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8 Best Tips to Bounce Back From the Crisis

by Alice C. Woodhouse
June 18, 2009
The financial sector still looks a little bleak, but things have been looking up in little ways. I'm sure that in some way, you feel hopeful that you can bounce back easily from the crisis you've recently went through. Here are the top tips just for that:

1. Remember: Perfection isn't an option in life, so just absorb all the mistakes, errors and challenges that come your way. Your financial mistakes will propel you to change the problematic situation and find a good way to solve it.

2. Look back and learn from your mistakes. Plan ahead to avert another crisis, making sure of thinking back to what could have PREVENTED the first financial setback. If planning might not be enough to protect you from a total blow if it occurs, it will at least brace you for the impact.

3. Set clearly defined goals. Work with a strict budget until you feel you're on a smooth way to total recovery.

4. Always have contingency for EVERYTHING. There are circumstances we cannot control, so be always on guard and have a Plan B, including buying insurance or having a bigger emergency stash.

5. Don't leave your credit unattended. The best way to do is is pay your debt ferociously and promptly, thus improving your credit score in some way. Repair the damage and tame the monster called debt! You can also peruse a copy of your own credit report so you can track what needs to be done.

6. Find ways to get more cash flowing with a second source of income. You're not alone in this quest, so you better step up to the plate and work hard to find supplementary work! With your current situation, you can't afford unnecessary expenses. Cut costs around the house and do your best to curb your spending habits.

7. Refuse to spend on your wants for a couple of months. Don't buy into the trick of getting yourself "treats". Throw your money into important payments like mortgage and loans, insurance, monthly spending for groceries and the paying utility bills. Prioritize!

8. Try reading books about how to understand your relationship with money, how to manage your cash, and understand all there is to know about finances. There are also free financial counseling that you can learn from. Asses and reassess your finances to keep you alert and sharp about your current situation.

The recent crisis is a wake-up call to all of us to be sincerely critical of our habits. It's not only a few who are affected, it's a nationwide crisis, hitting the richest and most especially the poorest in our country. Let's be smarter this time around and move forward to a more solid financial footing!


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8 Best Tips to Bounce Back From the Crisis

 

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