Bracing for tough times

Recession, depression, downturn in the market — no matter what it’s called, there’s less money going around. Taking the right steps now can help you get through what might be a bumpy time.

If you’ve been considering a job change, perhaps to a middle-management slot in the same or another company, give it long thought before you accept a position. “Last hired, first fired” could apply if your new company downsizes, and middle managers are most vulnerable. Meanwhile, be indispensable at the job you do have.

• Develop multiple sources of income. If you have a marketable mini-skill or hobby (small engine or appliance repair, sewing, home maintenance) that allows others to fix what they have rather than buying new, consider starting a part-time business. Invest in a few ads to promote your services and increase your presence in local groups. The more you’re known in places like church or social or service groups, the more opportunities you’ll have to spread the word and to hear what others are able to provide.

• Set up a trade system with likeminded others. If you can fix a computer, but your neighbor is good with oil changes or alterations, you both can benefit.

• Do it yourself where possible. If your local community college or chain hardware store offers classes in home repair, take advantage of those that will allow you to avoid the high cost of repairs.

• Sign up on Freecycle ( www.freecycle.org), a site that promotes the reuse of goods.

• Don’t take on any new debt. When magazine subscriptions expire, don’t renew. Get out of book clubs, gym memberships (unless it causes a penalty fee) and anything that involves an automatic expense each month.

Minimize the number of automatic bill-paying deductions you have coming out of your checking account. Write checks each month instead, staying more in control of your money.

• Take care of maintenance now for anything from dental work to roof repair to forestall big expenses down the road.

•Consider unemployment insurance to cover your mortgage.

•Imagine that your income is cut off tomorrow. Calculate how long you would be able to survive and pay your bills on the money you have now. Consider what a dollar means to you today versus what it might mean tomorrow.