Michael Griffin recently asked:


This recession has everyone watching their finances very carefully. During a time when the stability of your job and income can be potentially wavering, it is wise to start paying attention to things you may have overlooked in the past. Whether you’ve lost your job, are on unemployment, or are concerned about the welfare of your family, there are some rather simple precautions you can take to ensure a greater amount of financial stability during this economic downturn. Outlined below are just a few (of several) preventative measures you can take.

Plan Ahead:

By now, we are all well aware that it is time to safeguard our money whether we’ve lost our jobs or not. Things are incredibly unpredictable during a recession and you should not fully trust your current source of income. Don’t put all your eggs in one basket so to speak. Consider taking a day or two and begin plotting a financial schedule/budget. Start with a list of your “required” items and then continue on with “wants,” etc. Most people don’t realize how clear things become once they are in writing. Start a budget and stick to it. Only buy necessities and begin saving, whether you need to at that moment or not. Think about putting your extra funds on a prepaid debit card instead of into your bank account, that way you can keep your funds separate and available during necessary times. Additionally, if you don’t have a bank account due to bad credit or other reasons, prepaid cards are a great investment, as they don’t come with any of the additional fees associated with bank accounts.

Shop Smart & Make the Most of What You Have

If you haven’t started clipping coupons or looking them up online, it’s time to start. Instead of going through your local newspaper for cut outs, just simply go online and search for anything you need a coupon for, i.e. “Charmin toilet paper coupons.” You will be amazed the savings that come from spending just a few minutes before each shopping trip to search for coupons. Also, many online stores don’t have brick and mortar locations but offer great savings. Websites are also getting hit hard by this recession with consumer spending being down and are offering free shipping, buy 1 get 1 free, and percentages off online purchases. These may be discounts not available through coupons or at your local store, so take advantage of them and search wisely. Consider designating a budget for online purchases and place that money on a prepaid debit card. With a prepaid card you can make purchases online safely and securely, and you can even use PayPal when needed. In addition to shopping wisely, make the most of what you have. Save leftovers for later or to make into other meals, tailor clothes at home to fit the season, or even watch your favorite TV shows and movies online instead of paying extra for them on your cable bill.

Consider Alternative Sources of Income

If you’ve lost your job or are worried about losing your job, start thinking about alternative ways to secure an income. Think about having a garage sell or selling some items on eBay. Additionally, there are stores like Buffalo Exchange or other resale stores that pay good money for old clothes, shoes, accessories, and furniture. Also, there are several ways to obtain a somewhat steady income online. You can blog on sites to review products and get paid quite decently for each post. You can also answer surveys online for money or even become a mystery shopper. When your customary source of income is no longer available, it’s time to get creative.

While this list is in no way an exhaustive list of options for money management during this recession, they are a good place to start. Start thinking outside the box and you’ll be amazed at what you come up with. It’s extraordinary the amount of money you can save when you put your mind to it. Good luck!



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