Backup plan to be financially stable during economic crisis.

[TOZZIBLINKZ]

The is actually no other way to prepare for an economic crisis than to have an emergency fund allocation were you allot funds for handling emergency purposes and activities . Economic crisis is an unexpected occurrences in which we need to be prepared for so as to successfully and adequately overcome and not to be too affected by it . There is absolutely that is so precious not to be affected by economic crisis and the best part of our intention that we can be to still be financially prepared for any economic crisis is to save money for emergency activities . You must not spend money lavishly and extravagantly gently so that we can have enough money to save for emergency activities which are more likely to occur in the future . We must not only save money for emergency purposes but rather they must endeavour to give our money the security get it absolutely deserves by saving our emergency plans in high security based financial institutions were we can be guaranteed that our monetary assets are safe guarded .

Some individuals use the excuse of not being paid a reasonable amount to salary or income to justify their not saving money for emergency purposes . Whatever amount or value our income or salary is we must totally endeavour to allot a reasonable portion of it for sorting out emergencies activities , which sometimes can occur as a result of economic crisis .

 

[Heartstrings]

This is exactly where Savings come in. We all need back up plan In one way or the other. That's why if a person works and earn salary every month and have the possible means to start up a little business should pls do. No one knows what the future holds,I have seen a situation where some family men are been relieved of their duty from place of work, which always happens unexpectedly.. Some ends up been frustrated, depressed and suicidal. Economy crisis can occur at any time,and the best thing is to have a backup plan ahead.

Backup plan can be saving of money or setting up businesses. We all know the economy is messed up right now but then,we should try our possible best to work hard,and put More effort. Everyone is after his/her stomach now, never rely on anyone not even your family because no one is above disappointment.

 

[CALVINDOL]

Financial stability is definitely the goal of life and it is true that from every hundred percent in a particular room and 90% of the population are totally thinking of how to be financially successful and attend financial freedom possibly within the age of 25 . But sometimes the economy we happen to find ourselves doesn't make it so easy for us to attend financial freedom as expected and as planned and so we need to work very hard and more industrious in order to achieve the financial freedom that we yearn for .

In the case of economic crisis it could be totally hard for individuals to stay financially stable but it is not impossible . Saving for emergency funds can totally help in this situation and also investing your money early before economic crisis happens can totally help in this situation as well . When investing and they want to invest on foreign websites so that you may have a more better paying commissions and interest compared to local currency paying websites .

 

[Shigobad2020]

The only back up that I know you can always rely in during economic crisis is when you are saving and making sure the money saved was not touched and spent .
Though i prefer saving and also investment but I prefer investment more than saving , because with investment , your money will keep increasing and you can make more money and also be financially capable of some responsibility without asking for any body for help , and when there's problem during economic crisis , you will be financially stable and capable .
Secondly though the main reason why some people prefer saving to investment is because sometimes , the investment always sometimes fold up and people looses their money for investment in the process . And when their is crisis , you won't get anything to fall back to , but with savings , your money will always be intact .

 

[Mastergp]

At times we may be gaining financially at some points, but we may not expect everyday to be the same, as we are making mony we should be careful, on what we use our money for, so as to get prepare for what may occur we need to less something's that we do, like our spending, spending need to be take into consideration when making money, the more we spend our money the more likely our business might fall. So each one should know what he or she used his money for, some acquire asset that they don't need but because they have the money that is why they want to spend it how they like.
It is not bad to spend but as one keep spending he need to check his saving so as not to temper with it. Making money is what everyone want but when excessive spending comes in it limit ones progress into succeeding. Most times while spending one need to checking his or her savings so as to know the limit of his spending so as to prevent his down fall.