Do’s and Don’ts during Recession

Reasons for Recent Recession

Over-spending
Interest
Greed

Solutions

Should have a goal in life to be achieved
Live a lifestyle within one’s income.
Have a family budget
Plan the expenses and categorize them into three – necessary, unnecessary and optional

Debt

You should ensure that the amount you spend is repayable with your salary.
Never use credit card as a medium of debt but only as a substitute for cash.

Shopping

Preparation of list before entering the shop helps to avoid temptation when you see products with special offers
Identify the cheapest and best quality products of each item.

Daily practices

Control use of Mobile phones
Limit the use of power
Charity increases wealth. A proportionate amount should be set aside for giving charity should be part of our budget.

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