this is a post done by referring to alot of other sites and study, some might be copy paste some are my own...
With gas prices and unemployment rising, the real estate market and the US dollar declining, all this will slowly but surely affect Malaysia. So, knowing how to protect yourself during tough times is indispensable. Here are just a few suggestions that might help.
One of the first things that many people cut from a budget in hard times is insurance. This is one of the most important financial protectors you can have in a rough spot. Keep your medical, life, mortgage and auto insurance. It can assure you a protection when you are really in need!!! IMPORTANT!!!
Try to cut back on expenses that aren’t necessary. (I seriously need to keep thin in mind) That seems like an obvious solution, but really go through what you are spending each month and prioritize what is necessary and what you can live without.
If you have a credit debt, work with your creditors. If things get really bad and you can’t make a payment, don’t shut off your phone and throw your mail away. Try talking to them to work out some kind of payment plan. If your credit score goes down because of a collection, it can increase payments on all of your other bills. (I don't need this since I have no credit cards nor will I pay my things via credits)
Make yourself stand out at work to prevent being a casualty of a layoff. Show your employer they cannot run their company without you. this is because most company will cut off "fats" in the company. why paying for someone who's mot worth paying right? But for me, I will have to think on how to increase my value since I am currently a student so to secure me a job in the near future.
Settle all you loan and credits!!! As soon as possible, because all loan interests are going up during the though time (it's decreased now because they (bankers) are trying to draw people to take loans). make sure you don't owe the bank anything!
Next, investments! now, all your investments is a good time to sell them all off now I suppose. According to the economic status now, all stocks are going to drop drastically so, to prevent from loosing anymore money, it's time to take back your money now before you lose even more!!!
Most of these tips are obvious, but a lot of people wait to implement them until it is too late. If used as a preventative measure, it is possible that you can survive and even thrive in a tough economy.
well, that's almost about it... hope it helps...
those how have anything to add, be free to do so...