How to Survive in Today's Economy

Are you concerned about the economy? Have you lost your job? Are you not making enough for your lifestyle? These are very real questions many of us are asking! Here are a few tips to help you thru the hard times.

Instructions

Difficulty: Moderately Easy

1. Take a deep breath! The media usually overreacts to any kind of news. Ask relatives and neighbors if they have lived thru tough times. Don't panic. There are plenty of things you can do to get your finances in order.
2. Start by writing down every cent you spend. Take stock of your spending habits for at least a week. This step alone should be an eyeopener. We all spend money on things that are non-essentials. As you keep a record of what you are spending, hopefully patterns will emerge of ways to cut down.
3. Live below your means! The American culture is to spend every penny we earn and then some. Don't buy the expensive toys because you "deserve" it. In tight financial times, we have to be realistic.
4. Determine what is a need and what is a want. Cable TV is not a need. Necessities are food, housing, clothing and transportation. Coke is not a need--water is healthy--and it doesn't have to be bottled!
5. After you write down what you are spending, have a spending plan. Plan every dollar that you intend to spend.
6. Sell your car if you have a large payment. The average car payment is $460.00. Buy a more modest car--one you can pay for and use the money you save to get out of debt.
7. Do not incur new debt and get out of debt as quickly as possible. Live within your means and do not charge on credit cards.
8. Add another income stream! Do something to bring in more money for a short period of time. Get a second job--tutor--babysit--pet sit--write for ehow-- use www.ebates.com--Brainstorm and come up with ways to add to your income. Every member of the family over 12 could help!

Tips & Warnings

• If you can't afford to pay cash, you can't afford it.
• Know what you are spending and what you are saving.
• Have a plan.
• You are an adult and you can take care of your finances!