Recession Survival Tips from Five-Time Recession Survivor

• Blog author, Cynthia Ross Tustin.
• Yes, we’re in a recession. But it’s not our first; and it definitely would be the last 
• Today’s blog is about reassurance. Reassurance that recessions come and go; and that the key to survival is not to panic.
• Posted Friday June 17th, 2022
• Innisfil, Ontario
• Shout out to Feedspot for naming me #73 on their 2022 Top 100 Retirement Blogs and Websites

The last economic recession in Canada was back in 2008-2009, and it lasted about nine months. It was also a global recession   My kids were in their mid-teens. So, it’s not a wonder that many people born in the 1990s are It incredibly worried (pooping their drawers) about our current economic circumstance. Yes it’s scary. but it’s nothing new. Recessions by their nature are always temporary. It happens when the economy tanks for two or more quarters.

I was born in 1963, our demographic has lived through five recessions during that timeframe. So, today’s post isn’t about how the federal Liberals are trying to solve inflation with more inflation (National Post’s words, I can’t take credit for that one). It’s about sharing with my kids, and their peers, the things we did to keep a roof over their heads.

Don’t Panic, Seriously!

First, don’t panic. Don’t panic buy. Don’t panic sell. Just don’t panic! And I realize that’s a tough a sell if you’re used to having a certain amount of money. Your first recession with a family to feed and a mortgage to pay is overwhelming.

Painfully Obvious Tips

• COVID is over, stop having food delivered. And better yet stop eating out. Going out to a McDonalds with a playland was considered a big treat when you were little. You had no idea I used spare change to pay for.
• When we needed things, we saved both kinds of money to get the larger ticket items we needed. When I say “both kinds of money” I’m not talking about a new credit card or crypto. I mean cash and Canadian Tire money. Yes, we bought your original hockey gear with good old Canadian Tire money. Thanks to that, we could afford for you to play hockey (and lay on the rink and make ice angels).
• Yes, the choka-mocha-vegan-organic-gluten free-artisanal iced latte tastes fabulous. But one a day during the work week adds up to over $35. That’s $140 in a month. I didn’t say this was going to be easy. And sadly, that $140 is a tank of gas!
• Turn the lights off. Set the AC to a temperature that’s not so frigid (mildly balmy will do).
• Reduce or eliminate the additional cable/streaming/apps for entertainment. Unplugging for the rest of the summer can save $45 to $100 per month. When times were tight, we just through in a VCR. Sure, those don’t exist anymore; but mommy will loan you our DVDs to get through June, July, and August.
• No Name products can be your new best friends. Our kids’ butts stayed just as dry in bulk purchase off-brand diapers. And I just to clarify, the clothes I wore that I affectionately referred to as “vintage,” were second-hand and thrifted.

Your great grandparents survived the depression that lasted for years by hunkering down and cutting corners. In short, they put a smile on their face and went without. The people who came through that harsh time unscathed were the ones who hung on and didn’t panic. They didn’t panic buy, and they didn’t panic sell.

The five I’ve lived through were uncomfortable and scary. Yes mortgage rates are going to rise. But they rising back to pre-pandemic rates, not the 1981 rate of 20.3%. Hunker down, put a smile on your face, and add a can of salmon to your Kraft Dinner!

Cynthia

I acknowledge that the land on which I live is the traditional territory of the Wendake-ionwl,  Anishinabewaki ᐊᓂᔑᓈᐯᐗᑭ , Mississauga, and Haudenosaunee peoples.