The economy has changed fast in the last few months. If you don't change with it, you will be chewed up and spit out of the worst end of it. There are changes that can be made easily, like saving on your electric bill by turning down the heat a couple of degrees or reducing your water usage by turning off the tap while brushing your teeth or while doing the dishes.
There are bigger, more challenging changes that can be made by reducing your consumption of disposable goods and turning the monies into a specific goal like an emergency savings fund or a debt payoff plan. If you are already in an emergency, like a lot of people find themselves in right now, then this may help you to stay afloat.
I am talking about No-spend plans or challenges. That's right, Starbucks, you have been cut off...
What Is a No-Spend Plan or Challenge?
A no spend-plan or challenge is going for a specific length of time without spending money on non-essentials with a specific goal in mind.
Make A Plan
1. Write down how much you spend, what you spend your money on and where you spend it for an entire month. I think you will be surprised how much you actually spend and on what.
2. Take a realistic look at your expenditures.
3. Break down your list into needs and wants.
4. Create a budget using only the "needs" side of your list.
5. Write down your plan/goals and choose a time frame for your new adventure now that you know the reality of your financial condition.
6. Stick to your budget no matter how much you want a new pair of shoes, even if they are a "good deal".
Your new motto is, "Use it up, wear it out, use it again or do without."
During the Great Depression, people had no choice but to learn how to "Use it up, wear it out, use it again or do without." They had absolutely no choice in the matter. It was the difference between life and death for most of the population around the world. It's hard to imagine in this day and age, but many have found themselves in this same situation right now in places like the UK, Argentina, Venezuela, Lebanon, Zimbabwe and I dare say the US.
There are 18 million people in Argentina who cannot afford basic needs. They cannot buy food and pay rent. Some live in airports so they can eat while others are eating what they can scavenge from the dump. Can you imagine having to feed your children from the food you find at the dump?
If you are already in a crisis or teetering on the edge of one take charge now by making the hard choices while you still have a choice to make. Denile will only add to your misery, but you can lessen the misery by making strong and deliberate choices now.
I believe that we are in a make-or-break situation all around the world as far as the economy goes. It's hard to know for sure if what we are seeing in the global economy due to misinformation. With that being said, you know your situation. You know what the balance of your bank account is and the stress you are having just trying to cover your basic needs.
Basic Needs
What are basic needs? Water, food, and shelter are the most basic needs in order to survive. You cannot survive for very long without these three needs being met. There are other types of basic needs like medical care, daycare, transportation, insurances and utilities.
Now that you have an idea of what needs look like take a realistic look at your plan again. Make changes if necessary.
What is a Want?
If you Want it and you Can live without it, then it is a want...
What's Next
Move forward. You can't change the past, but you can move forward and has a say in your future. Put your No Spend Plan in motion. Get your debt paid down or fund your emergency savings. Whatever your goals are you got this!
Freebies
An easy search on Google will produce a plethora of free pintables like monthly budget planners and household planners that can help you stay on track. There is no need to spend money on expensive planners even though they are pretty, shiny and new. People have generously created free pintables to help others out.
My Hope
I believe that the financial crisis is just getting started and I believe that this is the time to tighten up our belts. We have to look at the facts that the working-class people are suffering. Foodbanks in the US are underfunded and overtaxed by the vast needs of so many people. Mile(s) long lines are the norm these days that can take hours to get through. We have a very large problem when so many people cannot afford to buy food, pay rent or utilities. As this financial crisis continues, getting outside help will become harder and harder. As the medical crisis comes to an end the financial assistance is also diminishing even though its long-lasting effects are still being felt by most Americans. My hope is that my blog would help and encourage you in some way.
Mrs. Smith
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