There’s no need to talk about the fact that it’s important to find a certain degree of stability and certainty under the current circumstances in which we live. On the other hand, it isn’t overly difficult to achieve something that will provide us with a certain future
Over the previous six months, growing concern among economists and consumers over rising inflation has been more than obvious, but also completely rational, given events currently unfolding around the world, and particularly on European soil. Although individual experts continue to claim that there is no recession, what awaits us in the future is certainly questionable.
Nonetheless, regardless of the current macroeconomic picture of our country and the world, being financially prepared is always an extremely wise move.
Economic experts worldwide are offering advice on ways that every company, but also every individual, should prepare for the coming recession. Here we highlight some of them.
INCREASING EMERGENCY/ CONTINGENCY FUNDS
According to the views of experts, during times of recession it is essential to keep track of your expenditure and to create a special fund to do so. One should then look for possibilities to cut costs, such as unnecessary subscriptions, dining out, entertainment etc. However, it is perhaps more important than actually increasing your savings to invest some of your funds in monetary investments, such as in high-yield savings accounts.
Although such advice could perhaps be more greatly applied on markets that are stock market-oriented, it certainly isn’t a bad idea to direct your assets – income and investments – towards different sides and in different areas. If one of the jobs you’re focused on happens to go awry, you will still have certainty elsewhere. Try to take an overview of the situation from various perspectives, and to invest in markets where you haven’t previously been present or in areas that hitherto haven’t attracted your attention, because – as economists note – not all markets will suffer the same impact and face the same consequences. See this as your opportunity.
FIXED TERM BANK DEPOSITS
Economic experts are unanimous in their view that depositing money in banks for a fixed term is not only the most secure way to save, but also the most profitable way by far, given the interest provided by this way of saving. You should certainly check out all the possibilities that exist and choose a bank wisely before making such a fixed term deposit. For example, UniCredit Bank Serbia has an excellent offer on fixed term savings this summer, and you can find more information about that on the bank’s website – https://www.unicreditbank. rs/ – or by visiting your nearest branch.
VIGILANCE AND DECISIVENESS
Fear and irrational behaviour that you can be prompted to take by the current geopolitical situation and its negative impact on markets can lead to you making the worst possible decisions. Don’t allow the situation to distract and compel you to make career and business mistakes that you can’t fix. Be vigilant in keeping your thoughts as realistic as possible, take an overview of each situation and ensure your own peace of mind.
EXPANDING NETWORKS OF ACQUAINTANCES
Regardless of how much it might appear as though you’re communicating with someone purely out of interest, have trust that this is completely legitimate. Experts recommend that you expand your network of contacts during such difficult times as these, because it is clear that just such circumstances lead to a rising sense of community, where the human spirit achieves its full meaning. You never know whose help you may need and find crucial at any given moment.