How to Alleviate Economic Instability

Member

By Melanie Lankford
User-Submitted Article

Article Rating:

(21 Ratings)

Fallen Economy

Stressed about the Economy? In this how to you will find 10 steps to help you ease your economic woes.

Difficulty: Moderately Challenging

Instructions

Things You'll Need:

pen
paper
coupons
newspaper

Step 1

Budget Worksheet

Create a budget and stick with it. The budget should encompass all mandatory expenses i.e. the bills, any savings goals you have, (this should eventually become a mandatory expense as well) and any must haves, which do not fall into the mandatory expense category, but you can’t live without them.
Step 2

Want Ads

Use caution if you are thinking about making a career move, unless it is a solid step up financially, you might want to hold off. If you do choose to make a career move, do your homework, assure the company has been around, is financially secure, and will likely endure economy instability.
Step 3

Money

Start carving away unnecessary expenses. If you are a two income family, you should consider bringing your expenses down, to fit within the smaller of the two incomes. Use the excess income, to pay down debt and start saving. This will assure, security if one of you losses your job.
Step 4

Luxury Vacation

Use caution, when making vacation plans, this is not the best time to take the luxury vacation, you have been daydreaming about. Try vacationing in your own town or state, you will be amazed, at all the activities you can have fun doing, right in your own backyard.
Step 5

Kids eat free

Start clipping coupons, to cut down on your grocery expenses. Shop the sales and consider purchasing store brand items. There are many discounts available for local restaurants. You’ll find things like kids eat free or buy one entree get the other half price.
Step 6

Stocks

Save, save, save, stock pile your savings. If, you are going to do any investing find stable sure markets. Keep your funds readily available, with little penalty for accessing them, should hardship arise.
Step 7

Credit Cards

Pay down debt, consolidate as much as possible and get rid of it. This is not, a good time to be racking up the credit cards, putting you into further debt. When you finish paying off one credit card, begin applying the amount of that payment, along with the minimum of another credit card, so you can pay it off faster.
Step 8

Frivolous Spending

Hold off on major expenditures and frivolous spending. Weigh the pros and cons of every purchase, even the small ones. This will heighten your awareness, of where your money is going, and help you to spend wisely.
Step 9

Garage Sale

Look to garage sales, flea markets, moving sales, and second hand stores for purchases. Second hand does not mean junk. As people face financially tight times, they often sale off their nearly new stuff, to better their financial situation. You will be amazed, at the deals you can find. If you don’t need it do not buy it. Look at bartering services with friends and family to help with needs.
Step 10

Rumpled Sheets

If you are still feeling the stress of your economic situation, a romp in the sheets with your spouse is still the number one stress reliever.

Comments

parksttaxpayer said

Flag This Comment

on 3/23/2009 ...unlimited nights and weekends; more people in the US have cell phones as their PRIMARY phone than landlines. It can be cheaper, and more cost-efficient to have a cell phone only!

on 3/23/2009 pay off the debt with the highest interest rate first. then attack the next! checking account-linked debit cards often do not have a line of credit attached, making it difficult to rack up charges/get into debt. I have a debit MasterCard with ING Direct and I have cut up my Discover Card; I can only spend what I have, and there's no fee! I'm also earning interest on my money! Spend less than you earn, and you'll naturally get out of debt! Also, most cellular phone plans allow unlimited night