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1. Do not panic,think positive, and stay united.
Try your best to stay level headed, no matter how extreme the situation may appear. If you’re in a family, work together and come up with a plan that works for you. Set up a budget to guide your spending and saving.
2. Open your mind to additional income sources.
Build up income streams to create a buffer, if you haven’t already, to grow your income over your expenses.
See what works best for you and your circumstances:
- Get a second job
- Babysit or housekeep
- Start a business
- Sell used items on Ebay
- Freelance Your Talents
- Put Refund in a savings account as an emergency fund
3. Live within your means—not someone else’s
While you put more money in your bank account, consider ways to cut expenses. Start small and build from there. Avoid comparing yourself with others; it will only make you spend money you do not have.
Try to use deals and savings like:
- Zecco offering free trades in October
- Ways to Lower Your Heating Bills This Winter
- Save Money When Eating Out
- Free Voicemail Options
- Keep a Gasoline Spreadsheet
- Ways to Cut your Health Insurance Costs
4. Be careful with credit cards and reduce debt.
Don’t rely on your credit cards to carry you through this mess. Ask yourself, ‘Can I afford it?’. If you can’t, wait and save. Call your credit card companies to lower your interest rate and to work on a doable payment plan. Use your credit cards wisely.
- Key Steps You Can Take Now To Get Out of Debt
- Understand Your Credit Cards
- Top 5 Credit Card Mistakes
- Cut Up the Credit Cards
- The secrets credit card companies DON’T want you to know
How are you working through this economic mess? What tips can you share?
Attentional References:
- Multiple Income Streams at The Dough Roller
- 11 Great Ways to Earn More Money at Free Money Finance
- A Guide to Making Passive Income at Freelance Switch
- Extra Income Guide at Moolanomy
- How to Make Your Income More Passive at Frugal Dad
- 5 Ways to Get Out of Debt at Green Panda Treehouse
- 10 Ways to Pay Your Debt Off Faster at Cash Money Life
- The Beginner’s Guide to Living Debt Free at The Wisdom Journal
- Extra Income Guide @ Moolanomy
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Pinyo 09.25.08 at 2:50 pm
Great guide to help us through this economic storm. I think frugality, debt reduction, and making extra money on the side will be very important over the next few years.
Patrick 09.25.08 at 7:09 pm
I agree with Pinyo. If you live within your means, pay down your debt more quickly, and look for more sources of income, you are building a strong financial foundation that should weather most economic downturns. Very solid advice here!
Check out Patricks last blog post..Blockbuster vs. Netflix
Green Panda 09.25.08 at 8:44 pm
@Pinyo: I hope that some good will come out of this financial crisis. I hope people will see that being in control of our finances is a wise course. Your income guide is a real help to help brainstorm ideas.
@Patrick: Thanks Patrick. Decrease your debt free up money for building wealth. I hope people take a look at your debt reduction post.