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Home › Articles › Financial Fitness › Surviving the Slow Economy

Surviving the Slow Economy

Tips for Navigating Turbulent Financial Times

By Teri Brown

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The most important thing for families to remember is that no matter what the state of the economy, economizing is a good habit that can always come in handy. And with careful planning, even the worst financial surprises can be survived and overcome.

5 Tips for Surviving a Financial Crisis from Money Management International
  • Establish priorities What must be done first? Obviously, spending must be reduced to the bare essentials. Overall spending must be evaluated. This takes a budget!
  • Keep a handle on credit and charge accounts What must be continued and which can be deferred? Notify and negotiate with all creditors for reduced or extended payments. Be honest and forthright. Explain that there is not enough to go around but you will eventually pay everyone.
  • Stop charging and overextending yourself You will not get out of this problem by attempting to get more credit. EXCEPTION: If you know that the income interruption is only temporary, then a small loan to tide you over is OK.
  • Protect your home and assets necessary to gain income once again This means you must make every effort to keep the rent or mortgage payments up to date (and utilities), along with the car payments, if that car is necessary to look for work. However, the second car or recreational vehicle or boat can go.
  • Consider selling assets to keep afloat What do you own that you can sell (including the gun collection, vacation home, boat and/or trailer)?

 

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