What to do during a Recession?

Our government has confirmed that our country has slipped into a recession. What can we do?

I think

(1) Hold tight to your present job. Job hopping is only possible when times are good. Now times are real bad, be very glad that you have a job.

(2) Do not expect any bonus or increment for this year or even next. Be prepared to suffer a pay-cut than become jobless.

(3) Watch the money that is leaving your bank account or wallet/purse. Spend only on needed and essential items. Hold back your spending on big-ticket items unless is really necessary.

(4) Keep 6-12 months of emergency cash in case you become jobless. Companies will reduce or retrench staff to cut or save costs. Today you may be working. Tomorrow you may be at home
for a long time. This emergency cash is best deposited into a bank and used for emergency cases.

(5) Falling sick is inevitable during good or bad times. Falling sick at an economy downturn is worse because one may not have much money to cover the medical bills. Have a comprehensive Hospitalisation & Surgical plan (SHIELD) is a must as it helps to cover a portion of your big medical bills.

If you have any tips on how to cope with a recession, please share and thanks a lot.