With the economic roller-coaster ride we’ve all been on, no one can ignore the fact that these are tough times. With the prices of gas, groceries and other necessities rising while companies make massive layoffs, it’s a good idea to prepare for the worst and make sure you and your family are well-protected.
What should your approach be? There are two main schools of thought here: make more money, or save more money. Ideally, you should be doing both. Here’s a list of suggestions to get you going:
Make your job fire-proof.
If you aren’t indispensable where you work, you need to change that ASAP. See if your employer will pay for education that can help you on the job–which will also help you
Get another job if need be.
See what else you can do to protect yourself at work, and if you haven’t gotten a raise in a while, build a solid case and ask for one. If your employer is suffering financially the chances of being successful are dim, but it never hurts to ask–respectfully.
Brainstorm ideas you can use to make money on the side.
You may be able to build a full-time business out of it, but at least for now you can get a little extra coin to help with expenses. What kinds of things do people regularly ask you to do for them? What skills or talents do you have? Building a simple WordPress website and using social media for marketing are easy (and free) ways to get the word out about your services.
Sell anything you don’t need, and put the money towards debts or savings.
Most people find they’re happier once they get rid of things taking up space in their home, like collectibles, unwanted clothing and appliances. Ebay, garage sales and consignment stores are good options for unloading your stuff.
Take a good inventory of your finances.
That includes our net income each month, your non-negotiable bills, interest payments, and discretionary spending. It might hurt to add up the numbers and see it all in black and white, but if you’re going to come out ahead, you need to know the facts.
Brainstorm ways to cut down the size of your bills.
Maybe you can move to a cheaper place and save on rent, get a cheaper phone plan, and use energy-efficient light-bulbs and appliances to reduce your utility bills. Buy groceries in bulk, and buy fewer prepared meals.
Negotiate better credit card interest rates.
Use all the money you can afford to pay off your balances so you aren’t carrying debt.
Tell friends and family you want to reform your spending habits.
Ask them to help brainstorm ways you can enjoy time together without blowing a lot of cash. If your typical outings with friends include dinners out, expensive drinks, shopping sprees and tickets to sports or theatre events, these things will add up fast. If the goal is simply to spend time together and enjoy each other’s company, you don’t need to spend that kind of money.