Tough times are here! It a period were prices are going higher by the days and despite the fact that prices are increasing, salaries and wages are not increasing. In fact salaries are decreasing because there a lot out there who needs the job we are doing at a cheaper rate. A lot of people are beginning to feel the intense pressure of the economic crunch.
Quite a number of people are losing their jobs and a lot of people are now wondering how these people will cope. I know of a family of six where the husband and wife has lost their job in fact they lost their job on the same day at different companies. So for now they are just their trying to think on the next step to take. The question a lot of people all over the world is asking right now is what if I loose my job? Where I live, a young couple of one year just gave birth to set of triplet (boys) but the sad story is that the husband and the father of these babies disappeared into the thin air the day he heard the new that his wife gave birth to a set of triplet. The most important question at this point is how do we cope with the cost of living during this period of economic melt down?
Acquire Special Skills
There are some special skill that will set you above your peers, these skills comes in different form they be skills to enhance your present job which will make you more valuable in your present place of employment or entrepreneurial skill which will help you as an entrepreneur or incase you loose your job. At this point everyone must first learn to keep their job.
Other Sources of Income
Another way to cope with cost of living is to generate multiple streams of income. There are various thing you can do to generate more income. You could get yourself into internet business like writing, pay too click, Opinion poll, free lance writing, Google adword and off course so many other internet business. There are also some other things you can do if you are not an internet savvy. You could write a book, you could also use your talents such as singing, comedy all these will definitely earn you (though a token) money if you can manage them very well.
Stop Borrowing
Attitude with money is also important at this junction, I would advise that no one should go borrowing or lending in anyway. Borrowing will only get you into more trouble for now. Avoid the use of cash card or borrowing from bank to finance a need. This will help you in reducing what you pay as interest rate.
Budget
Budget is very important because it help individuals to priorities what they need to buy in the order of their importance to you. Budget will help you save on frivolous expenses. It also helps you in monitoring money out-flow as well as in-flow. Budget will make sure you spend less money on item. There may also be need to reduce some budget such as traveling budget, entertainment budget and wardrobe budget if necessary.
Buy Cheap
At this period I advice that you buy cheap. Buy at store were items are placed on sales. Some brands will cost you more money so for now you can do away with those brands if you are sure it won’t ham you in anyway.
Reduce Energy Consumption
This is also important at this period. You can reduce you energy and utility consumptions. For example reduce electrical consumptions by swapping the use of electrical appliance to natural supplies. Swap energy consuming equipment with non energy consuming equipments.
All the points mentioned above require every individual commitment and responsiveness and it’s a sure bet that practicing all the above will help a lot of individuals and family keep above board and they will not sink or crash with the ecomony.