Discussion of the Day
How are you preparing for a recession?
28-Dec-22
We've heard the heads up about a recession, while most of us are feeling the pain of increased day to day living costs. Is there anything you are doing to prepare for tricky times ahead?
Comments
  • Only order one crate of Don Perignon a week now instead of 3…
    ·
    • I'm going to listen to a lot more Pink Floyd
      ·
      • What's wrong saving your money I have been doing it since I was 15.
        ·
        • No there isn't. Just trying to do less food shopping and waste, cut down on unnecessary items and be aware of our spending and cost of things which is something we have always tried to do because why waste money if you don't have to?!
          ·
          • we learnt to live within our means, Have a little land, good farmers, and have cash, for when the digital system, kicks in. EU is implementing it right now, We live frugally, BUT it will be hard, I dont people realise, the recession is not the BIG problem, the BIG problem is what the elites have put into place with the CV SCAM, hen the UKN RUS SCAM, and now SERIBIA all to distract so you are not watching what they are doing,, they expect to have no cash, no home owners ship by 2030 and it looks like they are going to get there as no many are taking notice.... call it conspiracy theory... IT WILL BE BAD, because the have divided the people othe recessions have been natural and affected the politicians as well, This one is man made for the ANTS so the GRASSHOPPER can take what the ANTS have. Remember the movie ?
            ·
          • Panicking like mad.
            ·
            • I live in the country so my family grows our own vegetables. I support the local farmers and buy some produce/eggs from them. We search for bargains on meat-it us marked down tremendously on its sell by date! It is Fine if eaten right away or frozen. I shop thrift stores for clothing or other needs. I’m trying to cut costs as much as I can.
              ·
              • YES THE SUN WILL ALWAYS COME UP TOMORROW and it will be very hard for most of us but l DON'T THINK recession is on us yet . That's Life People. Deponch
                ·
                • im growing some veggies and other things to help with my household budget, i have a separate account for emergency funds (i have a combined account with my wife but she has no control over money, so we are always poor with both of our accounts yet together we bring home about 1200 a week, this is good enough to live on but she says we havent got money.) so i try to have some spare money by delivering newspapers and getting money from surveys, plus the home grown produce.
                  ·
                  • Yes, looking at current and future expenses, and being very careful about accessing my savings.
                    ·
                    • Just eat less and wear my old clothes
                      ·
                      • Now let me see, there was one in 87, then the recession we had to have in 90, then Kevin 07, just realized the government was always Labor, anyway I've lived through all of them so guess I will the next one as well and just as I always do hang on for dear life and don't panic or sell.
                        ·
                        • It is better to think positively and try and grow some herbs and vegetables for a little extra
                          ·
                          • View all 3 replies
                          • You're right Deb why didn't I think of that. I'll pay my mortgage off to the bank manager with beetroot and carrots and if theres enough to go round some cabbage.
                            ·
                          • Scott S 68719Lee b 979050
                            was that sarcasom lee b ?
                            ·
                          • Lee b 979050Scott S 68719
                            Na Scott ofcourse not me sarcastic…. Damn the goat got to the carrots now I’ll have to give the goat to the bank manager…. Or I’ll just give im the house …. Gonna have a feast tonight goat infused with carrots
                            ·
                        • not thinking about it
                          ·
                          • It depends on the severity of it. Groceries are expensive enough so hope they don't go up much more.
                            ·
                            • Unfortunately, I am not in a good place right now for a recession. In my opinion, we have been in one for a long while. No one seems to want to say the words, but I think we are already there. I live alone on one income, and I am struggling a little. I hope to get caught up after the holidays. I can save money through the winter by not going out to spend money and use gas. Although online shopping has been something I have to watch. It is almost a hobby to look forward to something in the mail when you don't get out much. I have to be careful, I know!
                              ·
                              • i could give you a few tips to get some dollars behind you if youd like, easy things and just enough to get you over the line each week. send me a reply if youd like.
                                ·
                              • same
                                ·
                            • Won't worry me I have control of what money I need. Some of us prepare for these things to happen, just as they have in the past. You learn to save to have money in reserve, not to be in debt up to your ears. We only bought what we could afford and pay for.
                              ·
                              • View all 3 replies
                              • Unfortunately, it only takes one medical problem (like cancer) to wipe out a lifetime of savings when insurance leaves a co-pay the size of a football stadium.
