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As an advisor for a major bank I've been able to watch trends through good times and difficult times. People spend different as each change begins. From overspending to desperate spending they change from one credit card to the next trying to keep their head above the economic water line as they continue to sink into debt.

But smart spenders are the ones who know how to control credit debt and make it work to their advantage. They spend according to their income making each dollar count in their favor. These are the people who not only survive, but find a way to thrive beyond the rest. They are people like you and I.

Credit and credit card debt are your first concern in a hard economy. Only apply for one or two credit cards. Choose wisely for annual fees and low interest rate. You may feel an annual fee is too high, but you have to compare the one time cost against the low interest rate in yearly savings. Charge enough to create a good credit score without getting too close to your limit. Use your card for food, gas and emergencies. For everything else pay cash!

Next invest in yourself. If you cannot afford a degree program look into adult classes, online training, training programs offered through your current job or teach yourself through the written word. Continue to update your resume with each new step you take. Your current job may be stable, but continued updates to your resume will provide a focus of your upward mobility for your future.

This can be a great time to invest in a home. But invest wisely. If a small home is within your budget then buy it. Take care on it's up keep and improvements. Go to HGTV.com for information on small homes and storage solutions for best use of space. Investment in a small home will secure a financial future.

Choosing smaller cars, public transportation or small garden plots in your yard or window sill provides relief for your budget. Study vacations are paid for by your labor. Choose to entertain at home or with friends. Tough times are not hard to survive if you learn to adjust your lifestyle and thrive on what you have one step at a time.

Learn more about this author, Sherrie Taylor.
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