Jasmine
VIP Contributor
Recession is a decline in the economic activity. The decline in the economic activity will result in market crash. The stock market will go down, real estate will go down, businesses will start losing revenue.
When there is recession, everyone will suffer, including general people. They will experience pay cur, lay off, raising price of commodities, etc.
Here are some of the mistakes you need to avoid during recession.
Don’t save money in the bank: During recession, inflation will be high, when there is inflation, your money will lose value. Therefore, never save money in banks.
Don’t spend more: Recession will increase the price of commodities, therefore, never be tempted to spend more, instead cut your expenses.
Don’t buy liabilities: Don’t buy things that will require money to maintain, a car for instance.
Don’t use debit card: debit card is tagged with your bank account where you have saved your money. However, credit card is bank’s money. Don’t spend your own money, instead use bank’s money.
When there is recession, everyone will suffer, including general people. They will experience pay cur, lay off, raising price of commodities, etc.
Here are some of the mistakes you need to avoid during recession.
Don’t save money in the bank: During recession, inflation will be high, when there is inflation, your money will lose value. Therefore, never save money in banks.
Don’t spend more: Recession will increase the price of commodities, therefore, never be tempted to spend more, instead cut your expenses.
Don’t buy liabilities: Don’t buy things that will require money to maintain, a car for instance.
Don’t use debit card: debit card is tagged with your bank account where you have saved your money. However, credit card is bank’s money. Don’t spend your own money, instead use bank’s money.