7 Tips to Be Financially Strong in a Tough Economy

Christina Weber - Tough Economy

Christina Weber - Tough Economy

Whether you’re a stay-home parent, working for someone else, are  starting out in a business or in an established business, a lot of people feel the financial pressure of our economy.

Experts call our current time the biggest  family finance squeeze  since the 1920s. The accompanying largest drop in monthly  disposable income  impacts both your home and business balance sheet, but also the finances of your employers, prospects and customers.

Increasing petroleum prices and consequent transport costs have inflated the costs of almost everything you regularly use:

  • Food – increase in the prices of vegetables, breads, cereals, milk, cheese, and eggs;
  • Gas –  Gasoline prices have doubled since 2009
  • Electricity and natural gas –Since 1999 natural gas prices in North America have tripled. Here in Wichita, KS, residential bills will jump by $3 a month as part of a settlement reached in Westar’s request for a rate hike.
  • Healthcare – The  Affordable Healthcare Act, is leading to  doubled  premiums  with some increases as high as 90%, according to some news, and many  companies decreased benefits, switched workers to part-time, or laid employees off.

Everyone is adjusting to increased expenditures with flat to no wage growth.

Despite the economic turmoil, you can hold onto more of your dollars  by being a smart shopper:

  1. Get Product and Service Recommendations — Identify products and services your family, friends, and acquaintances use as a starting point for the best values.
  2. Compare Prices — Research several product or service options or get at least three bids. The best isn’t always the cheapest. The price variances and money saving potential will amaze you. Make sure you compare apples to apples.
  3. Get Written Estimates —  Get written bids and  read the fine print. Ask questions. I selected a vendor recommended by a trusted source. without comparing prices or getting a written bid (spank! spank!). The service costed over 200% plus  the verbal quote.  To make it worse, the work wasn’t done right until the third  trip.
  4. Calculate (TCO) Total Cost of Ownership — Consider the supply and maintenance fees as well at the outright price of that multifunctioning printer/copier/fax. I overlooked the Internet wiring cost necessary for our new office digital phone system,  with tunnel vision  focusing on the monthly  savings over  our current system.
  5. Consider Bartering — Trading coaching with a colleague  fit perfectly when cash was tight. Trade products you sell (for instance, make-up) with a teenager to babysit, grocery shop or finish home projects.
  6. Value Your Time — Dumping  housecleaners and adding four to six hours to your already busy weekly schedule (or suffering through with a filthy home) might save money on paper. But if you rob your revenue building time, you’re not ahead.
  7. Invest Time and Money to Grow —  Successful individuals constantly learn new skills to survive in this new economy.  Not investing time and money to develop new skills even when you’re not actively in the work force could leave you unprepared for the changes ahead.    Constantly learn while smartly investing.

Don’t let  tight economy nibble at your bank account.  Fight back by buying smart.

 The Catholic Mompreneur’s Biz and Life Tip:  Make a monthly date to  review your home and work expenses, and strategize how to  spend and work smart.

 Christina Weber helps Catholic mompreneurs fully engage the power of their calling, earn more in less time, and get back to enjoying their families. To jumpstart your biz and life success, with her complimentary special report, “The Catholic Mompreneur’s Guide to 12 Things You Can Do Today To Earn More in Less Time,”  by clicking here.

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2 thoughts on “7 Tips to Be Financially Strong in a Tough Economy”

  1. Pingback: how to be financially strong in a tough economy | FINANCE COPS

  2. Pingback: Francis Kisses a Man Plagued With Boils - BigPulpit.com

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