How You Can Stay Up Even When The Economy Is Going Down

by WorkFromHome on September 27, 2011

Turn on CNN on your television or look at any news website and you are likely to see an infinite number of articles, blog posts, videos and interviews discussing the sorry state of the economy. Indeed, the moniker “the dismal science” has never seemed more apt, as those affected by the record levels of unemployment and depressed financial markets can attest. Staying positive in the face of an unquestionably bleak economy can be challenging but it is important to stay positive if you are going to survive the current financial crisis and emerge stronger than ever before.

Keep Some Perspective

Even though it might feel like the current economic disaster has gone on forever, it is important to remember that the economy is cyclical. Remember that although the value of your investments may be going down, eventually they will go back up when economic growth begins once again. Similarly, the job market, real estate market and other measures of economic health will all eventually show positive signs of life. Keeping this simple fact in mind is a key part of staying positive. After all, if something is temporary it is much less threatening or depressing than if it is permanent.

It Is Okay To Dip Into Your Emergency Fund

Hopefully you have been stashing away some extra money in an emergency fund in the event that you need some extra financial support. Whether it is because the market has gone down, which is lowering your retirement income or it is because you are unemployed or underemployed, this may be the time to pay yourself out of that emergency fund. This is why you have been saving your pennies all along, so do not despair if you find yourself taking a withdrawal. Remember that when you find a better paying job or when the market value of your investments increases that you can, and should, first pay yourself back by funding your emergency accounts in the event of another economic downturn.

Look For The Bright Side Of A Dark Day

It can be challenging for many Americans to find the bright side of being forced to take jobs which do not pay as well as their previous positions did or to have to move in with relatives in order to make ends meet. While it is undeniable that having less income is stressful, many Americans have reported finding positive side effects to these decisions.

If you are living with more relatives than before, such as a daughter or son who has moved home or with your own parents, then take the time to enjoy getting to know them. The relationships that you build while living together may bring your family closer together for years or even decades to come. Think of the wonderful memories that your children will have of getting to see their grandparents every day or of how rewarding it can be to get to know your grown children now that they are adults.

Of course, remaining thankful for the people and things that you still have in your life is another terrific way to stay positive, rather than dwelling on the material possessions that you used to have before you lost your job or suffered a loss in the stock market. This optimistic viewpoint is a simple yet effective strategy for you to stay positive, which will allow you to continue to drive new initiatives such as more creative job hunting or even building your own business.

Take Advantage Of Lower Prices

For small business owners the difference between staying in business and losing it all is not only in bringing in business but also in managing the costs of materials and vendors. This year alone, many large and mid sized corporations have either gone out of business or drastically reduced their operations in the United States. As a result, the contractors and consultants who once had lucrative contracts to provide services to those organizations may now be more focused on serving smaller local businesses.

If you are trying to make money from home as the owner of a small business, then this is a chance to obtain less expensive services. Cheaper services from website designers, marketing consultants, accountants and other professional means that you can either enjoy a higher profit margin or afford to lower your prices. Lower prices may in turn generate more new customers for your home based business. Pay attention to the business news in your industry so that you know when a contractor might be most amenable to providing services at a reduced rate.

Find New Ways To Make Money

If you read the jobs reports then you might be afraid that your current unemployment will last until you had planned to retire. If you can look past your old job title, though, and think about what types of work you might be interested in doing, and how you can make yourself qualified for those jobs, then you may be able to transition from your current field into a new one. Reconfiguring your professional identity is not easy, so before you sign up for classes at the local college or start reformatting your resume, it is a good idea to make sure that your potential new job field offers more opportunities than your old one did.

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