Since this is not my first recession, I'll pass on what I did. I made a decision in 1986, that I was through depending on a company or someone else for a job. And over th3 course of the next couple of years, started my own small business while at the same time continued working for a company. I worked seven days a week for two years and was in a position to walk away from the job. And I did.
I also learned to never have all of your eggs in one basket, and to constantly reinvent your business. Be flexible and willing to change. If one source of customers is weak, then spread out into areas that you have not served before. Remember, even during the great depression, there were industries and workers that prospered. Find a job or spread your business into the areas least affected by the recession.
I've bought two homes since 1996. And paid them both off. The best thing you can do for your families finances is pay off your house as soon as possible. If you have a 20-30 year mortgage, then go to a free internet site for loan amortization. Figure out how much additional money you need to pay each month to pay off the home in half the time. And then budget into your monthly bills that amount. If your payment is $1500 and by paying an additional $500 pays it off in half the time, then do it. Consider your new monthly payment to be $2000 and stick with it, Then in three years do this process all over again. That's what I did on the first home and I paid it off in seven years. On the second home, we put down a big down payment...1/3 and payed of the home in five years. Is this hard? No, you do however need to get off your a$$ and work harder. but the rewards far outweigh that problem.
Henry Ford was the first to propose a 40 hour work week and for some reason, most Americans believe a 8 hour work day for 5 days is their obligation to society and their families. What a crock. Spend anopther two hours each day working for the boss or go find a part time job for another 20 hours a week. And you can still sand dune. You just won't waste 20 hours a week in front of the boob tube.
Pay cash for everything but the big items and then pay them off before the interest kicks in and cost you more dough. Buy clothing and other items off the internet. I buy pants that are American made from American made material. Sure they are more expensive then Wal-Mart. But they last yfor years longer. And the internet sites often include free shipping and no sales tax.
To me all a recession does is force me to stretch a little.