The recession's coming, be prepared

[weekendwellies]

make hay while the sun shines, store it in a strong barn, and wait for the rain to arrive

[Hilary B]

Learn to enjoy the things that are either free, or cost very little in cash. Learn to improvise. Learn not to fret about what you can't change, but do the best you can with what you have got.
In other words, Blitz spirit, make-do-and-mend, cut your coat according to your cloth, all the cliches our Mums or Grans kept annoying us with, because they knew what they were talking about!

[binley100]

When OH got made redundant he luckily got another job only on half the pay he was on. So as he was old enough he took his pension as well . A lump sum that we stashed and a monthly sum that is paying the mortgage. With the redundancy we cleared credit cards, paid off a part of the mortgage that was on repayment and stashed some that was left. Yes it's a bit of a struggle to keep the cash flow but in some ways because there's no real debt we're coping and the money I earn is saved for extras like hols and treats etc.

[muckdiva]

Yes, whilst remembering that the credit card isn't "what you've got" it's what the credit card company's got

So very true!

But....my brother in law saved all his life, and died last year, leaving a fair bit for family to enjoy. Yes, don't over extend yourself on material things, but a bit spent on fun with friends an family is money well spent (if you have it). You can't take it with you, as we've learned.

[piskieinboots]

So, for those that have "lived" through more than one, how do you prepare?

This'll be my third, I'd say you don't prepare.

Preparing yourself for a recession that might not come is a half glass view of life, (look away Alison) live it now, enjoy it now.

Worrying about a possible recession is to worry about something that you have no control over whether it happens or not - like worrying about getting hit crossing the road, so never going out.

[Alison]

Preparing yourself for a recession that might not come is a half glass view of life, (look away Alison) live it now, enjoy it now.

Think I was more meaning that you should live within your means and not be totally irresponsible with money. You don't NEED 3 foreign holidays every year, if you look after your stuff you don't need to replace it every 5 minutes etc etc. Yes live now and enjoy it but throwing money about doesn't necessarily achieve that whereas some very simple pleasures can be the most enjoyable

[piskieinboots]

... You don't NEED 3 foreign holidays every year, ...

You don't? Actually I prefer staying home - bit sad that isn't it!

[Torreya]

My lovely Uncle died last year at the age of 65 and one week. He had worked and saved all his life, not wasted money and hardly spent anything on himself. Now the family's spending it twice as fast!!
The moral of the story? Leave it to the dogs' home!!!

[Liza]

You don't? Actually I prefer staying home - bit sad that isn't it!

Not at all, Mum lives in Spain so could get cheap flights and go away any time,.... but would rather go down lottie or potter in the garden any day

Just have to adjust with the times spend a little, save a little

[Brengirl]

[SIZE="2"]During the last recession I saw 2 of my daughters, both hard working and who could afford a mortgage to achieve the dream of 'being on the ladder'. I saw both have to meet the bailiff and have their homes repossessed. They survived. They still work hard but maybe do not strive so hard to be on the ladder that can be so rudely taken away.

[Jeanied]

Brengirl that must have been awful for you all - you watching it and them going through it.

Sometimes recessions can be tough. Family and friends are extra important at such times. So if this one gets bad, watch out for them.

[Brengirl]

Brengirl that must have been awful for you all - you watching it and them going through it.

Sometimes recessions can be tough. Family and friends are extra important at such times. So if this one gets bad, watch out for them.

Thanks Jeanied. They did have to learn the hard way and perhaps bear the scars but the lesson they both learned was to put their money into raising and nurturing their families. They are both living in what used to be called council housing. They do have some deep regrets as to what might have been but are content with what they still have.

[binley100]

When all's said and done your health and happiness are worth much more than money.

[Snadger]

You can only prepare for a recession by not over-extending yourself - ever. Live modestly and a recession won't hit so hard.

Well put Flum............frugality is the name of the game!

[Hilary B]

We get 3 foreign holidays a year, but apart from the fares all it costs us is the time off working (self-employment = no holiday pay), and if we miss a trip, we usually find something has been stolen, which gets more expensive than the holiday!