The USA may have elected Obama as the new president and people may have been distracted by the current economic trends and the recession.  However, the problem has not vanished and the outcome is still unclear.  Ehow has put together a fantastic list of 5 steps to prepare yourself in times of a poor economy:

Step 1
Research your likely job stability and switch sectors if necessary. Jobs likely to survive a recession include health care jobs, government jobs and teaching positions, among others. Risky jobs include construction/ building jobs and jobs that rely on excess cash in the economy, such as those that supply or retail luxury goods. 

This is probably the most important step for the EFL teacher.  For many of us, our job is not just a steady income, but also the means to housing, airfare, healthcare... If the our job falls victim to the economy, it is best to be aware before hand. 

First, realize your jobs stability: at a government school or university, your are generally secure.  At a large chain of schools, you are generally doing alright (but remember what happened to NOVA Japan).  If your school is new and stand alone, you may want to be more observant. 

Second, be honest with your boss.  Explain that you are concerned about the current economic recession and would like to know how the business is doing. 

Third, be on the lookout for signs your school may be having financial difficulties.  Perhaps your paychecks are later than normal, perhaps the receptionist or the teachers aides have been let go to help ease the financial burden or even a dramatic drop in student enrollment...

Step 2
Pay off debt and build up savings accounts. Since cash is tight during times of economic recession, it is important to prepare for the proverbial rainy day while you still can. Get rid of as much debt as possible, especially unsecured loans such as credit card balances and lines of credit. Small sacrifices now will have a large payback later.

Many of us EFL teachers have student loans to pay or other personal debt in our home country.  A drop in the economy and the value of your host country currency falls, our loan payments become that much more of a burden.  Keep an eye out for the best times to make currency exchanges (that is, when you do not loose as much in the exchange).  Perhaps it is best to decrease the payment size or use your savings back in your home country to pay for a month or two during the dip in the economy, rather than depending on your current fluctuating salary.

Step 3
Learn to live on less than your income. You may see pay cuts in your job during an economic recession, so look now for way to trim your budget as much as possible.

Most teachers may not experience a pay loss directly, seeing that we have a signed contract for a set salary, however your next job may.  On the other hand, currency fluctuations, and inflation may cut your salary just like a direct pay cut.  It is best to save as much as possible while you have the cash and make currency exchanges during the most opportune times.

Step 4
Downsize vehicles and sell luxuries such as jet skis and sailboats. During an economic recession you may not have the funds to enjoy these things. If you are able to sell them now, the money could go a long way to help you prepare for an economic recession. Skip your annual vacation as well as you prepare for an economic recession; put the cash in the bank.

Most EFL teachers live quite simply, no big vehicles or outrageous toys.  However, our airfare can take a serious dint out of our bank.  Perhaps, skip your yearly vacation and pocket the money for when times are better.

Step 5
Learn how to prepare food (bake bread and make chicken stock, for example), fix the roof and repair household items. Since an economic recession means that money will be tight, learn how to do the chores you regularly pay others to do. - eHow

However, eHow did not mention step 6:  Don't panic, use the recession to your advantage and do not run to book your next flight.  However, it is important to protect yourself by having foreign currency if the current country you are in does not look too bright economically.   Some US dollars or Euro put in a safe place can be like gold if you decide to buy that plane ticket in the months to come.

Keep an eye on the currency exchange rates.  You can track daily currency rates and even compare the histories through Oanda FX History a fantastic tool.

1. Intro: Economic Woes and the EFL Community: The concern
2. Economic Woes and the EFL Community: Hardest Hit EFL Destination Countries
3. Economic Woes and the EFL Community: Hardest Hit English Speaking Home countries
4. Economic Woes and the EFL Community: Prepare and Protect (Current)
5. Economic Woes and the EFL Community: Concluding Remarks