Oil breached the $113 barrier today and there are no signs of it letting up. Food prices are spiraling across the globe, inflation is rising and consumer goods are on a downhill slide. Bangladesh and Haiti have already seen food riots. These are tough times and one should prepare for even tougher times ahead. Here are some tips for getting through the recession:
(a) First up: Save your job. Instead of just being there make yourself indispensable. The easiest corrective action for all employers is to cut the flab. Make sure the pink slip stays out of your way especially if you are in housing, infrastructure or finance.
(b) Save money on food items - buy seasonal items, cut down on snacks and non-vegetarian stuff, look out for better deals, cook larger quantities, reheat and eat leftovers, stop eating out.
(c) Save on Gas and Energy - Become part of a car pool, use public transport, try increasing the mileage by sensible driving, stop having hot water baths when avoidable, use CFLs, switch off lights and fans when not required, stop using the dryer and use sunlight instead
(d) Save on clothing - high time you started visiting flea markets and thrift shops. Staying in step with fashion is not going to be in fashion anymore.
(e) Start preventive maintenance of your equipment, you will spend a lot lesser than you would if it breaks down.
(f) Change your entertainment style- cancel your magazine subscriptions, clubs and gyms can be avoided, watch TV instead of renting DVDs, go for picnics with your family, hiking, walks etc
(g) If you or your spouse are not working, start looking.
(h) Pay off your debts now before it is too late, especially the credit card bills. You can borrow more if the need arises.
(i) Do some spring cleaning - you will find a lot of stuff that can be put to use rather than buying more. Not only that but also you may find things which you can sell if the need arises.
(j) Improve the safety and security of your assets. Bad times generally will get more crime. Protect what you already have.

You can't prevent the recession but you can definitely prepare for it.