Despite the economy's continuing downward spiral, all is not lost. There is still time to learn how to survive an economic depression.

No, you won't have to panic in buying canned goods and storing rations in your basement. That's for an entirely different calamity. Besides, panic buying leads to more frivolous spending. Not exactly the way to go during an economic crisis.

I'm talking about smart and savvy ways you can cut costs without selling yourself short. You don't need to have a degree in economics or finance to understand how to survive an economic depression. Here, you'll find everyday tips that are easy to grasp.

1) Make A Shopping List.

When shopping for groceries, it is important to make a shopping list. Having a guide will help keep you from buying unnecessary items. For example, do you really need another set of plates? Or do you really need to buy another box of cereals? By sticking to your shopping list, you'll be more focused on what you really need and not on what's on the display racks.

Another grocery-buying tip is to NOT shop when hungry. Let's face it. When you're hungry, you just want to grab everything off the shelves. Don't shop when you're tired either. You might be tempted to "reward" yourself with extra items.

2) Take Care Of Your Debts.

You can no longer leave your debts hanging. Today onwards, you should start paying more attention to your debts. This is one of the most important factors in knowing how to survive an economic depression.

Examine your records and determine which ones you should pay off first. I recommend starting with the smaller ones just so you'd have less people knocking on your door in the future. While it's difficult to pay everything off at once, you can at least allot a certain percentage of what you earn into paying your debts off.

If what you're earning right now is hardly enough to get you by, there are other ways to earn extra income. Others have even sold some of their more luxurious items and replaced them with practical options, just to come up with some excess cash.

3) Get Into Gardening.

You might not think this is the best time to start a new hobby, but I disagree. If you want to know how to survive an economic depression, it's a good idea to learn how to grow your own food.

Even with a small backyard, there's nothing holding you back from planting a few vegetables. If you garden flourishes, you might even be able to make money out of it.

Learning how to survive an economic depression may require you to make a few small sacrifices. However, if the people back in the 1930's and 1940's could do it, I don't see how we'd fare any worse.