by Genalin Jimenez

Created on: October 05, 2009

Ok, so there is recession. Fine. Now, you need to make every penny counts. That is what must be done. Ergo, that is what you must do.

Here are six (6) basics of money management to help you do just that:

1. Maintain a budget.
To go without a budget in this time of sluggish economy and high job insecurity is like jumping from a plane without a parachute. A budget will be your "parachute" as you "jump" towards the solid ground of financial stability. A budget reminds you just how much you can afford. Do be a good steward of your finances by maintaining a budget and staying within its confines. To live outside your budget limit is a sure way to compound your financial worries in these uncertain times.

2. Buy only what you need and not what you want.
Basic money management calls for prioritizing what is essential. You cannot survive without food, clothing and shelter, but you can without going on vacation. So, while money is scarce the good place to visit for vacation is the place in your dreams.

3. Shun the credit card and debt in general.
Another basic money management scheme is to save whatever you can. Well, save the fees and interest you will have to shell out if you have credit cards and if you incur debts. Not having credit cards and not incurring debts of any kind is a very sound money management technique. Always pay in cash. If you cannot do so, then, you cannot afford to buy that particular merchandise. Even if you have enough cash, you might not want to have a bulging wallet with you, thereby further deterring you from buying on impulse.

4. Control the "small" purchases.
Even a huge ship will sink if you will poke many small holes on it. Small purchases are like holes you poke on the "ship" which is your budget. To keep your budget from sinking to the bottom of the financial crisis sea, keep it afloat by putting a tight rein on your "small" purchases.

5. Set aside a portion of your income to help those who are needier than you are.

If you do so, the ONE who holds all our destiny in His hand will make sure you get your money's worth, by making your investment yield many times over! As a matter of fact your investment cup will overflow with yields. No investment on earth, not even the Ponzi scam, can beat that!

6. Pray over your money worries.
Money management, like all human endeavors are better lifted up to God in prayers. When you do so, He will guide you and give you wisdom on how to successfully manage your finances. When you feel that you are already self sufficient that you do not need God's help, then, that is the time that you will be in deep trouble. Financial trouble will be the least of your worries

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