The following is a transcript from Recession Rangers 101.
Recession Guru: The end of 2008 ushered in the beginning of 2009’s recession. This year’s recession is so widespread and many people both affluent and struggling have been affected by it. Today, I am going to teach you how to lessen your recession woes by introducing two real life recession Recession Rangers, Wei Wen Sng and Michelle Sng! Good morning Wei Wen, good morning Michelle. It’s very nice of both of you to volunteer for our show.
Wei Wen: Our pleasure, it’s a mother daughter bonding thing.
Michelle: -laughs- We’re very excited.
Recession Guru: Perfect! Now Wei Wen, as a student, you are a consumer of goods. The recession has probably affected you in certain ways, like for example, less pocket money? How do you cut costs?
Wei Wen: Well, as a result of earning less pocket money, I obviously have to cut costs. I go shopping less often, and I bring food to school now. However, one extremely useful trick I have in saving money is my accounts booklet. – Raises notebook- In here, I have all my purchases noted. This let’s me know how much I have spent and how much I have left. It’s very good for making me feel guilty about expenditure. I’ve saved up quite a bit from this. I also stock up on various discount cards and vouchers.
Recession Guru: And you Michelle, as a director of a company specializing in film commercials, how is your firm cutting costs?
Michelle: We are a free lance company that operates from home, and we are now cutting costs by purchasing less sundry materials, such as stationery. We also recycle paper now.
Recession Guru: Excellent, excellent. How would you increase the productivity of your company?
Michelle: We are taking on as many jobs as possible. It’s hard to increase productivity, because the about of jobs we receive depend solely on the market. So, if the market is weak, like now, we don’t get to increase productivity, so to speak. However, we try to do the best for every job that we get.
Recession Guru: It’s not an easy time. Wei Wen, how would you try to increase productivity as a consumer?
Wei Wen: I don’t really increase productivity as a consumer. I just try to save up as much as I can.
Recession Guru: That’s good. At least you save. Okay, thank you for your time Wei Wen and Michelle, good luck on beating the recession. let’s go for a break right now.
I love the way you did this! So sorry to hear you have less pocket money but at least your accounts booklet certainly goes a long way to teach you to be more financially aware! As the company works from home, maybe you can also link to the lowering of fixed cost, while purchasing less sundry items leads to lower variable cost.
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