10 Essential Money Skills for a Bad Economy

The economy only seems to be going from bad to worse and the worst part is there is nothing you can do. Well actually you can! Follow these simple steps to survive in this bad economy.

steps-to-survive-in-the-bad-economy

1. Set up a budget

Making budgets isn’t how most of us want to pass our time but devote some time to it and you will end up with better decisions about your money. A budget is the best way to know where your money is going. You don’t have to go for detailed budgets, just focus on simpler things and big picture.

2. Track your spending

As simple as it may sound but it can do wonders for your finances. You can keep a track of your expenses in a notebook or in your phone and this way you will know where your money is going. There are personal finance software available too.

3. Check your credit report

It is important that you obtain a copy of your credit records at regular intervals. In case there is some discrepancy, it will be brought to your notice and you have a chance of correcting such errors then and there.

4. Stop junk mail

If you think junk mail is just annoying, then let’s add to it that it can pose a threat to your financial health too. Many credit card apps are ripe for identity theft and some junk mails tempt you into buying stuff you had no intention to indulge into.

5. Optimize your bank accounts

The internet has turned out to be a boon for savvy users. It has now made it easier to find savings accounts that offer convenience such as good interest rates and special reward checking accounts.

6. Open an investment account

Given the current state of economy, it is a little scary to even think of investments. But the suggestion is not to invest in stocks or bonds. What is being suggested here is that you open an investment account and due to compound interests, even small and regular investments now will pay off huge later on.

7. Call around for better deals

Know what you are paying for your credit card, cable, cell phone and then find out better deals elsewhere.

8. Educate yourself

Visit a public library and borrow a book on personal finance. Now read it and once you are done chances are, you will have a better knowledge and idea of topics that interest you.

9. Set financial goals

Goals let you live a proactive life without being pushed around. It is essential that you set goals not just for your finances but in every domain of your life. At least, you will know where to go and once you do, the path to your goals will be less hazy.

10. Create a money file

It doesn’t necessarily have to be file. What is meant here is that you must have an easy and ready access to your financial information.
With these simple skills, you no longer have to rely on economy (at least to a certain extent).

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