Apparently,it seems like Pakistan is moving ahead towards a major economic hit as it has again approached International Monetary Fund (IMF) for a bailout package of 6 Billion Dollars with very strict terms. This is gonna lead Pakistan to massive tax increase and obviously a major hike in prices of daily needs. Here is how you can prepare for upcoming economic crisis;
1- Stop Panicking
Before anything else,you need to stop panicking. Panic is not the solution. All this chaos will lead only to more and more frustration. On Monday,Pakistan Stock Exchange lost 937 points (2.7%) during intraday trading. Trading opened at 34,716 points and showed an upward activity for a few minutes before adopting a negative trajectory for the rest of the session till the closing of market at 33,900. Major part of this selling pressure was created because of local investors. Investors’ frustration is fair and justifiable but this chaos is of no benefit for both investor and state so you need to stay calm.
2- Cut Your Expenses
In order to prepare for upcoming economic crisis,you need to cut your expenses as much as you can. Stop buying branded clothes. Keep a strict check on your gas,electricity or phone bills. Control it if you have a habit of leaving the air conditioner or lights turned on while you leave your room. Have that landline which you merely use but paying fixed connection charges for it? Terminate your connection right away. Use public transport as much as possible instead of your private vehicle. The biggest wastage of money nowadays is internet. Check your internet bill and downgrade to a small offer if its a bit high.
3- Make A Budget
Make a budget and stick to it at any cost. It is the important thing to do to prepare for upcoming economic crisis.In this manner,you ‘ll be able to track where are you spending your money and you ‘ll have a privilege to cut your expenses. If you don’t make a budget,you won’t have any idea about your cash flow and it can hurt your personal finance so much that you can;t even imagine.
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4- Accumulate Cash
Your goal should not be only to survive but to grow in this crisis. In order to achieve this goal,you need to accumulate as much cash as you can and then push it into hard assets like businesses and real estate by buying them when people start selling the to meet their daily expenses. So dont spend money to consume.Prepare for this crisis and spend it only and only to make more money.
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5- Ask For Help
If you want to survive in this economic crisis,you need help to increase your income,to manage your expenses and balance your cash flow. You need to ask for help of someone who has technical knowledge for this. Click here to book an appointment with one of our experts or Visit here to check our upcoming public event(s).
6- Don’t Wait For It
Don’t keep sitting in your day bed and waiting for an upcoming crisis. It will hurt you. In order to survive a crisis,you need to operate like it’s already here. If you don’t operate with this kind of mindset,you won’t be able to go through it. So what are you waiting for? Visit here to enroll in our upcoming workshop for Empire™ Money Mastery Program.
Adnan hayat is a freelance content writer, blogger, youtuber and a coffee lover.