Don’t Fear Economic Cycles

Does a recession strike fear in your heart?

If you consistently spend less than you earn you need not fear economic cycles. How is that possible? Well, you either have to earn more money or cut some expenses. Like the Apostle Paul, you can learn to be content in any circumstance, even while sacrificing your comfort. A Forbes survey reports that current economic conditions have caused consumers to adjust their budgets, dine out less, reduce the miles they drive, and purchase cheaper or different items than usual. Some consumers expect to take on another job. The Harvard Business Review offers the following tips for a challenging economy.

Find a second source of income to keep yourself extra prepared. A part-time job, a side hustle, or selling used items like books, clothes, or jewelry creates additional revenue that gives you a cushion in case there’s a reduction or loss of your primary income. Remember that investing is a long-term financial play. Don’t get discouraged by short-term movements in the market. Dollar-cost averaging, or investing progressively in the stock market is a valuable move during challenging economic times. Diversify and remember that in the long run, the stock market and real estate assets increase in value over time. The sooner you begin investing, the better you can position yourself to build long-term assets. Pray for wisdom to make wise decisions and never fear. God is your refuge and strength, a very present help in times of trouble. 

And if you’re fearful due to credit card debt, contact Christian Credit Counselors. They’ll create a debt management plan that works for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.