First, stick with your budget. Read and re-read your budget. See where you need to cut back on expenses. In a period of financial difficulty, your frugality should prioritize expenses on your food, utilities, education, house and car. If you can‘t figure out which one should, try to look on the following areas you can consider cutting back:
· Cut back on your 1000-channler cable TV subscription.
· Take advantage of coupons when you shop for your groceries. Buy items on sale. Choose generic brands.
· Make your own coffee at home.
· Limit your meals out to weekends only.
· Save on your gas. Use your car only when necessary. Some alternatives would be biking, carpooling or public transport.
Avoid late payments of your credit card bills. If your earnings can afford paying twice the minimum amount, then do it. If possible, do not incur new debts.
Second, start saving for the rainy days. Put the money you have saved for cutting back on your budget into your savings account. The best way to keep your money safe is to place them in a stable and federally-insured savings account.
Third, invest in Municipal Bonds. According to reports, Municipal Bonds earn up to 5%. This amount may be far from the 20% growth stocks can offer. But in a period of recession, a reliable Municipal Bond is more preferred over stocks. But the more glaring advantage is the tax exemptions afforded to certain types bonds. If you think investing in Municipal Bonds is good for you, consult a financial planner at once.
Stop procrastinating. Get moving with a more secure financial future. Start fighting recession now for your own survival.