5.) Don't cash out all your goodies. If you've accumulated a good amount of savings and retirement investments, avoid cashing them out unless your very survival depends on it. I’ve kept myself from raiding my savings by thinking about the years I’ve spent accumulating these funds, particularly for long term goals. Cashing my money out could put me behind schedule towards fulfilling my fundamental financial goals.
6.) Keep your insurance policies intact. Paying insurance premiums along with increased utility costs and taxes has become a challenge for many people. Even if you choose higher deductibles and lower coverage, make sure to keep all your insurance policies in place. Life insurance, health insurance, home insurance, and auto insurance are essential elements of your financial plan that exist to protect your valuable assets and to help you avoid accruing bills that you or your family may not be able to cover. If your financial or employment status has changed, check if you qualify for any form of government assistance, or state or federal programs such as Medicare and Medicaid.
7.) Watch your bank deposits. With all the chaos in the financial industry, let’s not forget about the money we have saved and invested in financial institutions. It’s only recently that I’ve become more aware of the FDIC limits on my bank accounts. If your money is over the FDIC limits, then strongly consider moving some of your funds to other banks and high yield savings accounts until you satisfy the limits.
8.) Find little ways to save.
If you’re living beyond your means, then try to cut back. I’ve found little ways to save including:
- Buying used items from thrift stores and garage sales
- Cutting coupons from the Sunday papers
- Comparing prices in weekly circulars before I go shopping so that I can get the best prices
- Cutting back on gas by car pooling, working at home or taking my bike on errands
- Paying cash and limiting the use of credit cards
- Reducing trips to stores and avoiding window shopping to avoid spending temptations.
9.) Stay out of a funk. When times are tough, try not to get depressed: it won’t change anything except your mindset and mood -- and for the worse! Try to stay cheerful and don't lose hope. Historically, the economy goes through cycles of growth and contraction, so it won’t be long before things get better. If you feel low, then chat with friends and family or seek the services of a counselor. Find free and low-cost ways to take your mind off your money issues. Simple changes can do some good: how about a hike through the woods? Or try the simple pleasures of watching a sunset, or finding peace and solace through meditation.
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