In the first part of this article, we discussed 5 ways to survive and even thrive in tough economic times. In this article, we want to outline 5 more ways to use your skills and talents and knowledge you gain about managing your money to increase your income and make the most of what you have to live better for less.
6-Find a second job, or have the family members go out to work too.
Ask your boss if there is additional work requiring overtime. If you have teens at home, perhaps they can apply for part-time work after school or on weekends, or assist neighbors by babysitting or dog-walking. They could also start helping to save for their own college fund, or, if they are already in college, can go onto work-study.
You might also be able to find a local part-time job, or work as a freelancer, coach or consultant, either online or in person in your spare time.
7-Make savings automatic.
In these days of Internet banking, it has never been easier to contribute to a saving account. Set up an automatic withdrawal and deposit into an emergency fund or other account that bears interest, and keep it for emergency situations that might arise. Money in the bank gives you far more security than a house full of possessions. (Just look at the poor people down South who have lost everything in the past year due to tornadoes if you don’t believe us.)
8-Stop confusing a sale price with value.
Avoid being carried away by sale prices. You really don’t need most of the things the advertisers are trying to lure you into buying with the promise of great prices. Learn to say yes to savings and no to spending to help meet your family’s financial goals.
9-Set your priorities and stick to them.
We pay attention and focus on things that are important to us. If you decide you want to be debt free in a year, start breaking down the steps to take to make this happen. If you want to save for a vacation, or invest more, you will take steps to make these goals a reality as well.
10-Remember that YOU have the power.
It may seem as the recession happened like a bolt from the blue and that none of it is our fault. But if you check, you will admit that perhaps your spendthrift ways helped trigger your family’s financial crisis. If this is the case, never lose sight of where you have been and where you plan to go. Set clear financial goals and then take practical steps to achieve them. It will not happen overnight, but even just having a plan and a budget can help you weather the storm of the recession.
It is easy to start feeling pessimistic about the recession and how it has changed so much of our lives, but the fact is that people lived through the Great Depression, and we have lived through a couple of smaller recessions in the past 10 years. Things will improve, but it will take time, and so we need to be patient, because as of yet, there is no substantial sign of significant recovery.
For your own household, it will happen sooner, the sooner you get a handle on your own debt and spending, and switch to saving as much as you can to ride out the recession. Being confident that you can help yourself will also mean you taking positive action to improve your situation by starting your own business or finding a second job.
For more great ideas on how to survive and even thrive in this recession, see:
For more information on how to start an emergency fund, see: How to Build an Emergency Fund For Your Household Finances (More for Less Guides)