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Few Tips On Surviving A Financial Crisis

George Sterling | Tuesday, December 4th, 2012

Many of you may have already heard the warning spread out by financial experts about a financial crisis hitting us in 2013. These experts are not lying; they are infact trying to prepare you for the worst. Financial crisis cannot be avoided and we will all have to go through the outcome it will bring. With the next year just ahead of us and the financial crisis nearly here, have you started gearing up to survive it effectively? Following is a list of few tips that will help you survive the financial crisis with minimum damage.

Understand Your Needs and Wants

It is important to control your expenses otherwise you will end up spending a lot of money. To stop overspending, list down the things that are absolutely essential for your home to keep on going. Make sure that everything you think does not contribute to your needs should be out of the list. Whatever you buy, first buy the things needed then buy the things that are wanted by you or your family. If possible, save the money after spending it on your needed things. This will help you save a lot of money for less suitable financial times.

Finish off your debts

If you have any debts, the first thing you should do is reduce or completely finish them. Debts can be very tough to handle in unsuitable financial conditions and come this financial crisis, it will become impossible to keep up with debts that are too large. If possible, consult a financial advisor for help on how to secure enough money to keep away debts forever. If you are already in debt and cannot pay them off by the end of the first two months of next year, then make sure you do not take any further loans.

Secure secondary income

Now days, thanks to the internet, it is really easy to secure secondary source of income. This passive income can come from a website run by you or simply by writing a blog. There are also tons of part time jobs available on free lancing websites. Pick up a project from one of these websites that suit your skills and start making some extra cash on the side.

Try and reduce your expenses

You can easily reduce your expenses in dire situations. If you take the car to work, consider going on public transport. You can even use a bicycle to go to work if you have to. The metro station allows people to bring bikes with them on the train, so why not ride to the station and then go to work from there? If that is not possible, you can even try car sharing with your colleagues. Settle few days with them in which you can go to work together and pay expenses that occur.

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