11 Things you must stop doing during recession
Recession periods are bound to come once in a while in an economy but how we handle it will go a long way in affecting us positively or negatively. There are some certain things you should stop doing during the recession; here are 11 of them:
· 1. Stop eating out
Buying food cost much; to save yourself some amount try to prepare your meals yourself. Preparing meals cost less than buying food.
· 2. Stop wastage
Wastage during a recession is bad. Don’t waste food or things that are useful. If they are not useful for you others may need them. Instead of throwing things away, give out to those in need of it.
· 3. Stop spending much on events
You don’t need to spend all you have on an event; there are ways you can package your events that will be cheaper but at the same time interesting. Take note of the fact that you can’t satisfy everybody at your event.
· 4. Stop buying expensive things
The period of Recession definitely won’t last forever. So, for that period try to buy only things that are within your means, that is, what you can afford only.
· 5. Stop venturing into every new opportunity
Not every new business opportunities are good; this is why you must watch carefully the type of opportunity you want to go into before deciding to do it. Recession period is not the best time to take risks.
· 6. Stop engaging every new business partner
New business partners you just met can be very dangerous to go into business with, so, you need to make use of the existing ones because everybody is trying to survive in the period of recession. Try not to do this to avoid being duped.
· 7. Stop unnecessary importations
As the exchange rate is high, you may need to delay importing some things into the country as the economy is not predictable. You might spend much on importation then the prices become normal afterward; this will lead to a great loss for your business.
· 8. Stop buying what you don’t need
Buy only those things that you need presently to avoid wasting money on what you don’t really need.
· 9. Stop throwing unnecessary parties
Avoid throwing parties that are not necessary for birthdays, house warming and so on. Throw parties that are only important.
· 10. Stop making use of the services of house helps
If what you are earning is not enough to cater for the needs of your family, then you do not need to include another person. Start doing chores yourself so as to save the amount you spend on employing house maids.
· 11. Stop making use of dry cleaners
Instead of spending some amounts on dry cleaning your clothes, wash them yourself or make use of washing machines.