                                ·
                              • Pamela Gkathy b 656074
                                Or RA.
                                ·
                              • Sandra C 12043kathy b 656074
                                I had cancer 3 years ago. I pay for Medical Insurance and paid the extra. I now have Lymphodema & will need to have Laser treatment & Physio for the rest of my life. Also need Elastic Skins for the resrt of my life for my arm. Although I will admit Australian Medical Insce better than most places in the world. I'm not complaining, I'm still alive at 80.
                                ·
                            • It depends on how severe the recession or if is it going to be a soft landing & thus is going to be how employment/income is to be affected
                              ·
                              • Don’t really need to prepare. We’ve been living on just one wage and saving the other wage for rainy days. So we are used to a simple yet fulfilling lifestyle. So now I guess the “rainy days” savings will come in handy. The only thing we splurge on are treats and toys for the grandchildren and Rewardia points takes care of that!
                                ·
                                • I’ve been thinking about stopping giving gifts for birthdays, when I travel to town make sure I have several jobs to complete, fuel economy reducing waste, growing vegetables. I don’t have debt, no credit card
                                  ·
                                  • needed to go back to work after early retirement as the funds ran out way to quickly. now currently juggling 3 part time jobs. but its just enough to live on, pay bills etc. but no spare money to save for special things
                                    ·
                                    • saving
                                      ·
                                      • All economics are local, not national or international. As long as things are going O.K. I'll survive on my pension. Cut back on spending if I can and try alittle more home entertainment.
                                        ·
                                        • grow make my own whatever i can
                                          ·
                                          • Australia's economy is trying to recover but all those who took notice of the Reserve Bank statements and bought huge houses at 2% deposits must be shivering in their boots as each interest rate rise occurs and so does their loan repayments. We paid off our home when we retired. We are so glad we did. If I have to I'll go vegetarian and grow all my dinner necessities. We'll see.
                                            ·
                                            • Recession is already here partly due to COVID restrictions in the past. Some businesses were unable to recover :prices of some items went up hence already practicing being prepared
                                              ·
                                              • I really don’t know
                                                ·
                                                • just surviving and not wasting on new clothes & unnecessary items
                                                  ·
                                                  • I've already been living like a dog for 12 years, I so close to doing Jesus' miracle with the loaves and fishes. I don't waste any food, and make sure the pets are healthy and fed. We are in war times and we didn't even know it.
                                                    ·
                                                    • Let's just wait and see if it actually happens first
                                                      ·
                                                      • Yes - remember all the "End of World talk once" And when everything was going to crash in the year 2001???....
                                                        ·
                                                      • KatzeyeJANET R 328390
                                                        Exactly!
                                                        ·
                                                    • Not much preparation just take it as it comes do what I can when I can
                                                      ·
                                                      • Just getting a head above Covid and now we need a vaccine against recession…..lol
                                                        ·
                                                        • just live one day at a time but be sensible with spending. at one point in 2020 i was worried about the chance of dying from covid (if i caught it) & missing out on retirement.
                                                          ·
                                                          • Trying but bills or eat by time pay them have no money to put back
                                                            ·
                                                            • Stopping everything unnecessary as I am loosing money hand over fist as they increase Loan repayments but not what they are paying on savings so I may as well have my money under my bed where it is safer from the banks.
                                                              ·
                                                              • nopthing. we are in th ehands of the banks and Government
                                                                ·
                                                                • For me, NOTHING!
                                                                  ·
                                                                  • only shop for necessities. thankfully we have lots of canned veggies from our garden as well as lots of squash. travel as little as possible and live very frugally
                                                                    ·
                                                                    • We are retired and already have made lots of cuts ie, don't buy meat, grew hair long, walk or use free public transport, only buy what we need at the cheapest possible price, don't have long showers, don't leave lights on plus plus. Without losing the quality of life it is difficult to find more ways to curb costs
                                                                      ·
                                                                      • I’ve stopped shopping except for necessities. I’ve live through one recession and I don’t go into this impending one with my eyes shut. Do whatever you can to save or not spend money. Things are gonna get tough.
