The recession is here and will stay with us for a while.  No one really knows how long this financial crisis will last but one thing is certain, it will be the worst financial crisis of our lifetime.  People have lost jobs, homes and life savings. Banking system is under lot’s of pressure so are consumers and companies. All news is bad news these days.

Still for some it is time for learning the most valuable life skill. The skill to manage finances in bad times is what every one needs.  So we thought we should do our part in helping you get started with some tips.

Here are 9 tips  that will help you urvive a long and deep recession.

1. Stay Calm
   Don’t panic or sell all your investments. Keep a cool head and don’t let your emotions take over. Think about long-term profits and stay calm.
2. Pay off all your debt
   Pay off all your debt as soon as you can, as this can be your biggest enemy during recession. This includes your car loan and all your credit card bills. Use the highest-interest first or the snowball method, but become debt free.
3. Keep a track of your spending
   Keep a record of where all your money goes. There are many ways to track your spending and make a budget. Online solutions, such as Mint.com and Wesabe.com, and others like Quicken and Microsoft Money are also available. Just make a budget and stick to it.
4. Eliminate Extra Spending
   Once you’ve made a record of your spending, Remove all the extra expenditure from your budget. Things that you don’t use very much, or you can survive without, should be eliminated from your budget.
5. Buy Smart
   Think before you buy. Make a list of your grocery and you’ll be surprised by how much you save just by thinking ahead a little.

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Start as early as you can in your investment game. Time is a great multiplier. If you make sound investments early in your life, you are sure to make some money later on with no exceptions. The rules here are rules of investment that help you make more money and grow your investments hundreds of time multiples.

These golden rules of investment are no secret. they have been around in business families for ages and they hand down to each other generation after generation. Knowing them is first step. real gold lies in following these golden rules.

1. Never Be Afraid of Risk

One of the biggest mistakes investors can make is allocating too much of their investments in cash or bonds. A good rule of thumb is to subtract your age from 100. Allocate that % of your portfolio to stocks.

2. Never Invest All In Your Employer’s Stock

If you can get stock in your company subsidized, by all means invest as much as you can. That is free money. But don’t overweight your portfolio with company stock. What happens if your company goes under? Not only is your job income gone, but your investment portfolio is shredded as well.

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