8 Things You Can Do To Survive This Economic Crisis

Financial Crisis

I recorded a podcast about this last week (embedded below), and wanted to share a few notes on the blog as well. It is a tough time for all of us in one way or another. For most of us, that involves economic hardship, and all that comes with it. Here are a few ideas that may help. Most of these I’m also doing in one way or another as well, so it’s coming from a place of personal experience.

What are some of the other things you have heard of or are doing to make it through?

  • 1. Reduce or eliminate all non-essential spending. Cancel some services, subscriptions & memberships, etc. We have saved about $1,000 per month in this one step alone.
  • 2. Meal plan better at home. Making meals is usually cheaper and healthier than pre-packaged stuff. It is also usually cheaper than going out to eat and often healthier as well.
  • 3. Look for things around your home that have value that you don’t use at all and could sell. List them on Facebook Marketplace, Craigslist, etc. put the items outside, use Venmo or Paypal for instant money transfer and for a no-contact transaction.
  • 4. If you own your home, check out loan refinance, payment deferral or forbearance options. Buy some time here. Be sure to save money for these payments later, as a lump sum may be due. If you rent, contact your landlord to see what type of assistance they may be willing to provide.
  • 5. Generate extra income by selling things on Etsy, doing contract work on Fiverr or Upwork, offering personal services to people that can be done online or outside, joining affiliate networks to earn commissions or even participating in simple multi-level marketing companies for products you use or like.
  • 6. If you still have your job, do everything you can to prove your value to your company. Volunteer to take on extra duties or responsibilities if needed, go above and beyond in your work. Show them how essential you are to their business.
  • 7. If you own your own business, see if you can take one of the SBA.gov small business loans to help cover payroll and other costs, of which a portion can be forgiven and not have to be repaid.
  • 8. Take some online courses or do online training to gain extra certifications or learn new skills to make yourself more valuable to your current company, more desirable for a future employer or more capable and knowledgeable for yourself.

This is by no means a complete list, but hopefully there are some things in here that are helpful to you.

Luke