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IPFS News Link • Economy - Economics USA

Tried-and-True Tips for Surviving a Turbulent Economy

• Organic Prepper - by Fabian Ommar

First, a disclaimer: this is not financial advice. These are just common-sense, real-life ideas and advice. The world is absolutely crazy, and everything is highly volatile, so I strongly recommend that you dig deeper into the topics of your interest to learn more. 

Also, there's no way to predict the future. Even though history repeats, there's always something different, something new. But history still provides enduring lessons to prepare and better survive crises (maybe even thrive). Overall, the most important is to remain flexible, well-informed, and critical. Let's see about the rest:

Live below your means.

This is getting harder and harder due to the rapid rise of costs, lowering wages, and wealth concentration. Decades of abundance, privilege, and entitlement also make it difficult for many to voluntarily lower their standard of living, especially in developed countries.

People will be forced by circumstances to tighten the belt, and that usually implies more suffering than if done preemptively. At the very least, do some research and study ways to cut your expenses. For instance, if you have to move, previous research can land you in a better situation than if done in a rushed and forced way. It's the same for health, transportation, education, and so on. (Check out this article on our sister site about living beneath your means.)

Cut the fat (and the crap).

That's easier (and free): revise bills, contracts, and present and future obligations. Negotiate what you can, looking for fixed rates whenever possible. Check for hidden costs and fees, and be wary of subscriptions to services, apps, streaming, and others, especially automatic renewals and non-refundable.

Downgrade or change plans and providers. Premium services are cool and convenient but come at a price. Think "future": it may not make much of an impact on your monthly bill now, but any saving will down the road, especially over longer periods. Do it now and start saving now.