How to Survive a Recession

We have all heard the term "recession" lately and I know that some people are wondering, what does the term "recession" really mean and how does it affect us as Calgarians?

A recession is when our economy's growth decreases and people start spending less money.This causes prices to go down, leading to a decrease in the value of consumer goods.When value decreases, companies no longer have the financial capacity to continue to pay their employees, leading to a loss of jobs.

So, how can we survive (and maybe even thrive) during a recession?

The first step is to control your expenses; spend less and save more.Watch a movie at home instead of going out to the theater, which is much costlier. Cancel some of those cable channels that nobody watches. Cook at home, rather than eating out at restaurants every night. Not only is it better for the wallet, it is also better for your health.Overtime, these small lifestyle changes will save you a lot of money in the long-run, allowing you to better adapt to your financial circumstances during a recession.Secondly, if you have a job, keep it!A bad job is worse than no source of income at all. During a recession, people tend to hold on to their jobs with a much tighter grip than if the economy was booming.Booming is another term used to describe an economy that has a high cash flow - people are making money and people are spending money.   And thirdly, get trained!Go back to school and get an education in a career that is recession-proof. While many areas suffer, some careers are not affected by a recession. In fact, some careers actually get busier during a recession. Any job that provides a service that society is in the continuous need of, regardless of money, is considered to be ‘recession-proof.’And lastly, keep your head held high, stay positive, and remember that a recession never lasts forever!

Which career paths tend to be ‘recession-proof?’

Health Care: Nurses, Doctors, Health Care Aides, Emergency Medical PersonelleLaw Enforcement: Police Officers, Security guards, Fire FightersEducators: Teachers, Teacher’s Aides, Instructors, LecturersComputer Sciences and Information TechnologyIf you are not sure what you want to do or you don’t know where to start, come by ABM College and check out our program options. You can be one of the few people who have a secure career during a recession. The Health Care Aide program is a great place to start - you will be a certified Health Care Aide in 22 weeks, from start to finish.