We all know that there are always going to be ups and downs in the economy and a smart saver plans for when things get rough. But sometimes you don't have the luxury of putting away a huge nest egg to get you through the current recession or low personal financial times. You've worked hard filling out R & D tax credit Canada forms for your company and still are only making ends meat. Well, here are some tips that might help keep you afloat during difficult financial periods.

Don't spend more than you earn. This seems like a simple tip that every smart person would follow but it's definitely easier said than done. You might have kids in school who need tuition fees paid for or your spouse has lost their job and you still have bills to pay. Many people buy things that they believe to be essential but can really wait. Instead of cashing in your alpha ETFs so that you can go with the rest of the family on a big vacation, maybe that can wait until next year. If your children are out of the house and still eating up a large portion of your income, let them know and work out a plan for them to support themselves a little more.

Refinance your mortgage. One of the first things that happens when a recession starts to set in is residential and commercial mortgage lenders lower their rates in an effort to stimulate the economy. If you're current rate is higher than what's being offered go in and refinance. Not only will this mean lower payments throughout the recession but that will continue when things turn around. Refinancing Toronto to Eugene is never a bad idea and can really make a huge difference in the amount you have to pay back every month.

Do your best to keep your job. When companies start to suffer in a recession one of the things they are likely to do is downsize their employees. Do your best to make yourself indispensable to the company. That could mean volunteering to stay late or come in on weekends or it could mean finding ways of saving the company money. You could suggest a discount postcard printing company to the advertising department or help to negotiate a better deal with the shipping company you work with. In a recession this is not about getting ahead, it's just about being low on the list when it comes to cuts.

The last tip is to just make sure that you're always aware of your financial situation. Take the time to check your bank statements and keep track of what everyone in the family is spending. This will mean that you'll likely be able to see a problem before it happens and can deal with it reasonably easily.