Today..UK is officially in recession..Recession is technically defined as two consecutive negative growth in the Gross Domestic Product (GDP)--> Telegraph.co.uk
While we..the students, being sponsored by various malaysian private and GLC companies (and also parents) are yet to feel the impact..
But isn't it wise for us to save some pennies for the rainy days?? Who knows that next year, perhaps we might be ordered to go back to Malaysia to continue our studies (like in 1997}..Or it might be next month..or it might be the very tomorrow (GOD forbids...waaaaa...)....At least some savings will spare us something in case of anything bad happens (well, I mean, financially).
Stop using credit card or debit card altogether for everyday use!!!!..
You may not realize how much you have spent every single week if you keep on using this eletronic money..You'd better start going back to cash (which I just started last week)....I'm surprised to see how fast that cash lasts in my hands.....Now, I'm starting to cut my daily expenses.... =)
The scale of this crises exceed vastly what Malaysia had faced during the the 1997 financial crises....It's only that , the effect on Malaysian economy has been quite slowly realized since technically Malaysia is only affected by the reduced exports to USA, Japan, China, EU..Our financial system is solid as the rock, at least for now (We did learnt a lot from 1997 recession, =p)..
Within the very few months from now, the nasty effect of the global recession will start to surface on Malaysian economy...
USA, Japan, and EU were officially announced to be in recession, late last year..Today it's UK...
ps:/ help Malaysian economy by putting your savings in Malaysian banks and PNB mutual funds.. =)..this will help to provide ample liquidity in the banking system..And buy more malaysian goods!!