Your Economic Meltdown Survival Plan Starts Here
Your economic meltdown survival plan will help you weather the global recession that seems to have everyone running scared. Economists say the current financial crisis is the worst since the Great Depression of the 1930s. And worse yet this recession is not expected to end for at least another year.
Enough of the bad news. No matter how bad the economy gets if you can develop new financial management habits you will be able to weather the storm and come out better when the crisis ends.
So what can you do during this time of financial uncertainty and record unemployment? The truth is,there are really no secrets or magic answers to staying financially sound.That's right, the answers are really simple but many people are not going to want to hear it.
In this lens I'm going to give you advice much like your grandmother would. I'll teach you simple ways to save more of your hard earned money,build an emergency fund,and get out of debt as quickly as you can. If you'll follow this advice and learn how to live within your means and stop wasting money,you'll likely discover that you already have more money than you think you do.
Read on for some no nonsense ways to survive the recession and develop your economic meltdown survival plan.
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Table of Contents
- If You Don't Have An Emergency Fund You Should Start One Now
- Cut Your Unnecessary Expenses
- Stop The Meltdown. Don't Spend Money You Don't Have
- Pay Off Your Debts As Soon As You Possibly Can
- You Can Become Debt Free
- Dave Ramsey's Advice Can Help You Avoid An Economic Meltdown
- Conserve
- Uplug Those Unused Electronics!
- Shop Online to Save On Gas
- Easy Ways to Save Money On Gas
- An Economic Survival Plan Is Not Rocket Science But It Requires Dedication
- Bookmark This Lens
- More Lenses From The Recession Survival Guide
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If You Don't Have An Emergency Fund You Should Start One Now
In An Ecnomic Meltdown You Must Get Into Save Mode
If you don't have an emergency fund you should start one now. Financial experts disagree on how much you should have in your emergency fund but obviously more is better. Most advisors are recommending having 6-8 months worth of expenses in a bank savings account.With unemployment rates at all time highs everyone needs to have enough money to pay their household expenses for several months in case of a loss of income. If you were to lose your job in this economic climate it could take months to find another one. Your emergency fund will save you financially in a worst case scenario.
If you think there's no money left at the end of the month for saving you should look again.Frivolous spending has no place in your life in this shaky economy. Giving up things like a fast food lunch and that $4 morning latte can add up to hundreds of dollars a month.
Every penny you can save adds up over the course of a month. Don't stop until you have at least 6 months worth of your regular expenses saved.
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Cut Your Unnecessary Expenses
Telephone And Cable Television Can Be Cut Back Or Stopped
Recession Survival requires a frugality mindset. Cut out everything that's not a necessity.Expenses such as cable TV in every room of the house should be re-evaluated in a financial crisis.
Consider canceling your cable or satellite or at least return to basic service.
Multiple cell phones are not necessary and can be stopped or at least cut back.
Try prepaid cell phone service to save on your monthly bills.
If you can do without a land line telephone cancel it.
These tips could save you hundreds of dollars each month.
Stop The Meltdown. Don't Spend Money You Don't Have
Retire The Credit Cards
Starting today, if you don't have the cash then don't buy it. It was good enough for our grandparents and it's what we need to do if we want to return to prosperity.Continuing to charge on credit cards that have double digit interest rates is just a foolish thing to do in an economic crisis. Many financial institutions are raising interest rates and lowering credit limits on customers that pay late or carry high balances.
This one seems like a no brainer but deficit spending,both as individuals and as a nation is what got us into this mess in the first place.
Pay Off Your Debts As Soon As You Possibly Can
Staying Debt Free Is the Best Way To Stay Recession Proof
Many experts,such as Dave Ramsey,advise paying off the lowest balances first. This will give you momentum and a confidence boost when you realize that you do have the discipline to get free from debt.
When the smaller accounts are paid off you can start working on the larger credit cards and your car loans. You can do this. It may take a while but don't get discouraged.
