Receptions are hard on families. It often comes with job loss, reduced income, and all-around financial uncertainty. This can put an incredible strain on family finances, making it difficult to plan ahead or save money.

The good news is that you not only can survive but thrive during a recession with a bit of planning and foresight. Shopping Bookmarks has listed five tips to help you make the most of your situation during this challenging season.

Return to School for a Degree

A recession is an ideal time to return to school for a degree. Tuition might be lower than usual, which is why now could be the time to acquire the necessary skills to secure employment in your chosen field and boost your earning power as jobs become available again. Many schools have online programs and traditional in-person classes to help students fit their studies into their current lives.

Finding an IT online degree program that prepares you for industry certification exams — such as a  CompTIA A+ certification — is a fantastic way to make yourself more marketable. Look for a program with a rigorous curriculum within your field of choice and plenty of opportunities for hands-on experience. Upon completing the certification exams, you can demonstrate your knowledge and skills in the IT field — making you more attractive to potential employers and increasing your chances for success in the job market.

Boost Your Income Through Side Jobs

If your primary job’s income has been affected by the recession, consider increasing your income through side jobs like freelancing or tutoring. The extra money can help cover unexpected expenses while allowing you to provide for yourself and your family. These gigs can also provide an opportunity to use new skills that can prove valuable when the economy recovers and employment opportunities open up again.

Craft a Manageable Household Budget

Creating and following a strict household budget is essential during difficult economic times like recessions. Check your income and spending carefully so you know precisely where every dollar goes each month

Estimate how much money needs to go toward necessary expenses like rent/mortgage payments, groceries, and utilities. Then, deduct the amount from your total monthly income before determining how much to allocate toward saving or investing for future goals like retirement or college tuition costs.

Make sure your budget is realistic. If large chunks of it are going to things like entertainment or luxury items, it’s probably not sustainable in the long run. Think survival over comfort!

Explore Investment Options 

Investing during a recession can yield major returns if you do it correctly. Stocks tend to be much cheaper when businesses are struggling economically because market confidence is low. Still, you must do due diligence before investing in anything during a period of economic hardship. Keep these tips in mind:

  • Research different investment vehicles (e.g., stocks, mutual funds, real estate, etc.) thoroughly before committing any money. 
  • Consult with financial advisors if necessary.
  • Understand what kind of risk you’re taking on with each choice.
  • Establish reasonable expectations about returns.
  • Stay informed about any changes in market conditions

Finally, keep an eye out for any tax breaks related to your investments that could benefit you come tax season!

Eliminate High-Interest Debt 

Paying off high-interest debt during an economic downturn might seem counterintuitive. But it can actually save you a considerable amount of money over time since interest rates typically drop significantly when markets crash (credit cards often have variable interest rates). 

Consider using some of those savings from reduced interest payments toward building an emergency fund. Having emergency reserves will give you peace of mind that you have something set aside should another crisis arise down the line.


Your family can flourish in a recession with careful planning and intelligent decisions about how best to allocate your resources amid economic uncertainty. Returning to school, starting a side gig, establishing a household budget, and following the other tips above can get you off to a strong start. Employing the right strategies will position your family to brave the waves and come out stronger than before!