Managing Finances During this Economic Crisis

What does everyone think about the economic situation these days? Even if surviving seems a lot harder these days, we must remember that we are not singled out – everyone is feeling the pinch as well. With prices of every imaginable commodity up, there is a need alter spending habits. For me, it’s helpful to know my real financial status. Are we spending more than what were earning? I have told my husband that we need to make it a habit to regularly list down all the things that we spend our money on revealing where our money goes and where we could cut back.

Our checklist has helped us see the things that we really shouldn’t have spent on.  For instance, I found out that I saved a lot when I started cutting back on expensive buys. If I have the urge to shop so now I make sure I stay within my limit.

The reason a lot of us are into some kind of financial crisis is because we have huge debts to pay off. We have to understand that it is wiser to get rid of debts than to save. Unpaid credit card bills and the like will only eat up our finances. Therefore, don’t let your credit card entice you to spend more than what you can afford. Instead, put your money where it’s safe. Motivate yourself to keep at least 5% of your earnings in the bank as a safety net.

Just curious, what are some things the rest of you are doing to cope with this financial situation?

Filed under: General Discussion | No Comments »

(No Ratings Yet)

 Loading ...