Category: Atlanta

The year 2020 has brought a momentous change to all of our lives. The coronavirus pandemic has caused a big shift in the fortunes of millions of people. The reason is because of the “r” word: Recession.

In this article, we’re going to tell you everything you need to know about recession, which is the economic condition that many experts say we’re about to enter into.

What Is A Recession?

Technically speaking a country is officially in a recession when its production goes from positive to negative. This is called negative growth of a country’s gross domestic product.

A recession is characterized by a number of economic indicators, including:

• Unemployment
• Housing bust
• Stock market decline

When Is The Next Recession?

Many economic experts believe that we are entering a recession. The reason they say that is because consumers stop spending.

Another sign is that businesses begin to slow down. They may also stop hiring and even lay off employees.

This creates anxiety in the workplace and other companies guard their budgets and people begin to cut back.

How To Prepare For A Recession

A recession is a terrible thing, but you can navigate it if you have a strategy. Here are three steps you can do to help mitigate the situation.

1. Cut Back On Spending

You don’t want to be spending a lot of money if you can help it. The #1 thing you need to do is stop spending money on things that are not necessities.

This would include things like:

• Subscriptions
• Gym memberships
• Going out to eat
• Shopping sprees
• Entertainment and recreation

2. Start Saving

This goes hand in hand with #1. When you cut back on spending, what you want to do with the money is start saving it. You’ll want to save on groceries and other things.

You could open a savings account if you can find a good APR. That way, you money can begin to accrue interest at a faster rate.

You’ll also need to put a savings strategy into practice. Here are some great tips.

3. Start Making Money

During a recession, full-time employment is something that only a relatively few people will be able to sustain. If you’re not deemed an “essential” worker, it may be tough to keep a job.

That’s why you’ll want to try to get some part-time work or a side gig to help pay the bills. Keep your eyes and ears open. There are plenty of opportunities to:

• Make Some Quick Cash
• Get Paid Online
• Work From Home

Final Words

Always remember that it’s not how you start, but where you end up. In other words, in a recession, it may get bad, but just know that it’s temporary. Things always bounce back. Always.

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Interested in other ways to save or make money? Check out our Money Section:

Georgia has made the decision to extend its satewide lockdown by four weeks, Gov. Brian Kemp announced on Wednesday, April 8. The measures are to ensure that the state is doing what it can to fight the rise of coronavirus cases. 

Update: Georgia Lockdown Lifted

The Peach State has been under a statewide shelter-in-place order that was to end on April 13, but that’s no longer the case.

It now extends to April 30, 2020. State and local observers are wondering if Kemp will allow it to expire, especially since he has re-opened Georgia businesses.

Georgia Extends State Of Emergency Until…

In extending the order, Kemp was joined by Lt. Gov. Geoff Duncan and House Speaker David Ralston. 

“To ensure the health and well-being of Georgians, I will extend the public health state of emergency through May 13, 2020,” Kemp said in a written statement. “This measure will allow us to continue to deploy resources to communities in need, lend support to frontline medical providers, and keep preparing as we brace for potential patient surge in our healthcare facilities.”

He added: “We deeply appreciate the hard work of Georgians who are sheltering in place, using social distancing, and helping us flatten the curve. We are in this fight together.”

The move comes as Atlanta was selected as a drive-through testing site for COVID-19 cases. The testing site, a partnership between the state, CVS and Georgia Tech, has seen long lines of cars as people wait to get tested for coronavirus. 

The actual test only takes less than 30 minutes, according to people who have endured the process.

Kemp’s original order has been met with criticism because of the appearance of a lax attitude toward the order from Georgia officials. For instance, Georgia reopened the beaches shortly after issuing the statewide emergency.