With the management of household or private affairs and especially expenses with thrifty and efficient use of material resources, frugality in expenditures with an instance of economizing, efficient and concise use of nonmaterial resources, the mode of operation of something, it is recommended that all of us need to position ourselves in this economy in order to survive the economic recession.
What is being shared with you here is a system especially of interaction
and exchange that will help you to structure a workable plan with the
conditions of economic life in our country as we know it today. If you
make the decision to follow this recommended plan,
it will carry you
through during our Economic times successfully.
Step One - Analyze Your Situation
This is the first thing that you need to do before you do anything else.
This is the most important step of this plan and I cannot stress it
enough. What needs to happen here is for you to study or determine the
nature and relationship of the parts of your financial situation. When you
do this, you want to look at your financial picture for what it is without
any judgments or emotions; you want to deal with reality. By doing this,
you are positioning yourself to sail through this Economic time that we
are in.
Step Two - Create A Budget
After you have taken a realistic look at your finances, it is time for you
to create a statement of the financial position that you are in for a
definite period of time based on the estimates of your expenditures during
the calendar month and the exact amount of income that you have coming in.
It is important for you to have a plan for the coordination of your
resources and expenditures in order to position yourself accordingly so
that you will be able to weather the Economic recession.
Step Three - Create A Savings Plan
It is also important for you to take the excess of income over the
consumption of your expenditures per month to create a detailed
formulation of a program of action that you will adhere to each month on
an ongoing basis. This step is also highly recommended as well due to
unforeseen house repairs or another type of emergency situation. This way,
you will have the money you need without taking out a loan in order to
take care of the situation and once the situation is resolved, you can
then resume saving the specified amount that you choose to save on a
monthly basis. If you have direct deposit, you can tell your employer to
deposit 90% of your check into your checking account and the remaining 10%
of your check into your savings account. This way the money is
automatically there and you do not have to touch it unless you need it.
Step Four - Create A Support System
It is also important for you to promote your interests or cause to uphold
your decision that has been made to keep it going with an organized or
established procedure that has been set. One way is to sit down and
explain to your spouse or significant other the realistic financial
picture and the objective plan that has been created in order to be well
prepared for any unforeseen expenses and to be able to weather the
Economic recession. Another good tip is to seek out the council of a Life
Coach or a Financial Advisor for your situation. By doing this, it will
help you tremendously.
Wrapping It All Up...
Once you analyze, create a budget, create a savings plan, and create a
solid support system, this will most definitely point you in the right
direction in order to ride this Economic recession wave until it improves.
Again, it is highly recommended that you seek the council of a Life Coach
and/or a Financial Advisior in order to support you in the best manner
possible.
I am Eldon Montgomery and I am a Motivational Speaker and a Life Coach. To
invite me to speak at your event, college or to obtain a Life Coach,
please feel free to visit http://www.eldonmontgomery.com or
http://www.montgomerylifecoaching.com
