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Being Smarter with Money during an Economic Crunch

At this time of an economic crunch, all of us are just looking for ways to conserve our resources. With more and more people losing jobs everyday, we should resort to creative and practical ideas on how we can cope with the crisis. The times after all, are indeed a-changin’.

Funds are definitely getting more difficult to stretch these days and more so if you’re the only one doing the stretching. In the family, the job of setting the budget usually belongs to the parents.

Parents usually don’t want their kids involved in the budgeting process because money matters are often pegged as an adult issue. On the other hand, this may not be the best way to manage family funds. It totally underestimates kids’ ability to participate.

Have everyone participate. Everyone can make a contribution. Based on your kid’s age, talk to them about the family’s financial security. You can give them suggestions on how to help the family adjust until things shake up. You might be surprised on how responsible they can be.

Snip up your credit cards. We all know how swiping easily becomes an addiction. Rule of thumb—if you haven’t paid your card bills, you can’t swipe your card again. Paying up card bills can take years if you’ve been very careless. The remorse you’ll feel with not being able to use your cards will build character and precious self-control.

Work harder. Don’t give your company any reason to do some cost-cutting at your expense. Be more proactive, productive, and visible–who knows, you might even score a promotion. Explore the possibilities of a salary raise and work on it.

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