson to emerge from the Great Depression of the 1930s is to own everything. As survivors of that depression will testify: If you own things, they can’t take them away from you. Bear this thought in mind as you plan for the future.

The copyright of the article Survivng Economic Hardship in Personal Budgeting/Finance is owned by R.L. Coffield. Permission to republish Survivng Economic Hardship in print or online must be granted by the author in writing.

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