By Dr. Julie Ducharme
If you’ve been paying attention to what’s happening in our country, you’ll notice gas prices soaring and food costs at an all-time high. Despite claims that everyone is hiring, big companies are laying off employees, and even essential goods are arriving late. Amazon is struggling to maintain its two-day delivery promise. You might be feeling anxious, wondering how to cope with rising prices if your salary isn’t increasing. How can you afford gas, food, and essentials while still having money for your kids’ activities like sports and field trips?
Understanding a Recession
If you’re hearing the term “recession” and aren’t sure what it means or how it affects your job, don’t worry. A recession is a significant decline in economic activity across the economy lasting more than a few months. It impacts real personal income, employment, consumer spending, and industrial production. In simpler terms, a recession is when the economy becomes stagnant, leading to a disruption in the business cycle and affecting the overall balance of demand and supply.
Strategic Upskilling
Should I Get More Education?
Many women feel the need to continuously prove their worth by obtaining additional degrees. However, before enrolling in a second Master’s program, consider whether it will provide a significant pay increase or a distinct advantage over your peers. Often, the answer is no. Instead, focus on strategic upskilling through targeted courses that enhance your current skills or prepare you for new responsibilities.
Examples of Strategic Upskilling:
- Social Media Management: If you’re taking over social media responsibilities.
- Leadership Training: If you’re moving into a management position.
Resources for Upskilling:
Synergy Learning Institute: Offers a variety of practical courses. You can check out www.synergylearninginistute.org for upskilling.
Evaluating Job Opportunities
Should I Worry About My Current Job?
When job hunting, focus on how a potential job aligns with your long-term career goals rather than just the salary. High-paying jobs often come with increased responsibilities and stress. Ensure the job supports your career progression and aligns with your 1-year, 3-year, and 5-year goals.
Job Security Strategies
Become Indispensable:
Make yourself a vital asset to your company. Employees who are seen as irreplaceable are often the last to be let go during cutbacks. Always have a backup plan and diversify your income streams. This approach ensures you have alternatives if your primary job is at risk.
Develop Multiple Income Streams:
Engage inside gigs or part-time work to ensure you have backup options if your main job is compromised. This can provide financial stability and reduce stress during economic downturns.
Financial Management
Budget Wisely:
Create a strict budget to manage expenses, prioritize essential spending, and look for ways to cut non-essential costs.
Build an Emergency Fund:
Maintain an emergency fund to cover unexpected expenses or periods of unemployment.
Mental Health and Family Well-being
Maintain Work-Life Balance:
Choose jobs that allow for a healthy balance between work and family responsibilities. Good mental health is crucial for both professional success and personal happiness.
Lean on Your Support Network:
Rely on family and friends for support and share responsibilities to reduce stress.
Prioritize Self-Care:
Ensure you maintain your mental and physical health through regular exercise, adequate sleep, and stress-reducing activities.
Final Thoughts
Navigating your career and parenting in a tanking economy is challenging but manageable with strategic planning, continuous learning, and financial prudence. Stay flexible, keep upskilling with purpose, and maintain a healthy work-life balance to ensure you and your family thrive despite economic uncertainties.
And as I always say ladies, Live, Love, Laugh and Always be your Authentic Self.
Dr. Julie Ducharme
Author, Leader, Serial Entrepreneur, Speaker
