Since the recession began in 2008 we, as a nation, have been becoming more aware of how the economy works and as ever; how money makes the world go round. Most recently, the Brexit result has had people in a tizzy with fears of economic collapse. Whilst the Pound has taken a hit and the markets looked a bit rocky this is not a sign of immanent doom. With everything I have witnessed and experienced before and since the recession I have pooled together what I believe could prevent another recession and potentially help society as a whole.
Cut Your Debt
Whether it’s store cards, credit cards or loans, being tied down by debt can often seem like you are working for nothing. Depending on how much you owe this can drain your income making you feel like you’re working for nothing. You could be paying your monthly bill to have half the payment wiped out by the interest or you could be paying as much as you can each month and end up relying on the cards for basic daily needs. This can become a vicious circle that can put you in even more debt or lead to bankruptcy. Neither of which is good for you or the economy or the stability of the banking industry. By finding the best way for you to cut your debt you will have more disposable income and a healthier credit score.
We live an increasingly wasteful society. Impulse purchases or the desire to have latest buzz item can take a toll on your bank balance and impact other factors. If we take Smart Phones for example; these are sold to you on a two year contract for the fact its ability to function will start to deteriorate after this point if it hasn’t died already. They know you’ll want to move on the latest and greatest. When a smart phone is basically a palm sized computer and cost the same as my computer I expect to get a lot more than two years out of it (especially since my Nokia 3510i circa 2005 is still alive and kicking). Do your research and purchase goods that fit your needs from companies with a reputation for production quality rather than buying what everyone else has just because everyone else has it. You may sometimes might have to spend a little more but that £200 Hobbs Coat will last you a lot longer than that £30 one from Primark that will look dated in 6 months if it hasn’t started falling apart.
And when it comes to food shopping; only buy what you need. Plan out your meals for the week and you’ll have an instant shopping list to keep you on track.
Shop In Store
I know shopping online is super convenient, you can do it in or pyjamas at anytime of the day or night. But shopping online has a knock on effect on the job market. Less foot traffic means less in store purchases, which leads to unjustified staffing numbers and in some cases store closures. This means less people in employment, less people shopping, more job losses and a vicious circle that results in a stagnant economy. By shopping in store you help keep people in work and could help create more job oppertunities. Seek out independent stores to help encourage business enterprises. And while you’re at it pay in cash. Not only will the act of physically handing over money make thing about your purchase and prevent impulses, but it also mean the retailer doesn’t get lumped with the phone and transfer fees that come with card payments.
This follows on from the previous point of cultivating the job market. Instead of getting take out or going to Subway, try going to a cafe or a restaurant regularly. There is something luxurious about having someone wait on you and have your dinner cooked for you. But you also have the great feeling of knowing you’ve helped keep someone employed and thus helped keep the economy rolling.
Holiday At Home
This is the one that could benefit the economy the most. I’m not saying I disapprove of foreign holidays, the UK isn’t always the warmest place in the Summer. But remember when you go abroad so does your money. The UK is full of wonderful seaside resorts that could do with a boost in visitors. There’s always weekend getaways to picturesque country homes. Set yourself a challenge to visit all the National trust sites. Or, my favourite, go for walking holiday in Wales. All over Wales there are coastal trails, historic castles and tours of the old mines. These types of holidays give you the chance to explore our nation and help rural economies.
So if you ever think the economy is dipping just remember you can help. Increase your disposable income, be a physical consumer and keep your money in British coffers.
What would you do to help the economy?