1. Reduce costs
First of all, it relates to goods that are not included in the list of basic life necessities. Keep records of what you buy, where and how much you pay for those goods. Review the list of purchases at the end of each month and cross out unnecessary items.
2. Save money
Start to save money for unforeseen expenses. Analysts recommend to save around 10% of monthly income. Make sure that you automatically deduct the amount from your salary to avoid temptation of spending it. Postpone a small amount for entertainment – the nerve cells do not recover.
3. Look at all the services you use
Perhaps you do not really need the rate of cellular communications, with the possibility of sending an unlimited number of text messages, unlimited internet bandwidth, which can be used only for limited purposes and so on. In any case, surely there are services for which you pay, but not fully use.
4. No debt
Under no circumstances go in debt. Use credit only as THE last resort. Think before you make a step towards the debt.
5. Think about the future
Despite all the financial problems, do not forget to put off money for retirement. Think about your future and the future of your family.
6. It is okay to spend money on something that is going to save it in the future.
Routine maintenance of vehicles and home heating systems can help avoid costly repairs in the event of sudden failure.
7.Revise the terms of your insurance
You may wish to revise the terms of you car, house and life insurance to take advanteges of new lower rates or contracts.
Make sure you have all of the provisions of tax deductions.
9. Take advantage of low interest rates
Refinance or consolidate debts at a lower rate, the one you can afford to pay.
10. Information is the King
Do you feel like you have all the information you to survive the down economy? There is plenty of information available on Internet, TV and your local municipality/employment centers.