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You Can Become Debt Free
We're Debt FREE!!!!
After following Dave Ramsey's Debt Snowball steps, we finally paid off almost $55,000 of debt in only 9 months! We made a fun video 'dramatization' of what it would be like if we called Dave Ramsey on his radio show to talk about how we did it and scream "WE'RE DEBT FREEEEEEEEE!!!" For more details on how we did it, check out my website at http://www.hughsung.com/prosperousmusician/prosperousmusic.php?itemid=993
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Dave Ramsey's Advice Can Help You Avoid An Economic Meltdown
The Total Money Makeover: A Proven Plan for Financial Fitness
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The Total Money Makeover Workbook
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The Financial Peace Planner: A Step-by-Step Guide to Restoring Your Family's Financial Health
Amazon Price: $11.05 (as of 01/03/2010)
Your Money after the Big 5-0: Wealth for the Second Half of Life
Amazon Price: $10.39 (as of 01/03/2010)
Dave Ramsey's Financial Peace University: 91 Days to Beat Debt and Build Wealth!
Amazon Price: (as of 01/03/2010)
Conserve
Living Wastefully Makes Economic Hard Times Worse
I just saw a woman on Oprah who said she cut her electric bill in half by unplugging things like her TV and coffee pot when not in use.
Set your thermostat higher in the Summer and lower in Winter for huge yearly savings.
Uplug Those Unused Electronics!
Shop Online to Save On Gas
Driving Less Can Save Thousands Every Year
The average American family spends $4000 a year on gasoline. Add in car maintenance, oil and tires and the costs rise quickly.Driving less is an important part of your recession survival plan. Shopping online or by mail is smart because it saves time and money. Shipping costs are usually a lot more affordable than repeated trips to the mall.
Easy Ways to Save Money On Gas
An Economic Survival Plan Is Not Rocket Science But It Requires Dedication
Changing Your Financial Habits Will Help You Prosper In Any Economy
Just because the economy is in a meltdown doesn't mean your personal finances have to be.
The tips in the Recession Survival Guide will help you develop your economic meltdown survival plan and weather any financial storm.
Bookmark This Lens
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Reader Feedback
Leave your Comments.I'd Love to Hear From You
How's The Economy Affecting You? Are You Already Doing Most Of The Things Recomended Here? Will You Start?
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- RecessionSurvivalGuide RecessionSurvivalGuide May 24, 2009 @ 5:35 pm | in reply to Fusion_Economics
- Thanks for stopping by. I look forward to reading your new book.
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Reply
- Fusion_Economics Fusion_Economics May 9, 2009 @ 7:37 pm
- Great lens! You have put together some very helpful tips for weathering the current economic storm. I have a lens on understanding the new global economy, and would love it if you'd stop by and say hello when you get the chance.
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Reply
- California_Dreamin California_Dreamin Apr 1, 2009 @ 11:45 am
- Great lens.
One way my family saves money is by not going out to dinner. We always celebrate special occasions at home. Cooking is a lot of fun, and home cooking tastes better than most restaurant fare anyway. What's more, it's not difficult to find a great bottle of wine for $20.00 or so, at least that's true in my country of abode, Japan.
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Reply
- RecessionSurvivalGuide RecessionSurvivalGuide Mar 14, 2009 @ 5:15 pm | in reply to susannaduffy
- No Susanna,they're not millionaires. People get in financial trouble living beyond their means. I did this lens several months ago and nobody seemed interested then. But now everybody wants practical common sense tips when it comes to money management. Even people who are wealthy are cutting back on frivolous spending. Thanks for commenting.
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- susannaduffy susannaduffy Mar 14, 2009 @ 3:52 pm
- I found this amazing to read. It really opened my eyes to the different ways that people live. Do people really have cable TV in every room of the house? Do they leave their appliances plugged in? And they have multiple cell phones and multiple credit cards? Are they millionaires?
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