CHRISTMAS is around the corner and malls are aglow with lightings and decorations while waitresses are dressed up as Santarinas in restaurants.

Yet this year, Christmas won't be the same. As I walked around KL, I couldn't help but notice that the decorations in most shopping malls in KL paled in comparison to before. Guess the festive season is affected by the economic slowdown and I may not be getting any fancy presents this yearend.

With the global stock crisis hitting hard this year, many big corporations globally have been driven to bankruptcy. A deja vu to the 1997 global financial crisis, many have tightened their belts and cut down on travelling this year to prepare for the tidal wave of instability ahead.

I was having this conversation with a friend's father recently and he shared with me some insights into the current global financial status and how Malaysia is not getting it any better than countries such as Australia or Singapore.

'This recession will definitely affect many people, though not as much as it would the Government, banks and big corporation with huge debts/loans. We still need to be more cautious with our spending. Being thrifty is wise. People should learn to react properly towards recession and not be afraid of it,' he said.

But what should we do in order to adapt to this change?

'There's nothing much you can do to turn the recession around. If you plan well, you are unaffected, or else your problems will be compounded. It is always a long-term plan for budgeting and saving. Expect the worst but be pleasantly surprised when things turn out not so badly,'' said Yeo, a Malaysian film student who is currently studying in Japan.

Here are a few useful tips to 'surviving' this depressing phase:

Dine in

Pick up the French culture by dining in instead. Not only are you able to grab this chance to do some family bonding, your purse/wallet will be spared and not be as dry as the Sahara desert. Splurging on fine dining is unnecessary, try Malaysia's favourite delicacies found at hawker centres instead. They are as good as any international buffet selection minus the high prices. Well, maybe not entirely the same but you will still be spoilt for choice.

Reduce weekly entertainment expenditure

Your belly will thank you for consuming fewer pints of beer during or after those happy hours. Visit your usual club on ladies night or during no cover-charge weekday evenings. Better yet, try a movie night out instead with some friends than hitting the bar where you will definitely spend your weekly allowance on booze that will in turn ruin your health. Karaoke sessions can wait .Just sing in your bathroom, it feels equally liberating.

Travel less

It's time to keep your passport and spend Christmas at home with the family. Hong Kong or Japan might seem a tempting choice for a holiday but why not pick up your camping kit and trek into our country's national parks for an adventurous jungle escapade. Or pack your bikini and sun block lotion and drive down to one of the many beautiful islands our country is blessed with like Redang, Tioman, Sipadan, Pangkor and many more. The choice is endless.

You don't have to go far to have a great time and now is the time to give yourself a great reason to experience the great outdoors instead of spending more money shopping in a foreign land.

Splurging can wait

I know it's hard not to whip out your ATM/credit card at the end of the month when your paycheck arrives. But it's better to save at the moment. If you see a dress in a designer boutique that you cannot live without but it costs a limb and a leg, well, take a deep breath and walk about for half a day around the mall.

By the end of the day, you would probably have lost the temptation and move on. Otherwise, return to that shop, get that dress and survive on instant noodles for the rest of the month.

There are many ways to stretch your ringgit and methods like taking the public transport instead of driving, making Internet phone calls instead of mobile phone calls, digging out your old clothes (vintage trend is in) and resisting a new wardrobe can help.