Alberta is in a recession, which the province predicts will result in the loss of 15,000 jobs, but experts suggest focusing on five key ways to survive the recession.
Financial expert Kelly Keehn said people should always be concerned about their livelihoods, which makes most stay on guard.
Keehn suggests focusing on five key ways to survive the recession.
- Stay calm and don't panic.
- March into your boss's office and find out what you can do to keep your job, think of your company as your own and make yourself valuable.
- Get a line of credit / consolidation while you have a job, if you're laid off, it will be much tougher to get a loan.
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See where you can trim the fat on those little extras you can do without and negotiate more when buying items you need.
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Get the family involved and forgo major purchases.
Experts say if you're in an industry that's at risk, like the oil business, you may have to re-assess your finances.
"There are great deals to be had, I don't think we need to perpetuate this fear-mongering, however it's always a good time to step back and say, am I spending beyond my means?", said Keehn.
With files from Joel Gotlib
