Recent news about the technical recession is leaving some individuals feeling a bit topsy-turvy at this stage. Just to be clear, a technical recession is not yet a full-on recession.
And while consumers may be pondering about the future financial implications of a recession on the country, DebtSafe highlights that consumers should rather stick to managing their own finances to avoid a personal financial slump.
But how can consumers manage their finances effectively when many fear they won’t be able to handle the latest financial crunch?
Wikus Olivier, debt management expert at DebtSafe, says: “Consumers need to get their own mini-economy going rather than obsessing about the negative technical recession announcement. The recent changes in the economy have happened before and although it is out of their control, it is time to get a grip on their own situation.”
Olivier furthermore encourages consumers to put certain measures and processes in place to manage their mini-economy and to be able to duck their own recession.
It is all in the attitude
Without a positive attitude, improving and stabilising your own finances may be quite difficult to accomplish. Negativity has never helped anyone. Economic hardship, like a technical recession, can change your mindset for the better and not in the way that you tend to think.
Without a positive attitude, improving and stabilising your own finances may be quite difficult to accomplish. Negativity has never helped anyone. Economic hardship, like a technical recession, can change your mindset for the better and not in the way that you tend to think.
As hard as you think it might be, stop living above your means and get realistic about what you can and cannot afford. When you have a positive attitude with a realistic mindset, it can definitely be the slight push to kick-start your way to sunnier finances.
