5 (Kind of) Simple Things to Do This Recession

What should You (with a capital Y) be doing in this recession? Here's what I think:

1. Save. I know you hear talk about keeping an emergency fund -- but now is the time to really start working on that (my fave finance columnist Michelle Singletary will be so proud of me right now). Put away whatever you can until you have a few months salary. I know it's not easy; I am still working on it too. It took me months to pay off debt from my recent move, and it always feels like I'm just treading water. But now is (for real this time) the time to put some money toward paying off debts or creating a savings.

2. Contribute to your 401(k). Just about every day I am talking about how useless it feels to contribute to something with such bad returns, and just about every day one of my co-workers, or myself in the mirror, reminds me that I am buying cheap and it will get better before I retire. I know we can't afford to buy a ton of stocks on our own, but the built-in investment opportunity of the employee retirement plan is a perfect place to start.

3. Keep your resume updated. Seriously, is it rotting away somewhere in a Word file last updated in 2005? Are you still working on that Web site (it's OK me too)? Be aware that things like having a Web site or knowing how to send your portfolio (depending on your career) digitally are important. So be ready for that. The last thing you want to do is get laid off and be completely unprepared. My fellow Generation Y blogger Teresa Wu offers great resume tips.

4. Stop making recession excuses. Just becuase the economy is down doesn't mean you can't develope yourself professionally. OK, I believe you, it might be a tougher job market, but it doesn't mean you shouldn't go for opportunities. And jobs aside, there are other ways to improve your life and your career. You could blog for free (woo!) or do something else that improves your skills while waiting for the economy to improve and your big break to happen.

5. Don't worry. This is out of your control. You can control you and not the plummeting economy. Drink cheap champagne and toast to the Great Recession.

Cheers.