Battling with the Recession Series Part 1

Battling with the Recession Series Part 1

The word recession is almost like a curse word that no one wants to hear. All over the world many people are facing the effects of the global financial downturn. I have read and seen on television programmes and newspaper articles that young adults are most affected, being laid off and being forced to return to their parents' home. I can only imagine, that wouldn't just be a loss of employment and salary but pride as well. To be independent, living outside the realms of your parents’ rules and restrictions to be sucked back in, would be the blow to anyone’s self worth. In Trinidad and Tobago, I can’t speak for many people but I know I certainly wasn’t ready for a recession. I was never a big shopper. If I spent $500 in a week, the next I would save. I was abroad when news broke so I was very much used to only spending money on the necessities.

Since the days of our late former Prime Minister Honourable Patrick Manning’s leadership, the phrase “tightening your belt” has been uttered but most of us still lived in this fantasy world where we could go to the Movie Town once a week, partake in Carnival and make do along the way. Again, I can’t speak for everyone it was definitely a rude awakening for me. I returned home in February and since the day after I landed in Trinidad, I have been tirelessly applying for jobs. I called, I have gone in person and it wasn’t until two weeks ago I finally got an offer, one I was oh too grateful for and it had been my second try at getting an interview for this position. This has been the longest has ever been for me to at least receive an interview.

It is pretty evident that the recession has taken many out of their comfort zone. Thousands of people were laid off. Hustling has become the new means by which individuals are coping with the effects of the big ‘R’. I have been taking on short term employment such as research in order to have money saved up. Chase Cafe has been a life saver for me, not just for the money but I have been able to attain one of my biggest dreams and that is being a paid blogger. It has also helped me to be able to express my opinions thoughts and ideas to a wider audience. It has been the silver lining for all of these economic and financial issues.

Below are some tips I have come up to help anyone cope with this economic tribulation:

Cutting expenditure. I know for some, I just cursed especially since the cost of living has increased. Food prices have skyrocketed. I was away at school for a year in London. London has a very high cost of living as well mainly real estate and transportation but when it comes to food unless you really must have your brand names like Cocoa Cola and Chips Ahoy, most of the supermarkets have their own brands of products that are fraction of the cost, so eventually I got in the habit of purchasing those. I am talking about 14p-75p for a 1 litre bottle of soft drink. At the time that would have been $1.4-$7.5TT. I would spend 10 pounds for the week on food items which was $100TTD at the time and I would get chicken, rice etc. I understand we import from these countries which factors into the cost.

Save, Save, Save, Save. Always, like we like to call it in Trinidad and Tobago have your vex money. Emergencies can transpire and you wouldn’t like to be in a jam and not have the funds to cover yourself. In these trying times, the stress can lead to minor medical issues such as headaches, migraines or the flu or serious ones that require hospitalization. People have been known to end up with mental issues such as depression because they cannot cope. I know for me, the financial stress was taking a toll on me. Therefore you should save whatever money you can afford to save especially since you should have if you follow my first tip.

Side business. Due to the fragility of the economy, your job is not set in stone. If you are a people’s person and have a large network of friends use that to your advantage by starting your own business. Use skills that you already have such as cooking, makeup etc or acquire new ones. Youtube is always a cheap option as it simply requires WIFI connection which is easily accessible. If you wish to step inside a classroom you can undertake classes at the Youth Training and Employment Partnership Programme (YTEPP) if you are between the ages of 15 and 35. If you are older there are also courses supplied by the Ministry of Community development

You should have a clearly defined written budget that highlights things such as your expenditure, your daily, weekly or monthly income and your savings. Do you make more than you spend or do you spend more than you actually make? This will help you keep track of your money. Don’t forget under expenditure to state what you spend your money on i.e. food, clothing, entertainment, transportation etc. This is basically making an account of your money.

Thank you for reading and stay tuned in the future for more in the series.