1. Credit card: - Do not use credit cards to buy anything’s unless you have money in the account.
2. Savings: - Make a proper savings budgets plan and continue with your investments in PPF, EPF, SIPs and gold. Most importantly, this is not the time to be adventurous for investing in short-term equity.
3. Share Market: - Do not buy any shares now because it is a bear market. You will have to wait for 3 years to get returns of 10% p.a. you might lose everything in meantime.
4.House: - Defer purchase of house even from your own money as market is crashing. You will repent paying too much if you buy now.
5. Bank Loan: - Do not take housing loan or bank loan even if interest goes down. Remember, your loan is what helps the builders or others to jack up prices artificially. Do not take any bank or other loans to buy durables, cars, houses etc, because future is uncertain. Do not buy if you don’t have means to buy today.
6.Staying in Hotel: - Avoid posh hotels and restaurants where you pay 100% more just for so-called ambience for an hour.
7.Gift: - Do not indulge in gift culture by giving gifts indiscriminately. Avoid celebrating father, sister, brother, lover, hater, teacher day etc. They are only to fool you to spend.
8.PVR & Multiplexes: - Avoid multiplexes where you pay double. Go to regular theaters.
9.Jobs: - If you got calls from headhunters and felt ultra-confident about you. But with changing times, it is more likely that these calls will slow down. Even your own company may not give much of a hike in the next year. But it's time that you do not look at hikes and increments. Instead, be defensive about your existing job. Take jobs in your own town as far as possible, where you have place to stay
10. Most Important: - Ignore people who criticize this advice. They won't help you in need.
***And last but not the least, always be positive. Bad time will soon run away**
I got these points on Rediff comment section. It is really very interesting.
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