Since the UK left the EU in 2020 the British economy has flat-lined and so we all know that money and resources are going to be tight and a UK economy recession is on its way
If we look at the reality of the global economy, we know in our hearts that every so on there will be a UK recession. Sometimes we handy it well, if we have a responsible government in power. Other times everything that can go wrong will go wrong and we feel that the endless decline will never end.
Some of us learn from our mistakes and decide to save money for a rainy day, but that is not always possible. We may be living from hand to month and consider saving as a luxury we can ill afford. This page was created with the UK economy recession in mind and tools and resources that may help you weather the storm.
How to get ready for the biggest UK economy recession in modern history?
Here are my three key suggestions to consider when you are preparing for a recession within a UK economy. So, this means that even if you are short on resources and your income in too low for comfort there is still a few things you can do to keep yourself solvent.
This does not mean everything is going to be fine, because frankly it will not be fine. Life is going to get hard and its going to hurt big time. However the three suggestions I have personally implemented for some years and they are:
- Focusing on what you can control
- Reduce or discontinue services
- Work from home in the United Kingdom to create a second income stream
The three key suggestions for a UK economy recession is:
Focus on what you can control in a UK economy recession
This is something I learnt sometime ago. It changed everything for me when I realised that I could only control my input, but I could not control the outcome.
In other words, you can control your actions, but not the results.
So, knowing and understanding what things in your life you can control and what you can’t is an empowering felling. Also, it is going to be one of those difficult conversation that needs to be done with a partner and family as a whole. Finally, it will come down to the contexts of your family and personal situations. However, something will need to be done regardless how painful it will be and you are in control of that action.
The best starting point is to site down with all the family and explain the financial situation. Then explain that things could be tight and money could be short in the future. If everyone is fully understanding the situation it is more likely that everyone in the family will pull in the same direction. This will also be the prefect time to set a good example to your children on fiscal responsibility in the family where everyone chips in when there is a crises.
How to reduce your outgoings in a UK economy recession
I know this goes without saying but, cutting costs is a must. It simply means looking at what you are paying for and deciding if you need it or not. Some costs maybe reduced and others maybe discontinued, but whatever you decide outgoings will need to come down.
The best way to reduce household costs is by creating a needed, needed but can be reduced and unnecessary list. The best way to balance the books is to calculate your worse case scenario in regards to your income. Then balance the costs until you have enough to pay all the bills with your income with a little to spare. The fact is we should be doing this anyway, but we always spend more than we earn.
As they say, if your earn £30000 a year and spend £30500 you will be a unhappy person, but if you earn £30000 a year and spend £29500 you will be a happy person. So, the household policy should always be about keeping the costs down.
Below there is some suggestions that may help you reduce you costs:
- If you don’t need it, don’t buy it
- Do not go to the sales
- Do not get more credit cards
- Consider carpooling, using a bicycle or walking to work when possible
- Get a lodger or have a room open to short term rentals
- Relocate to cheaper area if possible
- Stop eating out
- Stop buying processed food
- Do home cooking from scratch
- Buy food wholesale and from farm shops
- Cancel the paid channels
- Find a cheap power, gas or water company if possible
- Buy second hand clothes
- Stop buying crap
This is just a short list but there is many other ways to reduce your monthly outgoings so think out of the box.
Making a additional income stream and work from home in the United Kingdom
One of the first priorities is to keep your job or if you lose your job have another income stream to fall back on. Of course your main goal should be to keep the employment position you already have. If however you do not have a recession proof job that is still vital during an economic downturn, a second income could be a advisable. The industries that are under threat during a recession are unskilled workers and unnecessary expense jobs such as holiday rep, car dealerships and construction.
If you feel that your industry is under threat from a recession, firstly update and review your CV, research employment opportunities and consider training and education.
Next stage should be to increase your monthly income by creating a separate income streams. This can be a second job, some kind of passive income, online jobs from home or starting a business from home. This should not be a individual effort, but a family business where everyone can take some kind of responsibility. For example, if the business can be marketed via a party plan concept as well as online the sharing of respectability is really possible.
If you can earn an additional £500 or even £1500 a month it will create a softer fall for any redundancy or company closer in the future. In addition, during the process of running a home business you would have learnt new skills that may help you in the future.
If you feel that setting up a business and creating a second income stream is for you. The same fiscal policy should be subscribe. This means keeping your business outgoings to the minimum so your income is at its maximum.
The cheapest and most affordable way to make money from home is the home based or direct sales business model. This type of business allow you to work part-time, choose your own hours and in a way stop you from spending money on other activities which will only cost you more.
It is possible to work from home in the United Kingdom for as little as £20 which at today’s prices is not even a night at the local pub. For those of you who have the time and energy and want to know how to work online from home and get paid, I have added details below so you know what is possible and available.
What are the benefits and how to open a business in UK with a £20 home business startup?
- You can start as a sole trader
- A legitimate, well run company
- The opportunity to earn a great income
- 25% off retail price of all the products – Click here to download the product catalogue and guide
- No monthly fee
- Receive commissions on sales
- Free one on one and online training
- Free help and support
- Free webshop and back office
- Unlimited earning penitential
Why should you work from home in the United Kingdom during a recession?
Overcoming the stresses and strains of a UK economy recession is going to be the making of some of you and the breaking of others. It is possible that everything we relied on in the past will vanish and be replace with fear and uncertainly. Like many others, I have already embark on creating a second, third and fourth income stream even when I was still working for the man.
In the beginning I was treating my work from home business as a hobby and an enjoyable pastime. This was until I realised that I could work from home in the United Kingdom and make some real money. At the start I was paying for our holidays, then a new car and then thinking I could stop my job and run my business full-time.
This is the opportunity for the reader to reassess their lives and make a change before a rerun of other UK recessions come to hunt us. However, like anything in life, action needs to be taken to control what can be controlled, reduce expenditure and create an addition income stream when you work from home in the United Kingdom. For more information add your name, email address and short message on the form below and we will get back to you asap.