Tuesday, 11 February 2014

Are you into Economic crisis? How you can live up within your means?

Recession, Financial crunch, Layoffs, Bankruptcy are the buzzwords rattling our life frequently. As it is unavoidable in today’s World, are we prepared to survive these effects? What precautions we took in our daily life to face these crisis? Are we simply blaming our economic leaders and sit on without taking any actions in our lifestyle? What differential thought we brought to survive in these turbulent times? Remember, this is a cyclic effect which happens once in every 10 – 25 years around the World. It is our responsibility to take actions rather than passing onto others.

I believe, People those who have the habit of saving at least 10% of their Paychecks can easily get rid of these crisis. The only challenge for them is how they are going to stick their jobs to meet the daily expenses. These are the People who have no Mortgage / Car / Personal loans, Liability in Credit cards etc. Just they need to live on with their sliced out income due to the economic impact. But for others, this is really a difficult time. I have given below few tips, hope it helps to pass through the crisis times.

1. Stick on to your current job. This depends on how you are making yourself more valuable in your office. Share more workloads and create an impression that you can be employable in one or other ways. Simply, you need to market yourself in such a way that you are the last one to wipe out from your office during extreme difficult times.

2. Even though you have a job, look for a Part-time job. This will help you to pay back your debt in fast track and it will help you as a prime source of income if you loose your main job. Learn new skills especially any Technical / Language skills. Remember, this is the one makes you always employable.

3. Speak to your partner and make her / him to find a suitable job if they currently don’t. This will ease your burden at difficult times. As a thumb rule, both of you won’t loose the jobs at the same time unless otherwise you are both employed in the same office and it gone for bankruptcy. Both should work, but at the same time learn to live with one’s income.

4. Spend Less, Save More – This is the key word to have better and consistent Life style all the times. Plan your finance and find ways to cut down the cost. Learn to invest and reap the benefits at right time. Early planning helps to achieve Financial Freedom in your life before retirement.

5. Find out discount stores in your area and try to buy everything at discounted price. You can get the items at cheaper rate if you buy bulk in these stores. Start using prize coupons wherever possible. Don’t shy away going to crowded malls to buy the items at cheaper price.

6. Track down your spending. This is the simple way to cut down your unnecessary bills. Avoid using Credit cards, new loans etc. Remember, if you buy things you don’t need, you will soon sell things you need.

7. Clean-up your home and list out the items you never used in the last one year. Bring them into your living room and take the stocks. You will get amazed, how much things you bought without any use. Sell them immediately and pay-off your debts. Yes, if you haven’t used for the last one year then you never going to use it in future.

8. Cultivate the habits of reading / listening news everyday. This will help you to know what’s happening around the World and you can take timely action. Get involved in Group gatherings in your area and start building good networks to discuss financial planning. Learn to use Internet for Networking. Who knows, the help you need might come from anyone.

Most importantly, don’t get panic and get into stress. Be confident, plan ahead and execute well, I’m sure you will survive and surpass any crisis in life.

25 comments:

Marta said...

Hello from Spain: Great advice. We have to save more and spend less. Keep in touch

JoJo said...

I used to be in fairly decent financial shape. But divorce, and major move back to the east coast has left me in financial ruin and a ton of debt. My savings and retirement are gone, I lost my house to short sale, and work is impossible to find here. My fiance' supports us very well, but we are check to check. Every time we think we can get ahead, something major happens to his truck or whatever. It's very frustrating.

Beatrice Euphemie said...

This is very good advice! I wish everyone could read this! I have paid off the mortgage and auto loans and now working on the credit cards and living within our means. We all have to be responsible for ourselves as much as possible. xo Karen

My Garden Diaries said...

This is such an awesome post....I could relate to so many of the tips and learned several things too!! We all need to pull back...I recently started making bread because a 10 dollar bag of flour which will make more than 6 loaves is about 4 dollars the same price as one loaf from where we get our bread at the store. I am trying to find little savings like this as I go along....you inspired me with this post! Nicole xo

Launna said...

Some very sound advice John... I think we all need to step back and start paying attention to our money... I am making a plan this week :)

Julia said...

Good advice.
JB

Bob Bushell said...

Hard work, huh.

Loredana Donovan said...

This is great advice! Thank you for your comment. Maybe mother nature does ice sculptures. Smiles :)

WordsPoeticallyWorth said...

An interesting post that I enjoyed reading.

Thank you. Love love, Andrew. Bye.

TexWisGirl said...

i try to remain conscious of my spending, always. growing up poor, i learned not to waste. :)

Pat Hatt said...

Being in debt sucks a ton. But the cat is trying to get on out.

Debbie said...

what a great entry!! you have shared some extremely helpfull tips!!

Betsy Adams said...

Great advice for everyone... So many people (at least, in our country) are deep in debt --using credit cards to the max... Kinda sad to see this happening so much... Even our crazy Government is living WAY above its means --just borrowing more and more money... And, because of our Government, many more people are now on 'welfare' --not working or willing to work, expecting the Govt. to take care of them... Very scary --since my ancestors here worked hard (as many jobs as needed) to stay on budgets and never expect the Govt. to pay for their needs... Our country is really changing... Too bad! (Sorry for the rant)
Hugs,
Betsy

Theresa Mahoney said...

All very helpful hints! It took us a while to get our finances under control, but thankfully we have a great plan in place to keep us from sliding into the hole.

~~louise~~ said...

Good tips, John Paul! Thanks for sharing and thank you for visiting my blog:)

Sherry Ellis said...

This is a lot of good advice. Thanks for sharing!

Lady Lilith said...

Lol. I am all into the spend less and save more.

Kath said...

Great tips!
Thanks for visiting my blog and commenting.
Blessings :-)

Leigh said...

I dropped by to return the blog visit and thank you for the comment on mine, and I find a great post! It seems like a no-brainer, but folks just don't seem to get this. But then, it's a whole lot harder to cut back than to spend, I suppose.

Brian Miller said...

these are solid...and as much as we want to deny it our economy is heading down the same path it did before...temporary at best...and we need to keep these things in mind...

Chatty Crone said...

Well I wish I learned this a long time ago.

Franc Ramon said...

Spend less, save more says it all. We should always leave within our means so to be able to survive the economic crunch.

Mel Cole said...

These are awesome advice. We are slowly in control in our budget too.

Chubskulit Rose said...

Reading is something that I have to get back into.

Jhady said...

Great tips! I usually try to put away 10% of our income and also spending less than what we make works great too.

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