The global economy shows signs of stress. There are major events unfolding on the world stage that promise to have a significant impact on international finance—and of course here at home. Experts have predicted a global recession as early as next year, and that’s not good news for anyone. In uncertain times, with a shaky economy and more bad news likely on the way, what can you do to hang on to your income and make sure you’re covered if the worst should happen? Here are four strategies to make the hard times a little easier—or at least more secure.
#1. Guard Your Job
For most people, keeping your current job should be the top priority. If your employer needs to make cuts, you want to be the last person they think of. This may mean putting in a few extra hours or picking up those weekend shifts that no one else wants to touch, but not only will this put more money in your pocket now—it will make you less likely to be seen as replaceable, should layoffs occur.
#2. Keep Your Resume Ready
While keeping the job you have should be your main goal, sometimes that might not be possible. Layoffs happen—and no matter how much job security you have, be ready for anything. Keep your resume updated, network with friends and colleagues who might have leads on future job opportunities, and keep a short list of places you could turn to in order to find likely employment, should the need arise.
#3. Work That Side Hustle
Whether it’s driving for a ride-sharing company, selling unneeded items on eBay, or renting an unused room in your house on Airbnb, a little extra income never hurt anyone. Not only can it help build a buffer against hard times, in some cases it could provide an option to transition into fulltime if you should need to.
#4. Dead-end Job? Ditch It
If you can’t get around the fact that you’re expendable at the company you work for, look for a job with more security before the hard times really hit. Seek out a job in a recession-proof industry, ideally, one where you’re indispensable and have a direct impact on your employer’s bottom line. Some recession-resistant industries are things like senior care, IT, energy, and accounting, as they deal with necessities that people are not really able to do without. Industries to avoid? Housing, hospitality, finance, retail, and manufacturing.