                                                                        ·
                                                                        • You just need to take care of the needs first and maybe save for the wants and squirrel away an amount for emergencies .Always check services for the best deal same as bank accounts every season thats just a timeline with the internet research is much easier those of you are struggling seek professional guidence before it gets out of hand
                                                                          ·
                                                                          • WHAT RECESSION??? WITH OUR BANKS MAKING MORE THAN A BILLION DOLLARS IN THE LAST YEAR PROFIT, HOW CAN WE WE BE HEADING FOR A RECESSION. EAT, DRINK AND BE MERRY.
                                                                            ·
                                                                            • Not sure yet. I do as many online surveys for points/ vouchers and that helps to buy food
                                                                              ·
                                                                              • Don't know
                                                                                ·
                                                                                • Recession doesn't mean much to us, our lives are still the same. We are happy the interest rates have gone up, we live a simple quiet life. We don't go out for dinner or go to the movies or over spend on things we don't need. Yes things like food have gone up so we try and grow some things to help out, we don't have a power bill and our rates are under $900 a year. Have water tanks and we manage very well on what we have and what we get. Sticking to a budget helps, vouchers for the pet food is great. I don't mind doing surveys for the vouchers and any cash helps too.
                                                                                  ·
                                                                                  • Paying off loans, debts, credit cards
                                                                                    ·
                                                                                    • I am being a little more cautious, however for the most part I believe the recession is a fear tactic and while we should take it seriously, don't be crazy about it. If we are cautious and do not overspend or get in debt, we should be able to ride it out.
                                                                                      ·
                                                                                      • Just no more not need and wish to have spending.
                                                                                        ·
                                                                                        • Eating at home more, not wasting anything. Saving more and sticking much more to the budget
                                                                                          ·
                                                                                          • Eating at home, growing some vegetables, not buying anymore clothes and buying cheaper cuts of meat.
                                                                                            ·
                                                                                            • Just as usual cooking at home and not spending as much
                                                                                              ·
                                                                                              • Cutting back on spending and only buying what we actually Need, rather than what we Want! The Reserve Bank of Australia (RBA), with it's obsession with having a low Inflation Rate, is punishing everyone for something which is entirely beyond our control. Wages are stagnant, stores, and not just the Supermarkets, have all increased their prices, blaming Covid and supply problems - problems to a large extent created by them with their obsession to Import everything as cheaply as possible and then charge the Public as if those cheap imports had, in fact, been Made in Australia! Most businesses, like home Owners, have large outstanding Loans so the RBA's massive increases in the Cash Rate - with the Banking Cartel and others increasing the Interest they charge borrowers up to, at least, Twice the RBA's 3.25%. It is inevitable that those increases in Business costs will be passed on to the General Public. I will say this in defence of the RBA. Yes, we were told that Interest rates would not increase until 2024, Yes, Interest Rates were at an all-time low. But only a moron would believe that those Low Interest rates would continue for ever, but incredibly stupid people started borrowing and buying houses at absurd prices without giving a thought to the future, a future which inevitably included Interest rate Increases. The Greedy Banking Cartel and others encouraged people to borrow far more than they knew those they loaned money to would not be able to keep up the payments when those Interest rates rose but they were safe because they could simply foreclose on those loans, grab the houses and sell them for just enough to cover what they were owed. A Win-Win situation for the Banking Cartel et al. Federal and State Governments also have to bear some of the blame for Australia once again having "The recession we had to have" for they, too have been borrowing money as if there is no tomorrow and at the same time providing Free Child Care for Parents who are not prepared to bring up their own children, giving so-called "Sports Grants" to "Friends of the Party" - which included a Rifle Club in which the Minister involved was also a member, grants to organisations in Politically friendly electorates. State Governments are in debt to the tune of almost One Trillion Dollars, the Federal Government is not far behind and they keep on borrowing, keep on handing out money to organisations which are politically friendly or which the populist-driven Federal Government wants to satisfy the demands of tiny percentages of the Australian Population who have decide they are Entitled like no others. It all has to be paid for and it is the hapless General Public who have to foot the bill.
                                                                                                ·
                                                                                                • Yep had a mortgage and the rate hubby was paying was 18% and that was the norm in the 80's. Finally got a small amount of money in the bank and the rates were at an all time low. The RBA back itself into a corner that the interest rates had no where to go but up. Our last mortgage was at near 7%, we are nearly half way there. Also the houses we had the first one was built in the 50's last one was brand new and we lost money on it. No fairness in any of it and I certainly do not feel sorry for any one who has over borrowed as they should have thought before they did. Listening to the news yes they are complaining because of the interest rates going up but oh how many houses do they have on the mortgage? One person had 6 houses. Greedy.
