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Five simple tips on how to survive an economic crisis.

The world economic crisis took the world by surprise and caused a whole lot of economic tensions and instabilities globally.
I want to offer a layman's solution on how individuals and corporate entities can survive the economic meltdown;
* Dont Panic_ the mere mention of economic crisis brings fear and distress to some people; due to job insecurity, decrease in general income etc.
Panic in times of crisis retards an individual's ability to think creativily in order to profer solutions to an imminent problem. In order to survive this economic crisis, panic should be discarded.
* Reduce Cost: cost reduction simply means cutting the costs one can ' do without ' or the unnecessary costs of production. Unnecessary costs should be reduced by individuals and corporate entities to cushion the effect of the global economic crisis.
* Decrease Spendings: a period of global economics crisis is indeed not the best period to spend recklessly on luxurious goods. for one to survive the economic crunch, spendings on unnecessary and costly items should be abolished.
* Expand Income Sources: due to impending job insecurity and decrease in income, resulting from the effect of the economics downturn, it is wise for people to diversify their revenue sources, this could be done by taking up part time jobs. This will guarantee financial freedom.
* Dont Depend On Social Benefits: it is not advisable for people to rely on government social benefits during the time of economic downturn, its preferable for an individual to have a source of income, no matter how little.