by Snow Vandemore

Created on: July 15, 2008

Eight Important Ways to Survive An Economic Meltdown

If you were born after 1970, chances are you are personally experiencing your first real economic recession. The boom years of the 1990s are but a fond and distant memory - and it seems that every day presents yet another hit to your wallet.

Every facet of your life is being impacted - rising oil and gasoline prices, home energy costs, food expenses, substandard mortgages and astonishing foreclosure rate, decreasing home and portfolio values, high credit balances, bank failures - the list goes on and on. Now is not the time to stand idly by, hoping and praying that someone else will turn this all around. Decisive, committed financial planning on your part is critical to surviving and actually thriving in a recession.

Here are eight easy steps you can take to get your hands around your finances in these difficult times:

1. Practice "necessity" driving. Gasoline prices have become a large percentage of our monthly expenditures. Conserve that pricey tank of petrol by modifying your driving and shopping habits. Complete errands, such as picking up prescriptions or weekly grocery shopping, on your way to work or during the trip home. Better yet, many pharmacies will mail your prescriptions to you at no cost or will deliver them to your home for less than what it would cost for you to pick them up yourself.

Instead of making a special trip to the post office to drop off Mom's birthday gift, go online and arrange for home pickup by your local postal carrier - it's convenient and best of all - it's free. Take advantage of online shopping sites that offer free shipping - you can often save money by price comparisons or price matching and it won't cost you a cent to have the goods delivered right to your door, which saves time and money.

2. Conserve home energy costs.

This is just simple math - use less and save on your monthly utility bill. Turn up or turn off your air conditioner in the summer; turn down your heat in the winter. Replace your incandescent light bulbs with energy-efficient compact florescent bulbs and save 75% on your lighting costs. Use your grill more often and your oven less. Turn off any appliances and/or electronics that are not in use - such as computers, printers, camera and cell phone chargers. Wash larger loads of laundry one or two times per week, instead of small loads, every-other-day. Forego the dishwasher and wash your dishes in the sink - yes, I said it, just like when you were a kid.

3.

• 1
• 2
• 3
• Next Page >>