                                                                                                  ·
                                                                                              • We always use a budget and we normally stick to it (except at christmas) We have a vegetable garden and we don't go out for meals very often to save money
                                                                                                ·
                                                                                                • I am considering when to prepare.
                                                                                                  ·
                                                                                                  • now is not a bad time to get started even if you only spend 10 dollars a week!
                                                                                                    ·
                                                                                                • Buying non perishables, lentils, beans rice, buying meat on special and freezing immediately, buying more frozen food in general to reduce wastage, using crockpot to feed family for a few dinners rather than one. Also been mending clothes rather than buying new.
                                                                                                  ·
                                                                                                  • Making everything just about at home. Walking everywhere, homemade craft activities for the kids, homeschooling, doing surveys and anything extra I can for extra money.
                                                                                                    ·
                                                                                                    • we have not done anything as yet i love home cooking so thats coverd if ican bu food
                                                                                                      ·
                                                                                                      • If you wait much longer prices will be even higher!
                                                                                                        ·
                                                                                                    • We're looking to restructure our home loans to a new bank. You always get a better deal as a new customer than you do as an existing customer. Don't be loyal to your bank. They are not your friend!
                                                                                                      ·
                                                                                                      • Always cooking at home...
                                                                                                        ·
                                                                                                        • Working with my financial advisor to reallocate our retirement accounts.
                                                                                                          ·
                                                                                                          • Just spend less.
                                                                                                            ·
                                                                                                            • Been doing it all my life, as I imagine has 97% of the human race.
                                                                                                              ·
                                                                                                              • Doing what I always do budget, live minimally, grow own veges and hope
                                                                                                                ·
                                                                                                                • learning to cook over an open fire and stocking up can foods and lots of dry beans and rice
                                                                                                                  ·
                                                                                                                  • Of course keep some cash hidden away incese ATM's stop working. and a bit of bitcoin.
                                                                                                                    ·
                                                                                                                    • Paying off debts,saving
                                                                                                                      ·
                                                                                                                      • I have been preparing for WW !!! for over a decade now, so I knew this was comming anyway. It's all planned. You keep a good stock of important food which you can build up over time (it doesn't have to be all in one shop), then eat the oldest first and put the newest to the back. Ofcourse I use very little power, and my solar makes me a profit, I never pay a power bill. Batteries is what helps that. I allso keep a small off grid power system, which my computer is running on this very second, so if power goes off I can try and keep my fridge running. I could go on, but you get the idea.
                                                                                                                        ·
                                                                                                                        • View all 4 replies
                                                                                                                        • It sounds like you have all bases covered, or close to it! I'm a "prepper", which I believe you to be also! I've got my food and blankets and I think that's covered but I am still trying to get the medication and medical equipment sorted although what I have now is probably a lot more than most people would have. As a retired RN I have the IV's, IV bags and other Emergency Department tools such as scalpels, stitch cutters, IV lines and needles for injection. I have some knowledge of medicinal plants and herbs which I make into tinctures as well as natural pain and pharmaceutical pain products and PPP. I live across the road from a river but I need to buy a really good water filtration device. I would very much like a battery system but I simply can't afford it at this point in time.Theres SO much so try and get ready for but one thing I WOULD appreciate it, but it's just not available here, which is a weapon. I'm in Australia and we have completely lost our freedom. All the best to you in your endeavours!
                                                                                                                          ·
                                                                                                                        • Daniel A 2Michelle S 553303
                                                                                                                          Yes that is one thing I haven't prepared for my self is medication. Although I got a rain water tank 15 years ago or so. which was practicaly free with government rebates, by hooking it up to my toilet and laundy, I don't know if those rebates are still available.
                                                                                                                          ·
                                                                                                                        • I do think that people who are generally well won't think of medication and I'm not just talking about tablets but bandaids, sun creams, creams for itches or small wounds, antiseptics, diarrhoeal medication and the opposite with respect to constipation. I am fortunate that I can use my years of experience to think of these kinds of things but as we all have different skill sets it does take a community to pull together for people to be safe and able to draw upon the knowledge of others, like animal husbandry or farming. The property I live in is rented and I don't have any say in whether or not I can have a water tank, but I'd love it if the owner was willing to put one in. I'm afraid that I lost my home when I got divorced and I have never been able to purchase one again, but I'm grateful that I HAVE a place to call home every though I don't own it. Thanks for your comment and your reply. I appreciate it!
