Tuesday, December 14, 2010

Surviving Economic Slowdowns

The recent and seemingly on-going economic slowdown of the US is a nagging concern to the rest of the world. When the world's richest and most powerful nation sneezes, the others have to hold their breath and brace for the worst. Hardest hit financially and psychologically are the ordinary citizens and even businessmen. The impact of an economy going sour is mostly felt by the common citizenry. Losing one's job or seeing friends losing theirs is a gut wrenching experience.

I do too worry what the future brings particularly to job security and ultimately to my pocket. I have bills and debts to pay. I have future must expenses. How to manage and meet all of these obligations given my limited financial resources and propensity to buy things on impulse is really daunting.

Unfortunately we have little or no influence on preventing job loses or business closures.
So as they say it, better use our resources and energy on factors we have control of. I do believe we can survive better economic meltdowns armed with basic knowledge and skills on financial concepts related to budgeting, debt management and credit sourcing.There are non-profit organizations offering such help programs and services. At least I happen to read one organization offering debt consolidation course and services. Those experiencing credit cards troubles for instance may find the debt consolidation techniques and services particularly helpful. Well,if you have the tendency to incur debts or buy things impulsively, then it may be opportune to avail of credit counseling services.

Nothing beats however self restraint during difficult financial conditions. Simply put, acquire only the things you need. If buying can be posponed or deferred do it. However if self restraint is very difficult for you then better start browsing for outside help.

No comments:

Post a Comment