› Budget101 Discussion List Archives › Budget101 Discussion List › Survival guide for getting through tough economic times
- This topic has 5 replies, 6 voices, and was last updated December 19, 2008 at 11:34 am by .
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December 16, 2008 at 10:21 pm #267851
mizzo453
Here is my survival guide for getting through these tough economic times
The first thing not to do is panic. Don’t make any knee-jerk reactions or decisions regarding your finances. Take the time to think about your particular financial situation and act accordingly. If you haven’t in the past take the time to watch the financial news stations a couple of night a week. Stay in touch with what’s going on with the economy. Pay attention to any new tax laws that might help you. With a new administration coming into office make sure you know how any new laws affect you. Click Here To see Barack Obama’s proposed stimulus package and if it may affect you.
Manage your credit wisely. Try to use less credit when ever possible. Check your credit report often. Find out how you can keep your credit score high. Doing this will help you can get better interest rates if you need to obtain new credit in the future. Pay bills on time. If you are out shopping and have the cash or means to pay, stick to that. Don’t open an in-store account just to get a discount.
Credit-card rates continue to soar, often in the 20 percent neighborhood. Pay attention to your bill card issuers are changing the rates they are charging their customers. The rate change is generally higher. If this happens to you, call you Credit Card Company and complain. Let them know you plan on closing the account if the rate is not lowered if you have had the account in good standing for a long period of time they should comply.
In a downturn, however, families in shaky financial condition or uncertain employment may have to make a difficult choice. If your paycheck is steady and secure, then continue to whack away at credit-card debt. For people with unstable incomes or a chance of being laid off, try to find a way to put away more emergency savings. Continue to spend and invest, but be more cautious about it if you fear that your job or your company may be at risk. The shakier your job, the more cautious you should be.
Pat attention and be adaptable Change often comes with trying times. Be someone who moves easily through change. The more you stay in touch with the news and information around you the easier this will be. Try to have a backup plan no matter how prepared you think you are sometimes, unexpected changes can happen.
1. Spend only on the needs, not wants. This is a hard thing for most but be realistic with your self you know what you really need from what you just want.
2. If you don’t already track your money. Twice a day take the time to write down how much you have spent that day and on what you brought. This is a good way to see if you are making unnecessary or wasteful purchases.
3. Take the time to read your bills, such as your cell phone bill, cable, and utility bills. This is another area to find savings. Cancel any cell phone services you don’t use or could get by without all together. Learn your utility bill so you will be able to notice any strange charges, same with the cable bill. Look for new promotions with your cable company or your cell phone provider.
4. Set up a budget. Once you have been tracking your money for a couple of weeks you will be able to set up a good budget. You will have a better understanding of what it is you spend. You will be able to make a budget you can stick to.
5. Stop paying for things you can do yourself. If you need some work done around the house or to the car make some time and do it yourself. The most expensive part of home and car repairs is the labor. It might take away from some of your relax time but it will be more money in your pocket.
6. Plan your errands. Try to do as much in one outing. The more you can do the more efficient it will be on gas and time.
7. Change your entertainment. If you normally go out, find tings to do inside. Rent movies instead of going. If you really like the movie experience go to a matinee. Find new bars or clubs that have no cover charge. Drink a few less beers. If you go out a few nights a week stay home one extra night. If you smoke think about quitting. Not only will it have a tremendous health benefit, but also it is a big saving if you’re a heavy smoker.
8. Clip coupons when going grocery shopping. This can be a big savings. When you don’t have a coupon consider buying the generic brand instead of the name brand. Try to load up on bargains especially if it is a non-perishable item. Buy in bulk when possible. Clipping coupons extends beyond groceries there are coupons for just about anything you need to buy. You just have to take some time to find them
9. Take your lunch to work a few times a week. Instead of wasting those leftovers bring them to work and save on buying lunch each day. Buy sodas and snacks from the grocery store and bring to work instead of buying themThese are some things you can incorporate into your daily life that can help you have more money in your pocket. Times are tough right now and you should make every effort to conserve even if you don’t feel the effects right now. If times get worse or if you situation changes, you will have a process in place that will help. Always be on the lookout for opportunities that may help your financial situation.
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December 17, 2008 at 10:24 am #406329
jaime
Great tips! I think we all could use these.
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December 17, 2008 at 11:23 am #406334
faxonfive
Been practicing alot of these tips for a while now….excellent tips too!!
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December 18, 2008 at 1:13 am #406379
JoAnn
mizzo453,
Very good post–Very good tips that you have posted. -
December 18, 2008 at 7:45 pm #406428
beansthemama
Great post Thanks so much for sharing, great tips!
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December 19, 2008 at 9:44 am #406451
mardhines
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December 19, 2008 at 11:34 am #406460
mizzo453
Thanks guys ….much appriciated now make sure we practice a few if not all
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