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Can You Survive Economic Depression?

Updated on September 28, 2014
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Develop Coping Strategies to Fight Economic Depression

Whether you are facing financial disaster created by unemployment, credit problems or bankruptcy you can survive.

The economy will turn around. However, if you are depressed and it is impacting your day-to-day life you can develop strategies to cope until the economy turns around. It could take up to three years for the economy to turn around and become steady again, therefore start now to develop your strategies so you can get through the uncertain times.

Americans live beyond their means. Credit card debt is at an all time high and when the economy crashed a lot of Americans were caught with masses of outstanding debt and not enough income to pay off the debt. No one has a solid spending plan (budget) for the future. A lot of manufacturing plants have gone out of business, companies have downsized and layoffs are happening in record numbers. Many of us were not prepared for the economic downshift.

How can you weather the economic depression – which is described as the sustained long downturn in one or more of the economies? If you have just lost your job – file for unemployment immediately. Trim your expenses and start saving wherever you can.

Make a spending plan (budget) so you can see where your money is going. Save all your receipts so you can see exactly what you are spening your money on and make changes. If you getting $250 a week or even the maximum of $450 on unemployment you can still find ways to save money. If the majority of your expenses are for groceries, clothing stores, cigarettes, fast food restaurants and gourmet coffee – you might need to change your priorities.

Happiness is not always an illusion. It is possible to weather economic devastation and maintain your sanity. You can become a better consumer and develop a stronger character. You can win over economic depression if you change your mindset and commit to savings instead of spending. It is possible to survive the economic down turn without being depressed but the change must start with you. First step, build a solid budget and stick to it.

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