The New Year is just around the corner and the whole world will celebrate it with much struggle. What I mean by the word struggle is that most of the developed countries are in crisis right now as seen in one of my previous article. Developing countries are also widely affected, though not so much as compared with the developed ones. To survive the struggle this forthcoming year, I am posting some tips for you that I hope may be applicable to you.
Applying this approach to our own individual financing is appropriate now by building up on our savings. The economy is in a downtrend and there will be employment loss, lessening of income, etc. and a plan of increasing savings will really come in handy.
With a good cushion from the savings accumulated, this will help us to be in flow with the hard times. It does not necessarily mean that with good preparation and suitable planning, we will not be able to experience the difficult trials ahead, but instead it will make each one of us more durable for the upcoming “storms”.
Your monthly expenses should be regularly checked against the savings made so that you may make an alternative plan on what to do in case your income suddenly ceases. It is a good sign if the savings you have will make you last for more than a year.
For those with little savings, we must exert that extra effort in increasing up on the savings. The best way is to minimize spending. Tightening of the belts should always be done and a stricter lifestyle should be followed. You may easily minimize spending if you are really definite in achieving your goal. You do not have to sacrifice your lifestyle; all you need to do is be creative.
Also find time to explain to all the members of the family that some things will eventually change in the expenses of the whole family. Make them understand that it is for the best interest of everyone if these important changes are done on how we will live our lives today and in the future. Reduced expenses and surplus outcome will serve as the buffer for the family to prepare ourselves for the bigger trials ahead. Remember that the bigger the savings surplus, the better for all.
For example, you may be able to have a momentous summer vacation in a more affordable place and within the budget against an expensive out of town or out of the country trip. Time with the family during the outing is much more important than the location of the vacations.
Eating home-cooked special meals is better than eating out in restaurants. These meals cooked at home cost little as compared with meals eaten in restaurants. Ways on cutting down the expenses on groceries and other bills will also help.
There are other outstanding ways on cutting down expenses if you really want to. If we are prepared for whatever storm that will come, why would we worry?
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