Without further ado, a list of ways to survive financially during a recession:

Cut Back on Expenses

Adjust your spending habits. Look at your budget (do you have a budget?) and figure out where you can cut back. Cut back on eating out and going to concerts, but don't cut back on necessities! This might mean making the tough decisions, such as canceling your cable and ditching the house cleaning service.

If you're planning on buying something new, think twice before committing—you might be able to get by without it? Consider getting it used or refurbished instead of brand new. This can help lower the cost while still providing the same functionality or enjoyment as buying something new would give you.

Cut your expenses by 10% (or more). Start with the luxuries. If you're financially impacted during a recession, you can't afford to waste money on things that don't matter.

How many streaming services do you subscribe to? How often do you order food from Uber Eats? It's a lot easier to say "no" than it is to say "yes," so don't be afraid to put yourself on a budget!

Get Out of Debt

A recession is not a good time to pay off debt, but it is a great time to get rid of your credit card debt. If you can afford to make the minimum payments, do so. But otherwise, focus on paying off the interest-only loans and credit cards first, then work your way up to paying down any other debts that you have. Don't take out more credit card debt to pay off your old credit card debt. It will just make things worse in the long run.

Embrace Frugality

Frugality is not just about saving money; it's about making sure that every dollar spent is well-spent and that every purchase brings real value to your life or business. Start using coupons and getting more involved in the online deal communities. Keep an eye out for deals and pounce. Try shopping at thrift stores - there are so many great deals to be had and it's better for our planet too!

Side Hustle

Find ways to earn extra income—even if it's just a little bit, every little bit helps! There are lots of different ways to do this—you could sell items on eBay or Craigslist or take up a part-time job doing something like tutoring, landscaping or housecleaning. Or do freelance work for people who need help with things like writing blog posts or designing websites for them! Invest in your skills - It's never a bad time to learn a new skill, and it can help you stand out from the crowd. The more you learn, the more valuable you become as an employee.

Cut Down on Food Waste

Cut down on food waste by planning meals ahead of time, shopping for groceries when you're hungry (so you buy less), and making sure everything in your fridge has an expiration date before it goes bad so you don't waste food or money buying more than you need in the future.

Turn Out The Lights

Be frugal with your energy bills: turn off lights when they're not needed, use power strips rather than individual switches for electronics (and put them on timers), unplug appliances when not in use (like slow cookers, coffee makers), use blankets instead of space heaters where possible.

Sell Your Stuff

If all else fails and there just isn't enough money coming in from anywhere else, then perhaps it's time for some drastic measures: selling off assets. If your car is paid off, sell it and get something cheaper that's better suited for your needs (ex: a smaller car with better gas mileage).

The Fruits of Your Labor

If you are fortunate enough to have them, utilize your savings wisely. Make sure you're not just sitting on your money, but investing it and making sure that it's doing work for you. Invest some money in stocks, bonds and other forms of investment so that they will grow over time and help you build up wealth while the economy is down. Now is the time to take advantage of opportunities when they arise.

Focus on What Matters Most

When times get tough, it's easy to get caught up in spending conundrums. Return to your breath. Take stock of all that you are grateful for. And finally, remember this -spending money on experiences and memories with loved ones can bring more joy than any material possession ever could.