Survive a Financial and Economic Depression


          The recent economic collapse and resulting recession in the first decade of the 21st century has many people struggling to cope financially. Many individuals have lost their homes and their jobs. With food inflation on the rise it is becoming increasingly harder and harder to make ends meet. Luckily there are ways one can cope with such a crisis. Follow these steps to whether the financial meltdown.

Step 1

Economic Depression Save MoneyDownsize your living quarters. If you have lost a significant amount of income it is time to drastically reduce your expenses. If you have a big house, downsize. Sell it and move into a much smaller home. Or you can try to rent a cheaper apartment while you try to get on your feet financially.

Step 2

Sell any unnecessary luxuries you may own. This includes additional vehicles you might own, jewelry, furniture, or anything that you don’t need for your day to day survival.

Step 3

Do not be afraid to ask for the help of family and friends. If you are struggling financially you may want to ask either family or friends to let you stay in their home for a few months in case you can no longer afford your housing.

Step 4

Liquidate any assets you may have such as stocks or bonds. If you are in financial trouble now may be the time to sell those securities you have been holding onto for years.

Step 5

Don’t worry. Many Americans are in your same situation. Many people are losing their homes and jobs. You should not be embarrassed that this is happening to you. Talk to others in your same situation and gain emotional strength in your shared stories.

Step 6

Start shopping at thrift stores and discount supermarkets for your day to day necessities. Spend as little money as possible. Lower the heat in your home or apartment and wear warmer clothing instead so you can save some money on utilities as well.

Step 7

If you lose your home and job and have no income, try to see what government or state programs are available to help individuals such as yourself with food and housing. There is help out there if you meet certain criteria.

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