This just in: Canada is in a recession.
In fact, nearly two months ago, The Toronto Star Business Reporter, Rita Trichur wrote that “Statistics Canada confirmed (that) the economy contracted at an annualized rate of 5.4 per cent in the first quarter. That follows a 3.7 per cent drop in the fourth quarter of 2008 meeting the definition of a recession with two successive quarters of declining real gross domestic product”.
So, the worst kept secret in today's financial news is finally out. But is it really the end of the world?
While experiencing a recession as we are now, many individuals tend to adopt a type of “cease and desist” attitude. That is, to stop spending as much as possible! But going through a challenging financial crisis doesn't necessarily mean that you can't spend any money at all.
Battling through a recession, of course, does take time, effort and patience and can put an emotional strain on people with all types of incomes. There are ways, however, to spend money wisely so that living through tough economic times doesn't have to be so uncomfortable. As well, certain types of spending can help turn the recession around.
We all have to eat, right? So what ways can we assure that our bellies are full while encouraging economic growth in your local communities? One way to battle the recession, according to Gomestic.com, is to purchase food from local markets and independent restaurants. Doing so, says the site, will “put the money directly into the hands of another local individual. Hopefully they will spend it locally as well, and in turn it will keep the local economy strong”.
This month, writers from the magazine, Time Out Kuala Lumpur came up with some very interesting ideas for beating the recession in an article entitled “102 Ways To Beat The Recession”.
Need a workout? Take advantage of fitness clubs and their free trial offers, says “the TOKL team”: “Most gyms let you try their facilities for a free trial period…reap as much advice from the trainers as you can during your tryout. Finally, pack it all up and hit the outdoor exercise stations with your newfound knowledge”.
The magazine also offers whimsical suggestions on how to save money. They include spraying yourself with sample perfume at fragrance counters before going out to dinner or reading a book in the comfy couches at Borders instead of buying one to take home!
The Synergy Merchant Services Blog will continue to explore ways to battle the recession in the coming weeks. Stay tuned!