Recession: How To Survive

Step 1: Tightening your belt

The first thing you need to do is cut down on your spending on food and entertainment. Buy in bulk and seek out the shops that do the best deals. Don't feel pressured to have everything in your fridge as your family will be able to make do.

Step 2: Reduce your bills

Some of your biggest outgoings will be your household bills, but you can reduce those too. Visit sites like www.uswitch.com to find the cheapest providors out there.

Step 3: If you lose your job

Losing your job might seem like a disaster, but if there's no income coming in, the state can help you keep your head above water. See your local benefits advisor for more information.

Step 4: If the worst comes to the worst

If the debts keep mounting up you might feel like there's no way out. There is, however, a solution. Bankruptcy will get rid of all your unsecured debts, and will only last for one year. In that time, however, you will not be able to hold certain positions.