19 SEPTEMBER 2019





THE PINCH OF MONEY SHOULD BE 'FELT' IN CASH AND 'DEALT' IN PLASTIC.



When the current economic scenario seems to be a repeat of many other recessions witnessed over the last two decades, it is time to ponder on what we can do to surpass, if not at least survive this so-called ‘downturn’.





Many factors seem to be taking center-stage from the slowdown in the automotive sector to the crisis on the China America trade war. The truth of the matter is that as an individual, you cannot control either of the factors but you can change the way you live and work to align to the current situation.


So, lets delve right in to see how we can tide over this period with grit, influence and determination.

  • Feel the currency:
  • One of the first priorities would be to make your money work twice as hard for you. You can do this by rewinding the clock to the period of 80’s upto the early 90’s where you often earned and paid for your bills in hard cash. Yes, you saw, touched and felt your hard-earned money as your salary may have been paid in currency notes. Further to receiving your salary, you would have then, allocated different sums of money for various household expenses and also a part for savings. The big psychological phenomenon of using hard cash as a mode of payment pinched us more then, than what it does in current times, even though the payouts are much bigger and exhaustive. The simple reason is that you transact digitally or virtually and cash is not visibly seen leaving your hands.

  • Convenience of transactions:
  • Though the average earner takes home a lot more than what he did in the past, it is not surprising to note that savings has not gone up in the same proportion. One of the main reasons for this situation is probably the convenience offered to us for transacting. We presently live in a society that is impatient and requires instantaneous outcome and hence we have fallen prey to plastic money, online fund transfers and now digital transfers that can be completed within seconds. Less time is spent on analyzing and prioritizing our spends. Therefore, there is a surge in spending, irrespective of the rise in disposable income in the hands of a common man.

  • While there may be technical reasons for recessions that have almost become cyclical and predictable, the approach towards encountering such slowdowns haven’t changed. We can have our spending trends analysed, personal investment advisers hired and do more but the keys to resurrecting ourselves lies in a simple solution – change the way we operate within the current economic framework. We need to be more prudent and work on some old principles which can also be incorporated in a digital way, if need be -
  1. Be aware of the current market trends and act accordingly, even if it means to be conservative.
  2. Be critical of our spends
  3. Continue to invest for the future.
  4. Be agile and adapt to new life styles which may not be flamboyant.
  5. Live within one’s means

This article is written by Willis Langford. An unbiased, result driven & passionate HR professional who has a flair for technology and keen interest in making this world a better place with a zest for life.