Cancel Your Membership, Start Keeping Score, Sense a Scam
Author: David Atkins
Category: Finance
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Economic recession is no longer something we read about when we study the history of the 1930s. It is here in our country and in our homes. In order to survive this recession, everyone is required to make adjustments in their lives. The value of a dollar is much less than what it was five years ago. This means that the currency has devalued in relation to its purchasing power.
Many persons are having quite a difficult time coping in this recession because they cannot find creative ways in which they can change their lifestyles. In these times, only the strong will survive and the weak will be those who do not know how to adjust to change. According to Charles Darwin, "the only constant thing in life is change." If one keeps this thought in mind, he will survive this economic recession and even become a stronger, more successful individual after the recession ends.
Economists and financial advisers give daily advice as to ways people can save their money. One might question, however, what is there to save? The fact is that this recession caught many of us by surprise; we were unprepared. Each person needs to find individual ways to conserve on spending in order to survive from one day to the next. Everyone must learn to prioritize - pay the most important bills first, pick up only the basic grocery items, cancel the pizza orders, and stick to necessities.
Parents need to discuss money shortage with their children and make them aware of the difference between needs and wants. Parents or single adults who are 'shopaholics' must also face the reality that there are just some things in which they can no longer afford to partake and items that they can no longer afford to purchase. Stop trying to keep up with the Jones,' instead keep score of your own budget and only make the purchases you can really afford.
In the case of the children, extracurricular activities, such as dance and karate lessons, may have to be reduced or completely eliminated. Alternative activities such as going to the park to ride bikes can be just as much fun and inexpensive. Parents must also lead by example and reduce spending by not going out to restaurants and expensive clubs as much. Consider canceling club memberships and other unnecessary monthly expenses. Instead, find creative ways to replace canceled memberships that fit into the family's budget. There are many ways to hang out with friends at little or no cost.
If each family member understands the importance of spending less and its importance to the survival of the family, it should survive the recession. The families who made sensible sacrifices will be left standing strong at the end of the recession.
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Keywords: personal finance, money, monthly expenses, recession
View Count: 138
Date Submitted: 2/11/2010
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