                                                                                                                          ·
                                                                                                                        • Daniel A 2Michelle S 553303
                                                                                                                          Just to let you know something else. if you look at zeee media . com , she will tell you how to buy a bit of emergency food. search for "the crash course" on you tube and watch all 26 chapters might help you get a better idea were things are going.
                                                                                                                          ·
                                                                                                                      • just trying to tough it out like alot of people, I too know how to stretch a dollar having starved as a kid, but keeping a roof over one's head and food in our tummies is the most important thing
                                                                                                                        ·
                                                                                                                        • Saving
                                                                                                                          ·
                                                                                                                          • Always be prepared.....It's coming again
                                                                                                                            ·
                                                                                                                            • No. We weren't well off growing up so learnt how to stretch a dollar. People are too reliant on convenience. Make a veggie garden even if you can only grow in pots. You don't need that cafe coffee, nor that designer dress, look after the pennies and the pounds will take care of themselves.
                                                                                                                              ·
                                                                                                                              • Buy homebrand food or food one dollar shop
                                                                                                                                ·
                                                                                                                                • For every buyer there is a seller and also every seller there is a buyer. One is making money and the other is loosing. Just be on the right side of the equation.
                                                                                                                                  ·
                                                                                                                                  • I will only buy what I have to and try and save to pay off my debts and pay my bills and try to get by on my pension
                                                                                                                                    ·
                                                                                                                                    • I am trying to reduce spending now and save where I can and stock up with essentials.
                                                                                                                                      ·
                                                                                                                                      • Plan for the worst. Hope for the best.
                                                                                                                                        ·
                                                                                                                                        • Hope for the best, prepare for the worst, and expect the unexpected - Jack Reacher.
                                                                                                                                          ·
                                                                                                                                      • GO ON DIET
                                                                                                                                        ·
                                                                                                                                        • I would buy things that are in low prices such as foods, personal items, and other things.
                                                                                                                                          ·
                                                                                                                                          • I have stopped using aircon unless extremely hot conditions otherwise I'm using ceiling fans. Also turned gas off last winter and wore oodie and fluffy pants as much as possible. Another thing I have to say is how ridiculous those wind turbines are. Apart from the deforestation to create a wind turbine farm, I have heard of beautiful large birds flying into those things only to have them mangled or their wings chopped off , its a disgrace and I won't forget come election time.
                                                                                                                                            ·
                                                                                                                                            • I refuse to let all this doom and gloom get me down, I believe that God is in control, and so I Choose to trust him. In a practical sense I will work hard and find creative ways to make/ save money, and be very strategic with what I give my time and money to.
                                                                                                                                              ·
                                                                                                                                              • Been picking cheaper options for food items when you can. Other than that not sure how to
                                                                                                                                                ·
                                                                                                                                                • SORRY TO SAY WITH THE WORLD THE WAY IS IS EVERY ONE MUST WATCH HOW YOU SPEED MONEY /FOOD /GAS POWER TO HOUSE ECT
                                                                                                                                                  ·
                                                                                                                                                  • Cutting back on groceries
                                                                                                                                                    ·
                                                                                                                                                    • No. I cannot do anything. I’m in recession :)
                                                                                                                                                      ·
                                                                                                                                                      • I always live like there’s a recession. Makes no difference to me.
                                                                                                                                                        ·
                                                                                                                                                        • One, in these tricky times - I am 'thankful' that I am single (very easy to feed just one person). Two, I am glad that I am a 'vegetarian' (buying meat is expensive for a family). Three, slowly switching from brand-name food items to store-brand food items. Four, slowly dipping into my savings (based on whether an item is a need or want - cutting back on my 'wants'). Five, staying positive - as long as you are above ground (you are doing something - right)! Last, keeping stress levels to the minimum - high stress levels will have you (including me) making 'horrible' financial decisions (during these difficult economically times).
                                                                                                                                                          ·
                                                                                                                                                          • I will be working in a profession that I swore many years ago I would never return to -- teaching. (lol). I am in the southeastern United States and we are extremely short on teachers.
                                                                                                                                                            ·

                                                                                                                                                            No comments
                                                                                                                                                            AboutForumPrivacyUser agreementContact UsBusiness Page