recession

**craigbarlow18** · 23rd January 2009, 22:02

being only 26 I cant remember the last recession but all this talk is getting me genuinely worried, what is going to happen how will it affect me im the only person working in household luckily managed to find work just before christmas, I have a young child and another on the way,

Any advice would be great

**m8internet** · 23rd January 2009, 22:05

Do you have any major financial commitments?
Do you have relevant insurance for them?

I took out income protection insurance many years ago, costs me £18 a month and covers me up to £1500 a month for three years in the event of loss of employment for any reason

**craigbarlow18** · 23rd January 2009, 22:08

obviously have lots of outgoings like everyone else, have a loan thats got pp on it nothing really

**AndrewTi** · 23rd January 2009, 22:11

Basically, make yourself indespensible. I know it's a crappy thing to say, but it's dog eat dog at the moment.

Look after no'1.

**Tadpole** · 23rd January 2009, 22:16

Hi m8
Believe me I am no expert & things are the same for most, try & be optimistic not pessimistic. Positive thinking is a great help, not easy. It’s also something to do together. I stopped buying newspapers years ago all they have is 'news' that sells papers & try not to get dragged into conversations of a negative content. Try something you feel you can confidently achieve & by doing so this will help your overall well being. Try a book or two from the library. Hope this is of some help to you. Good Luck

**craigbarlow18** · 23rd January 2009, 22:18

so really its a case of keep working if moneys coming in it shouod be fine, how long does this sorta thing last for

**craigbarlow18** · 23rd January 2009, 22:19

thats whats worrying me as at moment im fine was looking at new car only this week starting to think its not a good idea

**gibbon7000** · 23rd January 2009, 22:33

It is a worrying time for a lot of people, alot of people have been made reduntant or having to take big paycuts or only working 3 or 4 day weeks for which i genuinly feel sorry for. but (and i'm only speaking for myself, and dont want to offend anyone) but so far, i cant help but think it has done me a bit of a favour, My mortgage has been reduced by over £300 a month and looks to still come down yet (have a tracker) petrol has come down, I bought my 55 plate f/lift 2.0t siggy 60k for £3600, a bargin imo. My job is safe, so at the moment it hasn't affected me. I'm sure it will in time tho, which i'm not looking forward to. I surpose its a warning for me to look after my money and i know alot of people have not been as lucky.

**m8internet** · 23rd January 2009, 22:37

Originally Posted by craigbarlow18

lots of outgoings like everyone else, have a loan thats got pp on it

Ironically, you can get income protection that would cover this and it's effectively cheaper

I am expecting this recession to last until at least early 2011, so we won't really know until the end of this year to know how severe it is or was
Keep watching the performance on the bank interest rates, as soon as they start increasing the base rate then expect some good performance indicators about 3 to 6 months later

**craigbarlow18** · 23rd January 2009, 22:41

i think your right gibbon im exactly the same minus mortgage home is owned outright, i think it too is a massive kick up the arse to start saving and not being silly with money